Adani Green Energy Subsidiary Incorporates Another Arm Adani Hydro Energy Four
The announcement comes a couple of days after Adani Green Energy informed the bourses about the incorporation of two new step-down subsidiaries.
Adani Green Energy Ltd.'s wholly-owned arm Adani Saur Urja (KA) Ltd. has incorporated a new subsidiary named Adani Hydro Energy Four Ltd., according to an exchange filing on Friday.
The Adani Group company, while informing the exchanges about the development, also added that it received the certificate of incorporation on Friday.
Adani Green Energy stated that the objectives of the move were “to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy”.
The subsidiary being incorporated is involved in generation of power using renewable energy source.
Earlier, on Wednesday, Adani Green Energy had also informed the bourses about Adani Saur Urja incorporating two other wholly-owned subsidiaries—Adani Hydro Energy Two Ltd. and Adani Hydro Energy Three Ltd.
In the quarter ended Sept. 30, Adani Green Energy's net profit had risen 39% year-on-year to Rs 515 crore, in comparison with Rs 371 crore in the same quarter a year ago. The company's revenue had risen by 38% to Rs 3,055 crore against Rs 2,220 crore in the corresponding quarter of the previous fiscal.
On Friday, shares of Adani Green hit the upper circuit for the third consecutive session. It witnessed an almost 26% surge, which is the most among the Adani group stocks.
Shares of Adani Green Energy closed 21.72% higher at Rs 1,324.55 apiece on the BSE, compared to a 0.96% advance in the benchmark Sensex.
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