Despite a volatile market environment, green energy stocks have demonstrated exceptional resilience and growth. In Q3 FY24, these stocks displayed significant financial health, with a spectacular growth in net profit over the same time the previous year. This considerable increase indicates both the sector’s dedication to sustainable practices and its capacity to prosper in a changing economic climate.
3 green energy stocks’ profits rose up to 170% in Q3FY24 from the previous year:
Adani Green Energy Ltd
Adani Green Energy Limited (AGEL) generates renewable energy and does other related operations. The company designs, constructs, owns, runs, and maintains utility-scale grid-connected solar power, wind power, hybrid projects, and solar parks.
With a market capitalization of Rs 2.67 lakh crore, the shares were trading at Rs 1,675.55 per share, increased around 0.38 percent as compared to the previous closing price of Rs 1,669.20 apiece.
The company’s net profit increased by 148 percent to Rs 256 crore in Q3FY24 from Rs 103 crore in Q3FY23. In the same time frame, revenue rose by 17 percent from Rs 1,971 crore to Rs 2,311 crore.
Suzlon Energy Limited
Suzlon Energy Limited is an Indian renewable energy solutions supplier. The company manufactures wind turbine generators (WTGs) and related components in a variety of capacities. It works in over 17 countries across Asia, Australia, Europe, Africa, and the Americas.
With a market capitalization of Rs 65,242.71 crore, the shares were trading at Rs 48.05 per share, increased around 4.43 percent as compared to the previous closing price of Rs 46.01 apiece.
The company’s net profit increased by 160 percent to Rs 203 crore in Q3FY24 from Rs 78 crore in Q3FY23. In the same time frame, revenue rose by 7 percent from Rs 1,438 crore to Rs 1,560 crore.
Waaree Renewables Technologies Ltd
Waaree Renewables Technologies Ltd generates power from renewable energy sources and provides consulting services in this regard.
With a market capitalization of Rs 8,397.66 crore, the shares were trading at Rs 4,031.55 per share, increased around 5 percent as compared to the previous closing price of Rs 3,839.60 apiece.
The company’s net profit increased by 156 percent to Rs 64 crore in Q3FY24 from Rs 25 crore in Q3FY23. In the same time frame, revenue rose by 334 percent from Rs 74 crore to Rs 324 crore.
Written by:- Abhishek Singh
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