Adani Green Energy, NTDV: 2 Adani group companies to share Q4 results amid Hindenburg saga

Two Adani group companies namely Adani Green Energy and NDTV will report their March quarter results on Monday, the first quarterly earnings by Adani group firms after an explosive Hindenburg Research report in January that sent Adani group shares tumbling. The two companies will also announce their financial year results today.

In the case of Adani Green Energy, the company will host an Earnings Call with equity investors and analysts, which will be organised by Investec. The stock is down 50 per cent year-to-date. Adani Green Energy would also have an Earnings Call with debt investors, organised by Standard Chartered Bank.

While earnings previews by brokerages for the two Adani companies are not available, Adani Green has been in news of late amid reports that the group was planning to raise about $800 million for new green energy projects. Adani Group is in discussions with global banks including Sumitomo Mitsui Banking Corp., DBS Bank, Mitsubishi UFJ Financial Group. and Standard Chartered Plc, the Bloomberg report said.

In an business update, Adani Green recently said its sale of solar energy went up 6 per cent in March quarter backed by 212 mw commissioned in Rajasthan during FY23 and 40 bps improvement in capacity utilisation factor (CUF).

Improved CUF performance was backed by 10 bps improvement in plant availability, 40 bps improvement in grid availability and improved solar irradiation, it said.

In its wind portfolio, sale of wind energy was up 69 per cent on the back of capacity increase from 497 mw to 971 mw.  CUF reduced led by lower wind speed. Plant availability was lower primarily on account of proactive shutdown as part of preventive maintenance to enable uninterrupted operation during high wind season YoY, it said.

Meanwhile, 700 mw solar-wind hybrid project operationalised in Q4 FY23 taking the total Hybrid Capacity to 2,140 mw, Adani Green said.

The US-based Hindenburg Research had accused the Adani group of accounting frauds, stock manipulations and money laundering, but the group had denied any wrongdoing. Later, the Supreme Court asked the market regulator Sebi to probe on the group's offshore deals. There are fresh reports that Sebi has sought extension of time to complete the probe.

Also read: Mankind Pharma IPO attracted bids worth Rs 46,400 crore; will it revive primary markets?

Also read: Stock market holiday: BSE, NSE to remain closed today on account of Maharashtra Day