Adani Green shares were volatile after the company posted its earnings for the quarter ended March.
What Happened: The Adani Group company reported a 38% slump in consolidated net profit at ₹310 crore compared to the ₹507 crore posted in the same quarter last year. Total revenue from operations was at ₹2,527 crore, marginally lower from the ₹2,587 posted in the same quarter last year.
Revenue from power supply went down 8% to ₹1,941 crore, compared to the ₹2,119 crore posted in the same quarter last year. Solar energy sales went up 7% year-on-year to 3,066 million units. Wind Energy sales came in at 614 million units, up 43% YoY. Hybrid sales were at 1,777 million units, an increase of around 32% from the year-ago period.
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The company on Thursday announced securing $400 million (around ₹3,280 crore) in financing for its ongoing 750 MW solar projects in Rajasthan and Gujarat. The funding comes from a consortium of five prominent international banks. These funds will support the projects, which are anticipated to start operations from November 2024 onwards.
The project in Rajasthan, with a capacity of 500 MW, has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). Meanwhile, the second project, boasting a capacity of 250 MW, operates as a standalone merchant power project. It is situated within the world’s largest renewable energy cluster at Khavda in Gujarat.
Price Action: Adani Green shares were down 0.27% to trade at ₹1,782 in the late hours of trading on Friday.
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