Adani Green Energy is in the spotlight after it announced a big rise in profits. In the last three months, the company made a profit of Rs 474 crore, which is 85% higher than the same time last year when they made Rs 256 crore.
However, when compared to the previous quarter, their profit dropped by 8% from Rs 515 crore. The company’s revenue from operations was Rs 2,365 crore, a slight increase of 2.3% from Rs 2,311 crore last year. If we compare it to the previous three months, revenue fell by 23% from Rs 3,055 crore.
Most of the money came from power supply, which generated Rs 1,993 crore. They also made money selling goods and services, which brought in Rs 293 crore. Additional income from other sources added Rs 265 crore.
Adani Green’s earnings before taxes and other expenses (EBITDA) from power supply increased to Rs 1,848 crore, 13% higher than last year.
Amit Singh, the CEO, talked about their new renewable energy plant in Khavda, Gujarat. He expressed excitement about building the world’s biggest renewable energy plant and other large projects in Rajasthan. They are also focusing on quickly using Battery Energy Storage Systems (BESS) to improve their energy projects and get ready for future needs.
According to Trendlyne data, analysts believe that the stock of Adani Green Energy could rise significantly, with an average target price of Rs 1,966, which means a potential gain of 91%. The consensus among four analysts is to ‘Buy’ the stock.
On the stock market, Adani Green Energy shares closed at Rs 1,021.4, a small drop of 0.8%. Over the last three months, the shares have decreased by 40%, and they are down 47% over the past two years. The company is valued at Rs 1,61,801 crore.
(Disclaimer: The opinions expressed here are from experts and do not reflect the views of Thellv.news)
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