Shares of Adani Green Energy Ltd. advanced, on Tuesday, after the company reported a fourfold jump in January-March net profit.
Net profit for the quarter ended March jumped to Rs 507 crore as compared with Rs 121 crore over the same period in the previous fiscal, according to its exchange filing. Revenue surged 78% to Rs 2,598 crore in the same quarter.
The sale of energy has increased by 58% year-on-year to 14,880 million units in fiscal 2023 on the back of strong capacity addition, analytics-driven O&M enabling high plant availability, and the deployment of the latest renewable technologies, according to the exchange filing.
Adani Green Energy Q4 FY23 (Consolidated, YoY)
Revenue is up 78% at Rs 2,598 crore.
Ebitda is up 132.9% at Rs 2,264 crore.
Ebitda margin at 87.1 versus 66.5%.
Net profit surged to Rs 507 crore from Rs 121 crore.
Shares of the company closed 2.49% higher at Rs 974.65 apiece, compared to a 0.46% gain in the benchmark Nifty 50. The scrip surged to a 5% upper circuit to Rs 998.55 in early trade.
The total traded quantity stood at 0.9 times the 30-day average volume.
The one analyst tracking the stock maintained a 'sell', according to Bloomberg data. The 12-month consensus price target implies a potential downside of 63.1%.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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