Shares of Adani Green Energy locked in a 5% upper circuit at Rs 998 on the BSE in Tuesday’s intraday trade after the Adani group of companies posted a 142% year-on-year rise in net profit in the March quarter of FY23 (Q4FY23). The benchmark S&P BSE Sensex was up 0.42% at 9:20 am.
The renewable energy giant on Monday reported a 142% year-on-year rise in net profit to Rs 1,365 crore in Q4FY23. Its revenue rose 89% to Rs 2,130 crore in the same quarter.
The company said its FY23 energy sales rose 58% to 14,880 million units, driven by solid capacity additions, analytics-driven O&M enabling high plant availability and deployment of the latest renewable technologies.
AGEL added 2,676 MW of renewable energy capacity to its operating fleet in FY23, including a 2,140 MW solar-wind hybrid plant in Rajasthan, a 325 MW wind farm in Madhya Pradesh and a 212 MW solar power plant in Rajasthan.
“We are a leader in green energy and have been setting new industry standards in efficiency, performance and capability development. We are accelerating the transition to sustainable energy and playing a key role in fulfilling India’s obligations to a green future,” Gautam Adani, Chairman of Adani Group, said.
On the other hand, shares of NDTV, a recent addition to Adani Group, fell 4.6% to Rs 180.6 per share on the BSE in intraday trade on Tuesday, as the broadcaster’s net profit fell nearly 98% year-on-year (year-on-year) to Rs 59 lakh. Last year, the company posted a net profit of Rs 24.16 crore.
Operating income fell 35.5% to Rs 66.96 crore due to a “slowdown in global ad spend”, the media company said. Total spending rose 5.9%, driven by production and service costs.
Two other companies in the Adani group, Adani Total Gas and Ambuja Cements, are scheduled to announce their results for Q4FY23 later today. Adani Wilmar will announce its Q4FY23 figures on Wednesday, May 3, Adani Enterprises on Thursday, May 4 and Adani Power on Friday, May 5.