Adani Green Energy shares hit 5% upper circuit limit as Adani group firm logs multifold jump in Q4 profit

Shares of Adani Group firm Adani Green Energy hit a 5 per cent upper circuit limit in Tuesday's trade, as the Adani group firm reported a four-fold surge in profit for March quarter. The Gautam Adani-led company said its consolidated profit grew 319 per cent at Rs 507 crore for the quarter, led by surge in revenues. It reported consolidated net profit of Rs 121 crore in the same quarter period.

Total income, the Adani group firm said, rose 88 per cent to Rs 2,988 crore from Rs 1,587 crore in the same quarter last year. The robust growth in revenues, Ebitda and cash profit was primarily driven by capacity addition of 2,676 MW, Adani Green Energy said while presenting its quarterly and annual results.

Following the development, the stock hit its upper circuit limit at Rs 998.10 on BSE.

“Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance,” said Gautam Adani, Chairman, Adani Group. “We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance and capacity development. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future.”

At least four listed Adani group companies will declare their March quarter results over the next three days. Ambuja Cements and Adani Total Gas, two Adani group firms will report their quarterly results today, Tuesday. The boards of Adani Total Gas Ambuja Cements will also consider recommendation of dividend, if any, on the equity shares of the company for FY23.

Adani Wilmar will report its quarterly results on Wednesday. The results would be out during the market hours as an earnings call, represented by CEO and MD Angshu Mallick and CFO Shrikant Kanhere is scheduled at 3 pm that day.

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