Adani Green Energy Ltd on Monday announced a 50.4 per cent jump in its consolidated net profit to Rs 322 crore in the quarter that ended on June 30 as compared to Rs 214 crore in the same quarter last year. As compared to Rs 508 crore in the previous quarter that ended on March 31, however, the net profit was down 36.6 per cent.
The company’s revenue from power supply was up by 55 per cent year-on-year (YoY) to Rs 2,059 crore during the quarter as compared to Rs 1,328 crore last year.
The earnings before interest, taxes, depreciation, and amortization (Ebitda) from the power supply was up 53 per cent to Rs 1,938 crore from Rs 1,265 crore last year.
The cash profit was up 55 per cent to Rs 1,051 crore from Rs 680 crore in the June quarter last year.
“The robust growth in revenue, Ebitda and cash profit is primarily driven by capacity addition of 2,516 MW over the last one year,” the company said.
It added that its sale of energy has increased by 70 per cent YoY to 6,023 million units in Q1FY24 primarily backed by strong capacity addition.
“We aim to grow our renewable power capacity to 45 GW by 2030 through solar, wind and solar-wind hybrid solutions as major contributors. To enable integration of renewables in the grid, round-the-clock solutions with long-term clean storage structures such as pumped hydro will be a critical part of our solution mix, contributing to a greener future and underscore our dedication to combating climate change challenges,” said Amit Singh, chief executive officer (CEO) at Adani Green Energy Ltd.
“With an operational capacity of 8,316 MW, AGEL continues to have the largest operating renewable energy portfolio in the country,” the company said.