Adani Green Energy rises on 49% jump in capacity in FY23

Adani Green Energy has said the sale of energy shot up 58 percent YoY to 14,880 mn units in FY23 from 9,426 mn units in FY22, backed by robust capacity addition

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Adani Green Energy share price rose three percent in the morning trade on April 17 after the company said that its operational capacity jumped 49 percent to 8,086 MW, the largest in India, in FY23 from the previous financial year.

In FY23, Adani Green operationalised 2,140 MW solar–wind hybrid power plants in Rajasthan, commissioned a 325 MW wind plant in Madhya Pradesh and a 212 MW solar power plant in Rajasthan, the Adani Group company said on April 14.

Sale of energy shot up 58 percent year on year to 14,880 mn units in FY23 from 9,426 mn units in FY22, backed by robust capacity addition, the company said in its business update.

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At 9.41 am, the stock was trading a percent higher at Rs 950.6 on the BSE. The stock has fallen more than 50 percent in the past three months after US-based short-seller Hindenburg Research accused the Adani group of stock manipulation and flagged corporate governance issues along with debt concerns. The group has denied the charges.

Adani Green Energy is one of the largest renewable companies in India, with a current project portfolio of 20,434 MW. The Gautam Adani-led company has long-term power purchase agreements of 25 years with central and state government entities and has expanded its presence across 12 Indian states.

Recently, the state-owned insurance giant Life Insurance Corporation (LIC) raised its holdings in four Adani firms marginally but retail investors seem to have gone big on eight Adani entities, the shareholding data for the March quarter shows.

The insurance giant’s highest increase in holdings among the Adani firms was in Adani Green and Adani Total Gas followed by Adani Enterprises and Adani Transmission. Its shareholding in Adani Green Energy rose to 1.36 percent from 1.28 percent. Retail investors raised their stake in the company to 2.33 percent from 1.06 percent.

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