Why Adani Green's Share Price Is Rebounding 7% Today

Shares of Adani Green were gaining on Thursday after the firm announced a major contract win by its subsidiary.

What Happened: The subsidiary, Adani Renewable Energy Fifty Nine Limited, inked a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for 534 megawatt solar power projects.

The newly secured agreement will contribute to the firm’s growing renewable energy project portfolio, which now stands at an impressive 21,778 MWac capacity, Adani Green Energy said in a regulatory filing. This strategic expansion further solidifies the company’s position in the renewable energy sector, enhancing its contribution to India’s sustainable energy landscape.

See Also: Yes Bank On The Hunt For A New Promoter, Targets $8-9B Valuation

In the third quarter of fiscal year 2023-24, Adani Green Energy demonstrated robust financial performance, marked by a substantial 149% year-on-year increase in consolidated net profit, soaring to ₹256 crore from ₹103 crore in the previous fiscal.

Revenue for the same period experienced a commendable 40% year-on-year growth, reaching ₹1,765 crore, while EBITDA surged by 40% year-on-year to ₹1,638 crore. Additionally, the company recently achieved a significant milestone by operationalising a cumulative capacity of 1,000 megawatt of solar energy at Khavda, Gujarat, further reinforcing its commitment to renewable energy initiatives.

Price Action: Adani Green’s share price was up 7.21% at ₹1,849.30 in morning trade on Thursday.

Read Next: Reliance And Paramount Seal Viacom18 Stake Deal, Shares Rise

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesNewsContractsMarketsMoversTrading IdeasAdani GreenAdani Group