Home India Adani Green Energy hits 5% upper circuit as management says no impact of COVID-19
Adani Green Energy hits 5% upper circuit as management says no impact of COVID-19

Adani Green Energy hits 5% upper circuit as management says no impact of COVID-19

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The company has been raising invoices to all counterparties regularly and have been receiving the regular payments from all the DISCOMs and counterparties.

“The company doesn’t expect any issue in servicing the debt and other financing arrangements,” the company statement read.

dani Green Energy was locked at upper circuit of 5 percent as it hit an all-time high of Rs 273.20 on Tuesday after the company said that there was no material impact of COVID-19 related disruptions on its profitability. The stock has surged over 114 percent since its recent low of Rs 111.90 hit on March 17.

The government has categorised power generations as an ‘essential service’, enabling the company to continue serving its customers in an effective manner.

“All solar and wind plants of the company and its subsidiaries have been operational to their full capacity during the lockdown period. The electricity generated from all plants is being off-taken on a continuous basis in the normal course and there has been no material curtailment, save as in some such issues Tamil Nadu and Andhra Pradesh,” Adani Green Energy said in an exchange filing.

The company has been raising invoices to all counterparties regularly and has been receiving the regular payments from all the DISCOMs and counterparties, it added.

“The company doesn’t expect any issue in servicing the debt and other financing arrangements,” the statement read.

Further, the company reported consistent performance across assets in the month of April 2020 with Solar plant availability of 99.3 percent compared to 99.5 percent in April 2019 and Wind plant availability of 95.7 percent compared to 86.2 percent in April 2019. The operational EBITDA margin is consistently maintained at around 90 percent in April 2020 compared to 89 percent for FY20, it said.

Adani Green Energy currently has 2.5 GW of operational renewable plants and 3.5 GW of renewable plants under-implementation. These plants are scheduled to be commissioned in a phased manner by FY22.

The company has recently divested 50 percent of stake in operational 2.148 MW operational solar plants for Rs 3,707 crore. “The proceeds from the transaction are sufficient to meet the equity requirement for the next 24 months,” it said.

Further, the company also does not expect any impact on the rating of either the company or any of its subsidiary including international ratings of USD bonds.

Source: cnbctv18
Anand Gupta Editor - EQ Int'l Media Network
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