Adani Green Energy share rises 5% on strong Q1 earnings

Adani Green Energy share closed 5% higher today after the clean energy firm reported earnings for Q1.Adani Green Energy share price rose 4.99% intra day to Rs 608.5 against previous close of Rs 576.90 on BSE.

Adani Green Energy share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In one year, the share has gained 1159% and risen 265% since the beginning of this year. In a month, the share has gained 68.73%. Total 1.14 lakh shares changed hands amounting to turnover of Rs 6.89 crore on BSE. Adani Group firm's market capitalisation rose to Rs 95,162 crore on BSE.

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The share closed 5% or Rs 28.85 higher at Rs 608.45. Adani Green reported pre-tax profit (PBT) of Rs 51.27 crore in Q1 compared with pre-tax loss of Rs 131.24 crore in the corresponding period last year.

In Q1 of current fiscal, total income jumped 30% to Rs 878.14 crore in Q1 from Rs 675.23 crore in Q1 June 2019. Other income stood at Rs 99.6 crore in Q1 against Rs 14.42 crore in Q1 June 2019.

Vneet S. Jaain, MD & CEO, Adani Green Energy said, "The financial results for Q1 FY21  display  the  resilience  of  the  Company  even  in  scenarios  like  COVID-19 pandemic. Across our plants, we have continued completely normal operations even in this pandemic situation and remain committed towards power supply being the 'essential services'."

In Q4 of last fiscal, the firm posted a consolidated net profit of Rs 55.64 crore helped by lower expenses. The clean energy firm had logged a consolidated net loss of Rs 94.08 crore in the corresponding quarter a year ago.

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Meanwhile,  Indian equity market closed flat today. Sensex rose 14 points to 38,854 and Nifty gained 15 points to 11,464. On Thursday, Sensex rose 646 points to 38,840 and Nifty gained 171 points to 11,449.