Adani Green Energy’s net profit jumped six times in the September quarter

Adani Green Energy announced its July-September quarter results, reporting a net profit of Rs 100 crore on a consolidated basis, compared to Rs 17 crore in the corresponding period last year, marking a growth of 488 per cent – nearly six times year-on -year.

The renewable energy major’s revenue from power supply in the second quarter of the current fiscal stood at Rs 834 crore, compared to Rs 530 crore in the corresponding period last year, registering a growth of 58 per cent year-on-year, according to a regulatory filing by the firm to the stock exchanges.

The company’s total income stood at Rs 1,411 crore in the September quarter, compared to Rs 718 crore in the corresponding period last year. The sale of energy (solar and wind) increased by 61 per cent to Rs 1,901 crore in the September quarter, compared to Rs 1,182 crore in the year-ago period.

“It is gratifying to see that the focus on climate change has continued to accelerate at a pace that has taken everybody by surprise,” said Mr. Gautam Adani, Chairman of the Adani Group.

The solar portfolio capacity utilization factor (CUF) stood at 21.7 per cent in the September quarter, compared to 20.7 per cent in the year-ago period. The wind portfolio CUF stood at 42.9 per cent in the quarter, compared to 30.3 per cent in the year-ago period.

The Solar CUF improvement was driven by improvement in grid availability and high plant availability. The wind CUF improvement was backed by technologically advanced and newly added wind turbine generators, improved plant availability of 96 per cent, and improved wind speed.

“Our journey towards becoming the world’s largest renewables player and further increasing the gap as the world’s largest solar player is manifested in the very significant investments that we continue to make in this business,” said Mr Adani.

On Thursday, October 28, shares of Adani Green Energy settled 4.84 per cent lower at Rs 1,147.15 apiece on the BSE.

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