Adani Green Energy shares rose for the seventh day in a row in the early morning trade on Wednesday. Today, the Adani Green share price opened higher and went on to hit an intraday high of 2338 per share (at 9:20 AM on NSE), logging a 22% increase this week. On Friday, Adani Group stock closed at 1918.50 per share on the NSE. The surge in Adani Green’s share price today can be attributed to its Q1FY23 update, though it is provisional.
In the recently ended June 2022 quarter, the flagship Adani group company claimed a 65 percent year-on-year (YoY) increase in an operational capacity to 5,800MW. Energy sales increased by 73% year on year to 3,550 million units in Q1FY23, up from 2,054 million units in Q1FY22.
Adani Green shares have been rising since July 6, 2022, and in the last seven sessions, they have risen from 1876.40 to 2338 per share, representing a 25% increase in this time frame. It is one of the multi-bagger stocks produced by the Indian stock market in the last year. In the last year, this Adani stock has risen from around 989 to 2338 levels, delivering around a 130% return to its shareholders.
Today, Adani Group announced its first-quarter update. After sharing Q1FY23 earnings updates with Indian exchanges, Adani Green announced its first-quarter update. In this Q1 earnings update, the energy company reported that sales of Energy increased by 73% year on year to 3,550 million units in Q1 FY23, compared to 2,054 million units in Q1 FY22. The company’s total operational capacity increased by 65% year on year to 5,800 MW in the recently ended June 2022 quarter, while its solar portfolio CUF increased by 150 basis points year on year, backed by 100% plant availability.