Shares of the Gautam Adani-led group company were in focus in the volatile market in intra-day trade on Thursday. While the market capitalization (m-cap) of Adani Enterprises crossed the Rs 3.5 trillion mark, Adani Power’s m-cap, too, crossed the Rs 1.5 trillion mark.
Shares of Adani Enterprises (AEL) – the flagship company of the Adani Group, hit a fresh high of Rs 3,146, as the stock rallied 5 per cent on the BSE in intra-day trade on Thursday. As of 1:54 pm, Adani Enterprises stands at 17th position with Rs 3.5 trillion m-cap in the overall m-cap ranking. In the past one month, the stock has surged 30 percent on the back of strong earnings. In comparison, the S&P BSE Sensex rose 10 percent, during the same period.
The next generation of AEL’s strategic business investment is centered around the green hydrogen ecosystem, airport management, road, data center and water infrastructure with significant scope to unlock value.
For the April-June quarter (Q1FY23), AEL’s total revenue increased 223 percent year-on-year (YoY) to Rs 41,066 crore on account of strong performance by IRM and Airport business. EBIDTA, meanwhile, increased by 107 percent YoY to 1,965 crore due to the full consolidation of the airport business and improved realization in the IRM business. Attributed profit after tax (PAT), too, grew 73 percent YoY to Rs 469 crore in line with EBIDTA.
Earlier, AEL announced that the Adani group will invest Rs 57,575 crore to set up an alumina refinery in Odisha. The group said it would set up a 4-million-tonne-a-year alumina refinery near a bauxite mine as well as an iron ore project. CLICK HERE for the press release
In addition, Adani Power’s m-cap crossed the Rs 1.5 trillion mark to Rs 1.53 trillion on Thursday. Shares of the power utility company also hit a fresh high of Rs 399.40, up 5 percent on the BSE. In the past one month, the stock has rallied 37 percent and 204 percent over six months. In comparison, the S&P BSE Sensex rose 10 percent in six months and 4 percent in one month.
Adani Power is set to surpass NTPC in terms of m-cap. Currently, the state-owned power utility company has a m-cap of Rs 1.56 trillion, BSE data shows.
In Q1FY23, Adani Power reported a 17-fold jump in consolidated PAT at Rs 4,780 crore against Rs 278 crore in Q1FY22. The company’s total consolidated revenue more than doubled or grew 115 percent YoY to Rs 15,509 crore against Rs 7,213 crore in Q1FY22.
“This increase in revenue was driven by increase in PPA tariffs due to higher imported coal prices, greater use of alternative coal, increased traders, short-term tariffs, revival of 1,234 MW Bid-2 PPA with Gujarat DISCOM, and higher period revenue recognition. ,” said Adani Power.
Besides, Adani Enterprises, Adani Power, Adani Green Energy, Adani Transmission, Adani Total Gas, Adani Wilmar and Adani Ports and Special Economic Zone rose up to 4 percent in intra-day trade on Thursday, against a 0.18 percent decline in the S&P . BSE Sensex.