Adani Green Energy rises after getting certificate to start making solar cells

Adani Green Energy Limited holds 26 percent shares of MSEL through its wholly-owned subsidiary Adani Renewable Energy Holding Four Limited (AREH4L).

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Shares of Adani Green Energy rose 1 percent after the company said one of its associate companies has received a crucial certificate to commence operation at its manufacturing plant.

In a regulatory filing, Adani Green Energy said Mundra Solar Energy Limited (MSEL), an associate company, has received the commercial operational date (COD) certificate from Solar Energy Corporation of India (SECI) for Solar PV Cells and Solar PV Modules manufacturing plant located at Mundra in the state of Gujarat.

The plant has a capacity of 2 GW (gigawatt) per annum.

As of 9.20 am, the stock traded up 0.96 percent on BSE at Rs 942.

Adani Green Energy Limited holds 26 percent shares of MSEL through its wholly-owned subsidiary Adani Renewable Energy Holding Four Limited (AREH4L).

This manufacturing facility has been set-up as a part of a manufacturing linked tender awarded to AREH4L, which is setting up 8 GW of solar power generation projects.

Certificate was received from SECI around 12.40 PM on August 17, 2023, Adani Green Energy said.

The financials

Last month, Adani Green Energy reported a consolidated net profit of Rs 323 crore for the quarter ended June 2023, up 50.93 percent from Rs 214 crore last year. The company’s total revenue stood at Rs 2,404 crore, up 41.32 percent from Rs 1,701 crore reported last year.

The company said its revenue from power supply was up 55 percent on-year at Rs. 2,059 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) from power supply increased by 53 percent YoY to Rs 1,938 crore with a high EBITDA margin of 92.5 percent.