Adani Ent m-cap hits Rs 3.5 trillion, Adani Power m-cap set to surpass NTPC

Shares of Gautam Adani-led group companies were in focus in an otherwise subdued market in Thursday’s intra-day trade. While the market capitalisation (m-cap) of Adani Enterprises crossed Rs 3.5 trillion mark, Adani Power’s m-cap, too, crossed Rs 1.5 trillion mark.

Shares of Adani Enterprises (AEL) – the flagship company of Adani Group, hit a new high of Rs 3,146, as the stock rallied 5 per cent on the BSE in Thursday’s intra-day trade. As of 1:54 pm, Adani Enterprises stood at 17th position with Rs 3.5 trillion m-cap in overall m-cap ranking. In the past one month, the stock has surged 30 per cent on the back of strong earnings. In comparison, the S&P BSE Sensex gained 10 per cent, during the same period.

The next generation of AEL’s strategic business investments are centered around green hydrogen ecosystem, airport management, roads, data center and water infrastructure with a significant scope for value unlocking.

For April-June quarter (Q1FY23), AEL’s total income increased 223 per cent year-on-year (YoY) to Rs 41,066 crore on account of strong performance by IRM and Airport businesses. EBIDTA, meanwhile, increased by 107 per cent YoY to 1,965 crore due to full consolidation of airports business and improved realizations in the IRM business. Attributable profit after tax (PAT), too, increased 73 per cent 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 that it will set up a 4-million tonnes a year alumina refinery near bauxite mines as well as an iron ore project. CLICK HERE FOR PRESS RELEASE

That apart, the m-cap of Adani Power crossed Rs 1.5 trillion mark to Rs 1.53 trillion on Thursday. The stock of electric utilities company also hit a new high of Rs 399.40, up 5 per cent on the BSE. In the past one month, the stock has rallied 37 per cent and 204 per cent over six months. In comparison, the S&P BSE Sensex rose 10 per cent in six months and 4 per cent in a month.

Adani Power is set to surpass NTPC in m-cap term. Currently, the state-owned electric utilities company has m-cap of Rs 1.56 trillion, the BSE data shows.

In Q1FY23, Adani Power reported 17-fold jump in consolidated PAT at Rs 4,780 crore against Rs 278 crore in Q1FY22. The company’s consolidated total revenue more-than-doubled or up 115 per cent 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 import coal prices, greater alternate coal usage, improved merchant, short-term tariffs, revival of 1,234 MW Bid-2 PPA with Gujarat DISCOMs, and higher prior period revenue recognition,” Adani Power said.

Besides, Adani Enterprises, Adani Power, Adani Green Energy, Adani Transmission, Adani Total Gas, Adani Wilmar and Adani Ports and Special Economic Zone surged up to 4 per cent in Thursday’s intra-day trade, as against 0.18 per cent decline in the S&P BSE Sensex.

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