Adani Green Energy's share price fell by 4% despite the company's positive business updates for FY24.

by Jaswinder Kaur / 15-04-2024 / comments
Adani Green Energy's share price fell by 4% despite the company's positive business updates for FY24.

Today in the stock market, Adani Green Energy's share price dipped over 4% during morning trading, despite positive business updates for FY24. The broader market sentiment was down due to escalating tensions between Israel and Iran, leading to significant declines in the Sensex and Nifty-50 indices.

Adani Green Energy reported a 35% year-on-year increase in operational capacity to 10,934 MW, thanks to the addition of 2,418 MW from new solar and wind power plants. This includes the operationalization of 2,000 MW as part of the ongoing development of the world's largest 30,000 MW Renewable Energy (RE) project in Khavda, Gujarat, along with another 418 MW in Rajasthan.

The company also saw a strong 47% year-on-year rise in the sale of energy, reaching 21,806 million units during FY24. Adani Green attributed its high solar portfolio capacity utilization factor of 24.5% to a 99.7% plant availability rate, with energy sales increasing by 6% year-on-year to 11,046 million units due to capacity additions.

The wind portfolio showed improvement as well, with a capacity utilization factor of 29.4% marking a 420 bps improvement year-on-year, supported by a 95.5% plant availability rate. Wind energy sales surged by 71% to 3,117 million units, aided by capacity additions and higher utilization factors.

Moreover, the hybrid portfolio witnessed a significant surge in energy sales, up by 194% to 7,643 million units, driven by increased effective operating capacity, particularly operationalized in H2 FY23, and further improvement in capacity utilization by 520 bps.

Currently, Adani Green Energy has 10,934 MW of operational capacity, with an additional 11,019 MW under execution, poised to double the company's overall capacities to 21,953 MW. Their ambitious target is to reach 45,000 MW capacity by 2030.

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