Adani Green Energy posts 70% YoY jump in Q1 energy sales

Adani Green Energy reported a 70% year-on-year (YoY) jump in its June quarter energy sales on Thursday at 6,023 million units, following which the shares rose 1.7% on the NSE.

In its Q1FY24 updates filed with the exchanges, the Ahmedabad-headquartered renewable energy company said the 70% jump was against the sale of 3,550 million units in Q1FY23.

The operational capacity increased by 43% YoY to 8,316 MW in the reported quarter with the addition of 1,750 MW solar–wind hybrid, 212 MW solar and 554 MW wind power plants, the company said.


Q1 Update Highlights
1. The solar portfolio CUF (Capacity Utilisation Factor) stood at 26.9% with 40 bps improvement on a YoY basis, backed by 99.7% plant availability.

2. Wind portfolio CUF at 38.7% with 830 bps reduction YoY. The reduction is primarily due to relatively lower wind speed, which was higher last year.

3. Hybrid portfolio CUF at a robust 47.2% backed by 99.1% plant availability.

4. Realised 0.4 mn Carbon credits in Q1 FY24.

5. The capacity increase has led to a 34% YoY in the sale of energy, the exchange filing said.

The stock has rebounded by over 119% since hitting its 52-week low of Rs 439.10 on NSE in February this year, following the Hindenburg Research report that alleged price manipulation by the Adani Group.

Its one-year returns trail Nifty50, according to Trendlyne data. Adani Green Energy shares have also been quite volatile during this period and traded with a 1-year beta of 1.15.

The day's momentum indicators RSI and MFI suggest a considerable upside in the stock. While the former is at 49, the latter at 11.9, signalling that the stock is trading in a strongly oversold zone.

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