Adani Green raises capacity by 43%
₹970 apiece in the initial hours on Thursday, but lost momentum during afternoon trade. Adani Green, with a market capitalization of ₹1.51 trillion, has increased capacity utilization factor for its solar energy business by 40 bps from a year ago to 26.9% in the April-June period, backed by 99.7% plant availability, it added. Following allegation of fraud and market price manipulation by American short-seller Hindenberg Research on 24 January, Adani group stocks went on a tailspin in January-February.
The conglomerate refuted the allegations, terming them as baseless and malicious, and prepaid its dues. The stocks began a sharp recovery, after GQG Partners a US-based boutique asset manager bought the shares of four Adani Group firms in March for over $1.87 billion. Adani Green’s stock has also recovered but are still trading 55% lower to year-ago levels.
Over the past year, the broader Nifty 50 has gained 22%. Adani Green said the sale of solar energy has increased by 6% from a year ago to 2,925 million units in the June quarter, on the back of a 212 MW capacity addition in Rajasthan. “The improved CUF performance was backed by consistent high plant availability and improved solar irradiation," said the company.
In the wind energy business, Adani Green’s capacity utilization has fallen by 830 bps y-o-y to 38.7% in the June quarter of FY24, due to relatively lower wind speed and relatively lower plant availability as the wind turbine generators had to be shut down during the recent cyclone Biparjoy in Gujarat. However, despite this, the company’s sales in wind energy surged by 34% to 892 million units in Q1 FY24 as the production capacity has been increased from 647 MW to 1,201 MW YoY. Meanwhile, the company’s hybrid
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