Adani Green Energy share price declines 4% despite strong FY24 business updates

Stock Market Today: Adani Green Energy share price declined slightly more than 4% in the morning trades on Monday. Strong Business updates for FY24 failed to lift investor sentiments amidst weakness in indices and broader markets. The Sensex and Nifty-50 index saw steep cuts of  up to 1% in the light of escalating hostilities between Israel and Iran. 

Adani Green Energy however had posted strong business updates for FY24.

Adani Green's operational capacity increases by 35% year-on-year to 10,934 MW with greenfield addition of 2,418 MW solar and 430 MW wind power plants. The Solar capacity additions includes operationalization of 2,000 MW as part of ongoing development of the world’s largest 30,000 MW Renewable Energy (RE) project in Khavda, Gujarat and another 418MW in Rajasthan, highlighted Adani Green in its presentation.

Also Read- Aster DM Healthcare share price jumps over 14% to 52-week high on special dividend announcement

Apart from capacity expansions, Adani Green also reported string rise in Sale of Energy  by 47% year-on-year at 21,806 million units during FY24. 

The high solar portfolio capacity utilization factor of Adani Green, consistently at 24.5%, was supported by 99.7% plant availability. Sale of Energy increased by 6% year-on-year to 11046 million units helped by capacity additions.

Wind portfolio Capacity Utilisation Factor at 29.4% for Adani Green also marked a 420 bps improvement year-on-year, which was backed by 95.5% plant availability. The sale of Wind energy increase by strong 71% to 3117 million units helped by capacity additions and higher capacity utilisation factor. 
Also Read- Bharti Hexacom share price slumps nearly 4% on resignation of two directors post IPO completion

Hybrid portfolio also registered a sharp jump in sale of Energy up by 194% to 7643 million units on the back of an increase in effective operating capacity, the majority of which was operationalized in H2 FY23 and benefits of the same being reaped in FY24. Also the improvement in Capacity utilisation factor by 520 bps further helped.

Notably while 10,934 MW capacity is Operational, 11,019 MW  capacity is Under execution and will help double Adani Green's overall capacities to 21,953 MW. Adani Green in targeting 45,000MW capacity by 2030