Green Energy Stock in Focus: Adani Green Energy

AGEL is dedicated to developing, owning, and operating utility-scale grid-connected solar, wind, and hybrid renewable power plants.

June 05, 2024. By Abha Rustagi

In the dynamic world of finance, the spotlight has shifted towards sustainable development, with green energy stocks capturing significant investor interest. As the global economy increasingly prioritizes climate change and reducing carbon emissions, the renewable energy sector stands out as a critical driver of sustainable growth.

Among the notable players in this sector is Adani Green Energy Limited (AGEL), a company dedicated to developing, owning, and operating utility-scale grid-connected solar, wind, and hybrid renewable power plants.

With its share price settled at INR 1828.00, AGEL boasts a robust growth trajectory, targeting a capacity of 22 GW and currently operating the largest renewable portfolio in India at 10.9 GW across 12 states.

AGEL announced its fourth quarter (Q4 FY24) and annual audited results for the financial year 2023-24 (FY24). The company reported a 39 percent decline in net profit for the quarter ending March 2024, dropping to INR 310 crore from INR 507 crore in the same period the previous year. Additionally, quarterly revenue fell by 6 percent, from INR 2,977 crore in Q4 FY23 to INR 2,806 crore in Q4 FY24.

On a brighter note, AGEL's annual performance showed significant improvement. Revenue from operations surged by 21.38 percent to INR 10,460 crore in FY24, compared to INR 8,617 crore in FY23. The company's net profit also saw an increase, rising by 29.5 percent to INR 1,260 crore in FY24 from INR 973 crore in the previous fiscal year.

AGEL's operational capacity grew by 35 percent year-on-year (YoY) to 10,934 MW, after the addition of 2,848 MW of renewable capacity, including 2,418 MW of solar and 430 MW of wind projects. This expansion made AGEL the first company in India to surpass the 10,000 MW renewable energy capacity milestone.

With a market cap of INR 3,22,770 crore and a 52-week high of INR 2,174.10 and a low of INR 815.55, AGEL's future looks promising, supported by strategic initiatives and operational growth.

For investors eyeing the green energy sector, AGEL is certainly worth keeping an eye on. Stay tuned to Energetica India for more updates on AGEL and other green energy stocks shaping the future of sustainable investing.

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