Adani Green Energy surges on posting 319% hike in profit

Adani Green Energy (NSE: ADANIGREEN), on May 01, 2023, shared its financial results for the period ended March 31, 2023. The company shared it has clocked more than four-fold rise in its consolidated net profit to Rs 507 crore in the March quarter against the previous corresponding period.

Backed by the same, the shares of the company were spotted trading 2.21% higher at Rs 972.70 apiece at 10:55 AM IST today.

Meanwhile, Chairman Gautam Adani said in the statement that the company is “accelerating the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future.”

Even as his vast company scales back on expectations in certain other areas, Adani’s priority continues to be on renewables programmes, power generation, and ports. After the Hindenburg alleged Adanis of corporate fraud in January, which the company outrightly denied, Adani Group has lost billions in market value and also had to review its plans.

_{Image: Wikimedia Commons}

Share price movement

Nevertheless, the shares of the company are witnessing a bull run on the charts. In the last five trading days, the shares have gained 7.52% on the NSE. In the last one month, the shares have moved up by 16.90%. However, the bull run is relatively new as during the last six months of trading, the shares have lost 54.14% and in the last one year, the stock declined by 65.29% on the NSE. On the year-to-date basis, the company has lost 47.92% on the NSE (as of 11:50 AM IST, May 02, 2023).