In the Wednesday session, the large-cap stock rose 5.5 percent to a 52-week high of Rs 470.80 after the company announced decarbonizing its own thermal power plants, beginning with its 4,620 MW Power Plant.
Adani Power has begun a pilot project to co-fire green ammonia at its 4,620 MW Mundra plant in India. The project is a collaboration with IHI and KOWA of Japan and is supported by the Japan-India Clean Energy Partnership (CEP) and the New Energy and Industrial Technology Development Organization (NEDO).
The project aims to reduce CO2 emissions from the Mundra plant by up to 20 percent by blending green ammonia with coal. Green ammonia is produced from green hydrogen, which is in turn produced through electrolysis using renewable energy. Because ammonia contains no carbon, it produces no CO2.
This project is a significant step forward in the development of carbon-neutral energy technologies. It is the first time that green ammonia has been co-fired in a coal-fired power plant in India. The project has the potential to be replicated at other coal-fired power plants around the world.
The company has reported its net revenue increased by 84.4 percent year on year from Rs 7,043 crores in Q2FY23 to Rs 12,990 crores in Q2FY24. On a sequential basis, their revenue increased 18 percent from Rs 11,005 crore in Q1FY24 to current levels.
In addition, the company’s net profit rose by 848 percent year on year, from Rs 695 crores in Q2FY23 to Rs 6,594 crores in Q2FY24. On a quarter-on-quarter basis, their revenue declined 24.7 percent from Rs 8,759 crore in Q1FY24 to current levels.
The company’s promoters hold a 69.5 percent stake in the company, with 17.5 percent owned by foreign institutional investors, 12 percent owned by the general public, and 1 percent owned by domestic institutional investors.
Adani Power (APL), a subsidiary of the diversified Adani Group, is India’s largest private thermal power producer. The company and its subsidiaries sell the power generated by these projects through a combination of long-term Power Purchase Agreements, short-term PPAs, and on a merchant basis.
Written by Sriram KV
