Adani Green Energy Ltd. is in the news today due to its subsidiary, Adani Solar Energy Jaisalmer Two Private Ltd., successfully completing the commissioning of a 150 MW solar power project in Bikaner, Rajasthan.

1. Stock Performance:

Adani Green Energy shares closed 0.15% higher at Rs 960.75 on the stock exchange (BSE) on the day of this news. The market capitalization of the company increased to Rs 1.52 lakh crore. A total of 0.19 lakh shares were traded, amounting to a turnover of Rs 1.83 crore.

2. Recent Stock Performance:

The stock opened higher at Rs 960 in the previous session. However, over the past year, Adani Green Energy shares have experienced a decline of 56.38%, and they have fallen 49.14% since the beginning of the current year. The stock exhibited low volatility with a beta of 0.9 over the past year. It reached a 52-week high of Rs 2,259.15 on November 9, 2022, and a 52-week low of Rs 439.35 on February 28, 2023.

3. Technical Analysis:

The relative strength index (RSI) of Adani Green Energy is at 39.4, suggesting that the stock is neither overbought nor oversold. The stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, but it is lower than the 150-day moving average.

4. Solar Power Project:

The recently commissioned 150 MW solar power project in Bikaner has been established as an independent power producer, intended for sale to third parties or on power exchanges. This project has increased Adani Green Energy's operational renewable generation capacity to 8,404 MW.

5. Future Plans:

Adani Green Energy has ambitious plans to reach a total renewable portfolio of 45 GW capacity by 2030. The completion of this project contributes to achieving this vision.

6. Financial Performance:

In the June 2023 quarter, Adani Green Energy reported a 51% year-on-year (YoY) increase in its consolidated net profit, amounting to Rs 323 crore, compared to a net profit of Rs 214 crore in the same quarter the previous year. Additionally, the company's other income increased to Rs 228 crore during the June quarter, up from Rs 66 crore in the corresponding year-ago period.

7. EBITDA:

Earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first quarter of 2023 (Q1) rose to Rs 2,081 crore from Rs 948 crore in the previous year. The EBITDA margin also expanded significantly, reaching 95.6% from 58% YoY.

Adani Green Energy's performance and expansion in renewable energy projects indicate the company's commitment to contributing to India's renewable energy goals and sustainable development.

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