Adani Green Energy Reports 149% Jump in Net Profit in Q2

Adani Green Energy recorded a significant surge of nearly 149% in its consolidated net profit, reaching Rs 371 crore in the July-September quarter compared to the same period last year. This substantial increase is primarily attributed to higher sales, as indicated in a recent BSE filing.

Financial Performance Highlights

• The company’s consolidated net profit was Rs 149 crore in the corresponding quarter of the previous year.
• Total income for the reporting quarter rose to Rs 2,589 crore from Rs 1,684 crore in the same period a year ago.
• Energy sales saw a notable increase, reaching 5,737 million units (MU) compared to 3,067 MU in the year-ago quarter.

Growth Drivers and Strategic Initiatives

Adani Green Energy experienced a 78% year-on-year increase in energy sales during H1 FY24 (April-September 2023), totaling 11,760 MU. This growth was propelled by robust capacity addition and improved capacity utilisation factor (CUF) across its solar, wind, and hybrid portfolios.

CEO Amit Singh highlighted the company’s strategic focus on creating the largest renewable energy (RE) cluster in Khavda, Gujarat. The deployment of a workforce exceeding 5,000 individuals underscores Adani Green Energy’s commitment to advancing renewable energy infrastructure. The upcoming installations of advanced TOPCon solar modules and India’s largest 5.2 MW wind turbine in Khavda aim to achieve the lowest levelised cost of energy, driving further efficiency and sustainability.

Adani Green Energy’s Renewable Portfolio

As part of the India-based Adani Group, Adani Green Energy boasts one of the largest global renewable energy portfolios. The company’s locked-in portfolio encompasses 20.4 GW, including operational, under-construction, and awarded projects. This substantial renewable energy capacity positions Adani Green Energy as a key player in the global transition toward sustainable energy solutions.