The shares of the leading green energy company gained 5% to an intraday high price of ₹1,750 apiece after the company reported robust December quarter results.
On Monday, Adani Green Energy Ltd shares closed at ₹1,712 per share, up 2.84 percent from the previous close price on the National Stock Exchange. The company has a market capitalization of ₹2,71,661 crores.
On a consolidated basis, Adani Green Energy Ltd reported an increase of net profit of 148 percent year on year from ₹103 crore in Q3FY23 to ₹256 crores in Q3FY24, Similarly, during the same time frame, revenue has increased by 40 percent from ₹1,258 crores to ₹1,765 crores.
In comparison to the previous quarter, operational revenue has declined by 11 percent from ₹1,984 crores in Q2FY24 to ₹1,765 crores in Q3FY24, Further net profit fell by 31 percent from ₹371 crores to ₹256 crores. The company reported in its exchange filing.
The company generates 59%(5,063MW) of energy from solar, followed by 15%(1,275MW) from wind energy and 26%(2,140 MW) from Hybrid plants.
In Adani Green Energy, GQG partners hold 7.1% steak, followed by 2.1% from Qatar Investment Authority and 1.4% from LIC India.
In the December quarter, the company’s revenue from Power Supply grew by 57% YoY at Rs. 5,794 crores, while EBITDA from Power Supply increased by 52% YoY to Rs. 5,412 Cr with an industry-leading EBITDA margin of 92.0%.
Adani Green Energy Limited is engaged in the business of renewable energy power. It is India’s largest and the world’s leading renewable energy solutions partner enabling the clean energy transition. AGEL develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants.
Adani Green Energy currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively. The company has set a target of 45 GW by 2030 aligned to India’s decarbonization goals.
Written by Omkar Chitnis
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