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Adani Green Energy shares reclaim Rs 1,000 level as QIA arm INQ Holdings buys 2.7% stake

Adani Green Energy shares reclaim Rs 1,000 level as QIA arm INQ Holdings buys 2.7% stake

Adani Green Energy: Infinite Trade and Investment, a promoter entity, was seen offloading 4,48,82,500 shares at Rs 920.43 apiece, amounting to Rs 4,131.11 crore.

Amit Mudgill
Amit Mudgill
  • Updated Aug 8, 2023 10:00 AM IST
Adani Green Energy shares reclaim Rs 1,000 level as QIA arm INQ Holdings buys 2.7% stake Adani Green Energy: INQ Holding bought 4,26,04,601 Adani Green shares at Rs 920 a piece, amounting to Rs 3,919.62 crore.
SUMMARY
  • Adani Green Energy stock rose 3.64 per cent to hit a high of Rs 1,000 on BSE.
  • Adani Green Energy has one of the largest global renewable portfolios in India.
  • Adani Green Energy reported 51 per cent jump in profit at Rs 323 crore in Q1.

Shares of Adani Green Energy Ltd climbed 4 per cent in Tuesday's trade after a wholly-owned arm of Qatar Investment Authority emerged as a buyer of 2.7 per cent stake in the Adani firm in a block deal. Data showed INQ Holding bought 4,26,04,601 Adani Green shares at Rs 920 a piece, amounting to Rs 3,919.62 crore. Infinite Trade and Investment, a promoter entity, was seen offloading 4,48,82,500 shares at Rs 920.43 apiece, amounting to Rs 4,131.11 crore.

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Following the development, the stock rose 3.64 per cent to hit a high of Rs 1,000 on BSE.

Adani Green Energy, a part of India-based Adani Group, has one of the largest global renewable portfolios with overall locked-in portfolio of 20.4 GW including operating, underconstruction, and awarded projects catering to investment-grade counterparties.

Adani Green Energy's consolidated net profit for the June quarter rose 51 per cent year-on-year (YoY) to Rs 323 crore as compared to Rs 214 crore in the same quarter last year. Its revenue from operations jumped 33 per cent to Rs 2,176 crore for the June quarter, compared with Rs 1,635 crore in the corresponding period of last year.

Adani Green Energy said it delivered an industry-leading Ebitda margin of 92.5 per cent, up 70 basis points YoY. Cash profit for the quarter rose 55 per cent YoY to Rs 1,051 crore. Run-rate Ebitda stood at a strong Rs 7,645 crore, with net debt to run-rate Ebitda standing at 5.3 times, Adani Green Energy said.

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The company said its sale of energy went up by 70 per cent YoY to 6,023 million units in the June quarter mainly on the backed of strong capacity addition.

CEO Amit Singh said his company was aiming to grow its renewable power capacity to 45 GW by 2030 through Solar, Wind and Solar-Wind hybrid solutions as major contributors.

"To enable integration of renewables in the grid, round-the-clock solutions with long-term clean storage structures such as pumped hydro will be a critical part of our solution mix, contributing to a greener future and underscore our dedication to combating climate change challenges," he said.

Also read: Adani Ports Q1 results preview: Sales likely to grow 15-20%, profit may jump sharply

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Also read: This Tata Group stock has delivered flat returns in 2023; where is it headed? 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Aug 8, 2023 10:00 AM IST
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