Adani Power surge buoys markets, Solar keeps top slot

The Adani Group reaffirmed its status as India’s leading power and energy conglomerate on Friday. While shares of Adani Power rose 1.06 per cent in Friday’s trading session to touch Rs 757.15, Adani Solar maintained Top Performer position in Kiwa PVEL’s PV Module Reliability Scorecard for the seventh year.

POWER SURGES

The surge in Adani Power shares was in sync with the upbeat performance of the Indian equity market on Friday, which was largely an outcome of the Reserve Bank Of India’s decision to keep policy rate unchanged for the eighth time in a row. The NSE Nifty was up by 215.05 points to reach 23036.45 while the BSE Sensex was up by 1,462 pts.

Over 272,700 shares of Adani Power have undergone transaction on the Sensex at the time of publishing at prevailing price, the Return On Equity (ROE) being Rs 48.27. Adani Power traded at 4.77 times its book value and at 13.83 times its trailing 12-month EPS (Earning Per Share) of Rs 54.0 per share.

The consolidated sales of Adani Power in the quarter ending March 31, 2024, was 28.59 per cent more compared to the same quarter a year ago, and worth Rs 13881.52 crore. Overall, Adani Power recorded de-growth of 47.79 per cent in net profit at Rs 2737.24 crore for the latest quarter, on a year on year basis.

SOLAR STAYS ON TOP

Meanwhile, Adani Solar has maintained position as Top Performer in the 10th edition of Kiwa PVEL’s PV Module Reliability Scorecard for the seventh year.

“We are honoured to win the Top Performer position again,” said Anil Gupta, CEO of Adani Solar. “This consistent recognition reinforces our commitment to excellence. Our Indian-made solar PV modules embody advanced technology, premium components, and superior design for unmatched reliability and performance. We thank our stakeholders for their continued support as we uphold the industry's highest standards and strongest quality controls to foster continual advancement and distinguish Adani Solar in the sector,” Gupta added.

Kiwa PVEL, which maintains the Reliability Scorecard, is a leading independent laboratory serving the downstream solar industry. The annual Scorecard highlights manufacturers that have produced PV modules demonstrating noteworthy results in independent testing, according to a release shared with the press.

On their part, Kiwa PVEL feted Adani Solar for their consistent performance at the top. “Congratulations to the Adani Solar team for achieving the Top Performer recognition in the PV Module Reliability Scorecard for the seventh year,” said Tristan Erion-Lorico, VP of Sales and Marketing at Kiwa PVEL. “We are pleased to see Adani Solar appear in our report once again, and we hope to see the company’s continued growth in the near future,” he added.

Adani Solar, a subsidiary of Adani Enterprises Limited, is India’s first solar manufacturing company to vertically integrate businesses offering services across the spectrum of photovoltaics manufacturing, a press release from the company said. The firm is the first and only vertically integrated solar PV manufacturer with existing 4 GW cell and module, and 2 GW ingot and wafer manufacturing units in India. Adani Solar is the only Indian entity in its segment to be rated as a Tier One solar manufacturer by Bloomberg. The company is building the nation’s first fully integrated and comprehensive solar ecosystem manufacturing facility of 10 GW capacity in Mundra, Gujarat. It will not only play host to the entire solar manufacturing ecosystem from metallurgical grade silicon to PV modules including ancillaries, but also boost the company’s vision to contribute to the energy security of India.