Adani Green Energy stock rises 1% ahead of Q2FY24 results

The stock of Adani Green has declined 19 percent in the past three months, as against a 4 percent drop in the Sensex benchmark

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Shares of Adani Green Energy gained 1.6 percent to Rs 885 per share on October 30 ahead of the company’s July-September quarter (Q2FY24) results. The S&P BSE Sensex was down 223 points, or 0.3 percent, to 63,559 levels, as of 9:40 am. The stock of Adani Green has declined 19 percent in the past three months, as against a 4 percent drop in the Sensex benchmark.

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In Q2FY24 operational update, the company said that solar energy sales increased by 11 percent on-year to 2,576 million units on the back of a 212 mega-watt (MW) capacity addition in Rajasthan and 140 basis points improvement in capacity utilisation factor (CUF).

On the other hand, the improved CUF performance was backed by 70 bps improvement in plant availability and 60 bps improvement in grid availability.

For the wind-energy portfolio, the company said that energy sales jumped 157 percent on-year due to capacity addition of 230 MW in Gujarat and 1,430 bps improvement in CUF.

The CUF performance for the wind-energy segment was owing to significant improvement in their grid availability, which was at its lowest in 2022 due to one-off disruption in transmission line for a 150-MW plant in Gujarat.

ALSO READ: Adani seeking to raise $4 billion to fund green hydrogen plans

That apart, in the hybrid-portfolio, sale of energy jumped over six-fold, or 561 percent, to 2,057 million units in Q2FY24, driven by 1,150 MW hybrid capacity utilisation addition in Rajasthan and 920 bps improvement in CUF.

The CUF performance of hybrid-energy part of the company was backed by technologically advanced solar modules and wind turbine generators, improvement in plant availability, and consistent high-grid availability.

Last month, on September 20, Adani Green announced strategic partnership with TotalEnergies to create a new joint venture of 1,050 MW portfolio of both solar and wind power energy blend.

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