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Buy opinion on Adani Green, this brokerage house increased the target price to Rs 2550 – AnyTV News

by Aaryan Srivastav
August 12, 2024
Buy opinion on Adani Green, this brokerage house increased the target price to Rs 2550 - India TV Hindi


Photo:FILE Adani Green Energy

Brokerage firm Emkay Global has given a buy opinion on Adani Green Energy. The brokerage house has said that Adani Group company Adani Green Energy may get additional power purchase agreements in the coming time. This will affect the cost of the company and strengthen its financial position. Brokerage firm MK Global said this in its report on Monday while starting coverage of the stock. In its report, the brokerage house has set the target price of Adani Green Energy shares at Rs 2,550, which is 50 percent more than the current price.

Profit increased by 38 percent

According to Emkay, Adani Green’s operating profit and net profit can grow at a CAGR (compounded annual growth rate) of 38 percent and 61 percent between FY24-30. The report said that Adani Green Energy has acquired sites to develop 50 GW of solar and wind energy capacity in Gujarat and Rajasthan. The yield of these sites is the highest globally. Focused development can improve the company’s capacity utilization factor. The brokerage house further said that Adani Green Energy’s energy production capacity has grown at a CAGR of 41 percent in the last five years. We expect it to grow at a CAGR of 30 percent between 2024-30.

Renewable capacity is growing rapidly

At the same time, in the coming years, the company’s net-debt to EBITDA ratio may fall to 3.6 times by 2030, which is currently 7.4 times. According to Emkay, Adani Green’s renewable capacity is expected to increase to 56.5 gigawatts by FY30. This is due to the full development of the 30 gigawatt capacity Khavda Renewable Energy Park by that time. Adani Green has various options to raise capital. This includes a $3.4 billion revolving construction facility provided by banks as well as access to the long-term bond market.

Input: IANS

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