4% decrease in Adani Green Energy share price occurs in spite of positive FY24 business reports

Stock Market Today: On Monday morning, the price of Adani Green Energy’s shares decreased by a little over 4%. Despite the deterioration in indices and wider markets, positive business announcements for FY24 were unable to improve investor mood. The Sensex and Nifty-50 indices had sharp 1% declines due to the intensifying conflicts between Iran and Israel.

Nonetheless, Adani Green Energy released encouraging business updates for FY24.

Adani Green’s greenfield installation of 2,418 MW of solar and 430 MW of wind power facilities boosts its operating capacity by 35% annually to 10,934 MW. According to Adani Green’s presentation, the solar capacity increases include the operationalization of 2,000 MW as part of the continuing construction of the world’s biggest renewable energy (RE) project, which is located in Khavda, Gujarat, and another 418 MW in Rajasthan.

In addition to increasing capacity, Adani Green reported a significant increase in energy sales for FY24—a 47% year-over-year increase to 21,806 million units.

Adani Green’s continuously strong solar portfolio capacity utilisation factor of 24.5% was bolstered by 99.7% plant availability. Energy sales rose 6% annually to 11046 million units, aided by capacity expansions.

Adani Green’s wind portfolio capacity utilisation factor, at 29.4%, saw a 420 bps year-over-year increase supported by 95.5% facility availability. Sales of wind energy rose sharply by 71% to 3117 million units, aided by increases in capacity and capacity utilisation factors.

The energy sales of the hybrid portfolio also saw a significant uptick, rising by 194% to 7643 million units, mostly due to an increase in effective operating capacity, the bulk of which was operationalized in H2 FY23 and yielded advantages in FY24. The 520 bps increase in the capacity utilisation factor was also helpful.

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