Shares of Adani Green Energy rose 6.62% to hit a fresh all-time high of Rs 99.8 on the BSE on Wednesday after the company reported a consolidated net profit of Rs 102.3 crore for July-September quarter as compared to net loss of Rs 188 crore in the year-ago period. The stock has also outperformed the 'Heavy Electrical Equipment' sector by 3.65%, where the sector declined by 1.28%.
Adani Green Energy stock traded higher than its 5, 20, 50, 100 and 200-day moving averages. As per data available on the BSE, there were 74% sellers against 26% buyers by the closing bell on Wednesday.
The company's total income increased 55% to Rs 711.96 crore during Q2FY20 compared to Rs 458 crore reported in the same quarter last fiscal. Its EBITDA rose 94.4% yearly to Rs 382.1 crore recorded in the second quarter this year compared to Rs 196.6 crore in a year-ago period. EBITDA margin also grew by 1,170 bps to 55%, from 43% in the same quarter last year.
"Adani Green Energy continues to expand and invest in the renewables spectrum following the government's mission to be the world's largest renewable energy expansion programme of 175GW till 2022. The company will continue to provide reliable, sustainable, round the clock green power for India's growing power demands and needs," Chairman Gautam Adani said in a statement.
Paring some of early gains, shares of Adani Green Energy closed 2.5% higher at Rs 95.95 on the Bombay Stock Exchange.