Adani Green Energy share price jumps 5% today after Q4FY23 net profit triples to Rs 507 cr

Adani Green Energy share price jumps 5% today after Q4FY23 net profit triples to Rs 507 cr

Adani Green Energy share price jumped 5% to Rs 998.1 and hit the upper circuit today after the company’s consolidated net profit for the fourth quarter ended March 31 more than tripled to Rs 507 crore owing to strong capacity addition. In Q4FY23, the Adani Group firm’s total income nearly doubled to Rs 2,988 crore from Rs 1,587 crore recorded during the year-ago quarter.

“Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance. We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance and capacity development. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future,” said Gautam Adani, Chairman, Adani Group.

Most Adani group stocks were trading in green today with Adani Enterprises rising 1.53% to Rs 1953.3 per share. Adani Green Energy shares have risen over 13% in the last one month while the stock has tanked 65% in the last one year. The group’s stocks fell after the US-based short-seller Hindenburg Research accused the Adani family of fraud and stock manipulation. Adani Green Energy shares touched a 52-week high of Rs 4,189.55 on 12 December 2022 and a 52-week low of Rs 1,017.1 on 3 February 2023. At the current price of Rs 1955.85 per share, the company’s market capitalization stands at Rs 2.22 lakh crore.