Adani Green Energy Shares Rise Over 6% On Robust Q2 Results, Profit Surges 149%

Adani Group's renewable energy firm Adani Green Energy on Monday announced its results for the Quarter and half year ended September 30, 2023. During the quarter, Adani Green Energy saw its consolidated net profit rising 148.99% at Rs 371 crore compared to Rs 149 crore in the three months ended September 30, 2022. Following the results, the share price of Adani Green Energy gained 6.51% at Rs 928.25 per share.

The company's revenue from operations soared 80% to Rs 1,984 crore in the September 2023 quarter compared to Rs 1,105 crore in the prior corresponding period.

The Group's operational capacity stood at 8,316 MW as of September 30, 2023, whereas the same was 6.724 MW as of September 30, 2022.

During the year ended March 31, 2023, the Group has realized outstanding receivables of Rs 110 Crores and recognized differential revenue of Rs 22 Crores pertaining to earlier years.

During the quarter and half year ended 30th September, 2023. AGEL and its subsidiaries have no transactions with any alleged related parties as mentioned in the short seller report.

Consolidated net revenue from operations increased by 40% on year to Rs 2,220 crore.

During the year ended March 31, 2023, the Group, based on Its assessment had classified certain trade receivables amounting to Rs 57 Crores as undisputed trade receivables which had a significant increase in credit risk. Today the company said that such receivables are considered as fully recoverable as the Group continues to do business with parties, have received confirmation from such parties, and expects to realize such dues in the current financial year ending March 31, 2024.

The firm's operational capacity rose by 24% YoY to 8,316 MW, with the addition of 1,150 MW solar-wind hybrid, 212 MW solar, and 230 MW wind power plants over the last one year.

During the quarter, Adani Green's solar portfolio CUF grew by 90 basis points at 25.2%, wind portfolio CUF was up by 360 bps at 40.2%, and solar-wind hybrid portfolio CUF at 45.4% (up 880 bps).

The sale of energy witnessed an increase of 78% YoY to 11,760 million units in the quarter ending September 2023.
According to the company, the strong growth in the sale of energy in Q2FY24 was mainly on account of strong capacity addition and enhanced CUF across solar, wind, and hybrid portfolios.