Adani Green Down 4% Despite Huge FY24 Growth and Expansion Plans.

Adani Green Energy's stock fell 4% despite a 35% capacity increase and robust sales growth in its solar, wind, and hybrid portfolios, amidst aggressive expansion plans for 2030.
Adani Green Down 4% Despite Huge FY24 Growth and Expansion Plans.

Adani Green Energy’s shares dipped over 4% on Monday despite favourable FY24 updates, as rising global tensions and weak market conditions affected investor sentiment. The drop coincided with significant declines in the Sensex and Nifty-50 due to escalating conflicts between Israel and Iran.

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The company reported a 35% surge in operational capacity to 10,934 MW, thanks to new solar and wind installations. Notably, this includes a significant 2,000 MW solar facility in Gujarat and a 418 MW project in Rajasthan, contributing to the world’s largest renewable energy project.

Adani Green reported a 47% increase in energy sales, totaling 21,806 million units for FY24, driven by new solar and wind projects. The solar sector alone saw a 6% rise to 11,046 million units, benefiting from a high utilization factor and 99.7% plant availability.

Wind energy at Adani Green notched a 71% increase in sales to 3,117 million units, with a 29.4% capacity utilization factor, up 420 bps year-on-year. This was supported by solid plant availability and recent capacity enhancements contributing to the growth.

The hybrid energy portfolio experienced a significant surge, with sales jumping 194% to 7,643 million units. This boost was due to an increase in operational capacity mainly coming online in the second half of FY23, alongside a 520 bps improvement in utilization.

Adani Green is ambitiously expanding, with 11,019 MW of capacity currently under development, aiming to double its total to 21,953 MW. The company’s long-term goal is to reach a capacity of 45,000 MW by 2030, underscoring its commitment to growth in renewable energy.

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