Adani Green rallies to a new high, up 16% in 2 days on robust Q3 sales

Shares of Adani Green Energy (AGEL) hit a new high of Rs 1,666, up 6 per cent on Wednesday’s intra-day trade, surging as much as 16 per cent in the past two days on the BSE after the company announced a provisional operational update for the third quarter ended December 2021 (Q3FY22).

The stock of the renewable energy arm of the diversified Adani Group quoted higher for the ninth straight trading session and has rallied 27 per cent during the period.

In Q3, AGEL said sale of energy increased by 97 per cent year on year (YoY) at 2,504 million units in Q3FY22, backed by robust performance in both Solar and Wind portfolios. In Q3FY21, sale of energy stood 1,273 million units. Total operational capacity increases by 84 per cent YoY to 5,410 MW.

Solar portfolio capacity utilization factor (CUF) at 21.9 per cent with 110 bps improvement YoY backed by around 100 per cent plant availability, while wind portfolio CUF at 18.6 per cent with 10 bps improvement YoY backed by around 97 per cent plant availability, AGEL said.

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