Shares of Adani Green Energy skyrocketed 7% during final hours on 30 October after the company announced its quarterly earnings for the July-September quarter. 

Gautam Adani-controlled, renewable power firm reported a 149% year-on-year (YoY) growth in its consolidated net profit at Rs 371 crore during the quarter under review against Rs 149 crore reported in the year-ago quarter. 

The company’s total income during the quarter surged by 54% YoY to Rs 2,589 crore from Rs 1,684 crore reported in the same quarter of the previous fiscal year. 

On the other hand, the total expense of the company saw a 43% YoY increase to Rs 2,160 crore in Q2FY24 against Rs 1,514 crore reported in Q2 of the previous fiscal year. 

The other income of the company increased to Rs 369 crore during the July-September quarter from Rs 100 crore recorded in the year-ago quarter.

Amit Singh, CEO of Adani Green Energy Ltd, said, “The performance improvement across the board is the result of our team’s relentless efforts. In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed a workforce of 5,000+. At Khavda, we will be installing the most advanced TOPCon solar modules as well as India’s largest and one of the most efficient 5.2 MW wind turbines. These efforts will drive us towards achieving the lowest levelized cost of energy.” 

The company is also planning to raise $1.5 billion and is planning to secure a huge chunk of funds from TotalEnergies SE. 

At 3:30 pm, the shares of Adani Green Energy closed 4.93% above at Rs 913.80 on NSE.