Adani Green market cap jumps by Rs 16,585 crore after Q1 earnings

Adani Green share: Shares of Adani Green Energy Ltd soared nearly 8 per cent on Thursday following the company's announcement of a nearly 95 per cent increase in consolidated net profit to Rs 629 crore for the June quarter, driven by higher revenues.

On the BSE, the company's stock surged 6.10 per cent to close at Rs 1,820.70, after peaking at Rs 1,850 with a 7.80 per cent intra-day gain. On the NSE, shares climbed 7.75 per cent to reach Rs 1,849.

Adani Green Energy's market capitalisation (mcap) surged by Rs 16,584.82 crore, bringing it to Rs 2,88,404.79 crore.

The company reported a consolidated net profit of Rs 323 crore for the quarter ending June 30, according to a BSE filing released on Thursday.

Total income for the quarter increased to Rs 3,122 crore, up from Rs 2,550 crore in the same period last year.

Adani Green Energy CEO Amit Singh stated, "Adani Green is well on track to achieve its 2030 capacity target of 50 GW, including at least 5 GW of energy storage, in the form of pumped hydro, with sites already secured and clear visibility on evacuation."

(With PTI inputs)