Q2 earnings effect: Adani Green Energy shares rise 8%; check details

Shares of Adani Green Energy Ltd zoomed 8% today after the Adani Group firm announced its earnings for the quarter ended September 2023. The stock of Adani Green Energy climbed 7.83% to Rs 939.80 against the previous close of Rs 871.50 on BSE. Market cap of Adani Green Energy rose to Rs 1.45 lakh crore. Total 1.85 lakh shares changed hands amounting to a turnover of Rs 16.86 crore.       

Ahead of the Q2 earnings, the Adani Green Energy stock opened higher at Rs 875.95 on BSE today. 

Also read: Adani Green Energy Q2 FY24 results: Profit zooms 149% to Rs 371 crore; revenue up 80%

The Adani Group firm reported a 149% rise in Q2 profit at Rs 371 crore led by higher sales of power against Rs 149 crore in Q2 of the previous fiscal.  

The renewable power firm’s total income climbed 54 percent on-year to Rs 2,589 crore in Q2FY24 from Rs 1,107 crore in the year-ago period. 

Expenses climbed 43 percent on-year to Rs 2,160 crore in Q2FY24 against Rs 1,514 crore in Q2FY23.

 

In terms of losses, Adani Green Energy shares have lost 56.31per cent in a year and fallen 51.51 percent since the beginning of this year. The large-cap stock hit a 52-week high of Rs 2259.15 on November 9, 2022 and a 52-week low of Rs 439.35 on February 28, 2023.        

The Adani Group’s stock is overbought nor oversold, signals the relative strength index (RSI) of Adani Green Energy which stands at 31. Adani Green shares are trading higher than the 5 day, 10 day but lower than the 20 day, 50 day, 100 day, 150 day and 200 day moving averages.    

The company said its operational capacity increased by 24 per cent year-on-year (YoY) to 8,316 MW with addition of 1,150 MW solarwind Hybrid, 212 MW solar and 230 MW wind power plants over the last one year. Sale of energy was up by 78 per cent YoY to 11,760 mn units, it added. 

 

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