Adani Green Energy net profit up 4-fold to Rs 507 cr in March quarter

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Adani Green Energy on Monday reported a fourfold rise in its consolidated net profit to Rs. 507 crore in the March quarter compared to the same period last year mainly on the back of higher revenue.

The company’s consolidated net profit was Rs 121 crore in the quarter ended March 31, 2022, BSE filing.

The company’s total income increased to Rs. 2,988 crore in the quarter from Rs. 1,587 crore in the same period last year.

The company’s consolidated net profit also rose to Rs.973 crore in 2022-23 from Rs.489 crore in the previous financial year.

The company’s total income rose to Rs.8,633 crore in the 2022-23 financial year from Rs.5,548 crore last year.

The company also announced that Vneet S. Jaain’s designation has been changed from Managing Director and Chief Executive Officer to Managing Director with effect from May 11, 2023.

Power selling increased 58 percent year-over-year to 14,880 million units in FY23 primarily supported by strong add-on capabilities and analytics driven O&M enabling high plant availability and deployment of the latest renewable technologies.

AGEL added a whopping 2,676MW renewable capacity to its operational fleet in FY23, which includes 2,140MW solar and wind hybrid plants in Rajasthan, a 325MW wind power plant in Madhya Pradesh, and 212MW solar plants in Rajasthan. AGEL signed Power Purchase Agreements for 450MW of wind projects and 650MW of solar projects with SECI in FY23 further strengthening the company’s project pipeline.

Solar portfolio CUF improved 90 basis points year-over-year to 24.7% in FY23 with integration of SB Energy’s high-quality portfolio having CUF up 26.6% in FY23, consistently high plant availability, improved grid availability, and improve solar radiation.

For the wind portfolio, power selling increased significantly supported by strong additional capacity, although wind CUF declined mainly due to a one-time outage in the transmission line (force majeure) of the 150MW plant in Gujarat, which is now fully restored.

The newly commissioned 2,140 MW wind and solar hybrid portfolio deploys state of the art technologies such as bi-phase PV modules and Horizontal Single Axis Tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced wind turbine generators resulting in the use of CUF Hybrid high of 35.5 percent.

Gautam Adani, Chairman of the Adani Group, said that our business model has shown remarkable resilience as evidenced by our strong financial performance.

We are leaders in green energy and have continually set new industry standards in efficiency, performance and capacity development. We are accelerating the transition to sustainable energy and playing a pivotal role in delivering on India’s commitments towards a greener future.

We have added capacity in new areas of 2,676 megawatts of renewable assets this year. Jain, Managing Director and CEO, Adani Green Energy Ltd.

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