This stock shot up 10% within two hours of market open on Friday, showing signs of golden crossover backed by volumes ~4x the weekly average after a filing revealed information on new commissioning of a solar plant. The company boasts a Piotroski score of 7 and EPS growth of ~124% YoY with an ROE of ~20%.
Adani Green Energy Ltd (“Adani Green”) stated in a filing that an associate company in which they hold 26% stake – Mundra Solar Energy Limited (“MSEL”) has received the commercial operational date (“COD”) certificate from Solar Energy Corporation of India (“SECI”) for Solar PV Cells and Solar PV Modules manufacturing plant located at Mundra in the state of Gujarat.
The plant adds an incremental capacity of 2000 MW per annum. This manufacturing facility has been set-up as a part of a manufacturing linked tender awarded to Adani Renewable Energy Holding Four Limited (“AREH4L”), which is setting up 8000 MW of solar power generation projects. Certificate was received from SECI around 12.40 PM on August 17, 2023.
Adani Green reported ~33.1% YoY growth in Q1 FY24 Revenue from Rs. ~1,635 crore to Rs. ~2,176 crore, ~50.5% YoY growth in Net Profits from Rs. 214 crore to Rs. 322 crore and EBITDA was reported at ~127.7% YoY growth from Rs. 1,014 crore to Rs. 2,309 crore. The company’s circumstance remains uncertain still, since the Hindenburg report alleging fraud and amid SEBI investigation into the matter that has been extended recently.
Adani Green generates and supplies renewable energy to central and state government entities, and government backed corporations in India. It is based in Ahmedabad, India and was founded in 2015 as a subsidiary and part of Adani Renewables portfolio, which in itself is a part of the Adani Group of Companies.
Written by Sandeep R
