Today, Adani Green Energy Ltd., a company in the Adani group, will release its results for the December quarter. The board of directors of the firm will convene on January 29 to review and approve the unaudited financial results for the quarter and nine months that concluded on December 31, 2023, the company announced to stock markets on January 19. It further mentioned that ICICI Securities would host an earnings call for analysts and stock investors on Tuesday, January 30, at 2 p.m.
In its Q3 update earlier this month, Adani Green Energy said that, mostly due to lower capacity utilization factor (CUF) brought on by lower sun irradiation, its sales of solar energy fell by 2% in the December quarter. Thanks to 400 basis points more CUF and 304 MW of new capacity developed in Gujarat, the portfolio sales of wind energy climbed by 69%.
Adani Green Energy claims that a significant 1,150 bps increase in grid availability caused CUF to rise by 340 basis points. Furthermore, Adani Green claimed that higher wind speeds improved CUF. Conversely, a 700 MW increase in hybrid capacity in Rajasthan and a 160 basis point increase in CUF led to a double increase in energy sales in the hybrid portfolio. Better CUF performance was achieved via a 20 bps increase in plant availability and a 40 bps increase in grid availability.
Adani Green Energy added 700 MW of solar-wind hybrid, 304 MW of wind, and 150 MW of solar power plants during the first nine months of the year, increasing its operating capacity by 16 percent year over year to 8,478 MW.
Sales of energy rose by 59% YoY to 16,293 million units in 9MFY24, according to Adani Green electricity. Because of the 99.7% plant availability, the CUF of the solar portfolio stayed constant at 24 percent. The wind portfolio CUF for the nine months was 32.2%, with 510 basis points of YoY growth, bolstered by 95.9% plant availability. On the other hand, the hybrid portfolio CUF increased to 41.5% by 750 basis points year over year, mostly due to 99.4% plant availability.
The shares of Adani Green Energy have risen by 4% as of January. The stock of Adani Green Energy has risen by 52% in the last half-year. In comparison, the BSE Sensex increased by 6.27 percent during the same period.
