Shares of Adani Power rallied around 5 per cent in early trade on Tuesday after the company announced its growth objectives during an investor presentation. At 11:05 AM, the stock was trading 3.52 per cent higher at Rs 336.30 on the National Stock Exchange (NSE). Adani Power has surged over 15 per cent in last three trading sessions.
The Adani Group firm is aiming to increase the thermal generation capacity up to 21,110 MW by the financial year 2028–29, including 1,110 MW through the inorganic route. In FY24, the power company expects its net senior debt to surge to Rs 26,690 crore from Rs 24,350 crore in the previous financial year. However, it expects net senior debt to EBITDA to decline from 1.7 times to 1.6 times during the same period, Adani Power said in a BSE filing.
Adani Power stocks have surged over 107 per cent in the last six months, outperforming the NSE Nifty 50 index, which has given a return of 10.02 per cent during the same period.
Despite the 8.1 per cent stake sale to the US-based investment firm GQG and other investors in a $1.1 billion deal last week, the stock has witnessed sharp spike since hitting a 52-week low of Rs 132.40 on the NSE on 28 February after release of the Hindenburg report. Since then, the stock has given significant returns of 145 per cent.
In April-June quarter of FY24, Adani Power reported an 89 per cent year-on-year growth in consolidated profit to Rs 8,759 crore from Rs 4,779.8 crore in the year-ago quarter. The consolidated revenue from operations rose 19.8 per cent to Rs 11,005.5 crore as against Rs 13,723 crore in the corresponding quarter. Consolidated EBITDA increased 41.5 per cent to Rs 10,618 crore, compared to Rs 7,506 crore a year ago.