- Date : 02/08/2023
- Read: 3 mins
After the quarter 1 financial results of Adani Green Energy Limited, we take a look at the financials, operational side and stock performance
Adani Group’s renewable energy company, Adani Green Energy has declared its financials for quarter 1, FY24. It has posted a 51% year-on-year (Y-o-Y) increase in consolidated profit and a 33% Y-o-Y increase in revenue.
- Adani Green Energy has announced its quarter 1, FY24 results
- There is an improvement in revenue as well as profit
- The capacity addition during the year has boosted operational improvements
- The stock has been operating at a stable range in the last few months
Adani Green Energy - Quarter 1, 2023-24
- Quarterly revenue in this quarter is Rs 2,176 crores. It was Rs 1,635 crores in Q1, FY23 – an increase of 33%
- The company's consolidated net profit is Rs 323 crores, compared to Rs 214 crores last year. It is a 51% increase
- Revenue from the power supply has increased from Rs 1,328 crores to Rs 2,059 crores. This is an increase of 55%
- This quarter’s EBITDA from the power supply is Rs 1,938 crores, up from Rs 1,265 crores – an increase of 53%
- Adani Green Energy’s operational energy has increased to 8,316 MW from 5,800 MW last year. This is a 43.3% increase
- The sale of energy in this quarter was 6,023 million units, which is a 70% Y-o-Y increase
- The Capacity Utilisation Factor (CUF) in the solar portfolio increased by 40 bps to 26.9%, the wind energy portfolio CUF is 38.7% and the solar/wind hybrid is 47.2%
Other Key Information
Adani Green has received a one-time order of Rs 103 crores from the TN electricity regulatory commission. This order will also give a recurring order boost of Rs 14 crores annually.
The company ensured a capacity addition of 2,516 MW during the year, which has largely contributed to the all-around growth in the financial numbers.
The company has an ambitious target of a renewable energy capacity of 45 GW by 2030 through its solar, wind and solar/wind hybrid solutions.
Should you invest in Adani Green Energy?
Adani Green Energy stocks fell from a high of 2,100s to Rs 439 by the end of February. It has since recovered, and ahead of its Q1 results, the stock increased by 4.22% to Rs 1,137 per share. The market capitalisation has increased to Rs 1.76 lakh crore.
The stock is evenly poised in terms of relative strength, with the stock being neither oversold nor overbought. Experts have quoted resistance levels between 1200 and 1500, which makes it a good short-term buy. However, with a high beta of 1.2, investors would be wise to monitor the stock closely.
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Disclaimer: This article is intended for general information purposes only and should not be construed as investment or legal advice. You should separately obtain independent advice when making decisions in these areas.