Adani group firm Adani Green Energy Ltd will be announcing its December quarter results today. The company had on January 19 informed stock exchanges that its board of directors would meet on January 29 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2023. It further suggested an earnings call with equity investors and analysts would be organised by ICICI Securities on January 30, Tuesday.
In its Q3 update earlier this month, Adani Green Energy said its sale of solar energy was down 2 per cent during the December quarter, primarily on account of lower solar irradiation resulting in lower capacity utilisation factor (CUF). Sale of wind energy portfolio was up 69 per cent on the back of 304 MW capacity addition in Gujarat and 400 basis points improvement in CUF.
CUF, Adani Green Energy said, improved led by 340 basis points improvement in plant availability due to significant improvement in grid availability of 1,150 bps. Besides, improved wind speed also helped in improvement of CUF, Adani Green said.
Meanwhile, in the case of hybrid portfolio, sale of energy doubled on the back of 700 MW hybrid capacity addition in Rajasthan and 160 basis points improvement in CUF. The improved CUF performance led by 20 bps improvement in plant availability and 40 bps improvement in grid availability.
For the first nine months, operational capacity for Adani Green Energy was up 16 per cent YoY at 8,478 MW, thanks to the addition of 700 MW solar–wind Hybrid, 304 MW wind and 150 MW solar power plants.
Adani Green Energy suggested that sale of energy jumped 59 per cent YoY at 16,293 million units in 9MFY24, with solar portfolio CUF being consistent at 24 per cent due to 99.7 per cent plant availability. Wind portfolio CUF for the nine months stood at 32.2 per cent with 510 basis points YoY improvement, backed by 95.9 per cent plant availability. Lastly, hybrid portfolio CUF came in at 41.5 per cent with 750 bps improvement YoY, due to 99.4 per cent plant availability.
Adani Green Energy shares are up 4 per cent in January so far. The Adani Green Energy stock is up 52 per cent in the last six months. This is against 6.27 per cent rise in the BSE Sensex during the same period.