Adani Green Energy Ltd witnessed a robust 69% year-on-year (YoY) rise in its wind energy sales in the third quarter of the ongoing financial year 2024. However, its solar energy sales dipped marginally by 2% in the same period.
The Adani Group company released its provisional operational update for the nine months ended December 30, 2023 (9MFY24) as well as the December quarter on Tuesday, January 16.
The company’s wind energy sales jumped to 507 million units in the third quarter from 300 million units in the same quarter a year ago. The growth was aided by a capacity addition of 304 MW in Gujarat, along with a healthy 400 basis point improvement in capacity utilisation factor (CUF) during the period.
The improvement of CUF performance resulted in an improvement in grid availability of 1,150 bps, a rise of 340 bps in the availability of plants as well as improved wind speed, the company said in the operation update for the December quarter.
Adani Green Energy’s sale of solar energy dropped 2% to 2,457 million units in the third quarter from last year's 2,507 million units in the same quarter. This was majorly caused by reduced solar irradiation, which led to lower CUF of 22.1% from 23.3% in Q3FY23.
At the same time, the renewable energy major’s hybrid energy portfolio showed a stellar performance in the third quarter of FY24, with sales of energy increasing by an impressive 100% to 1,632 million units in the quarter compared to 814 million units in the year-ago period. The robust growth was a result of hybrid capacity addition of 700 MW in Rajasthan and a 160 bps improvement in CUF during the period.
Adani Green Energy’s shares were trading 0.78% lower at ₹1,679.6 per piece on SE at 12:12PM.
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