2 Adani energy arms show mixed Q1 results
MUMBAI : Adani Green Energy Ltd (AGEL) and Adani Energy Solutions Ltd (AESL), previously known as Adani Transmission Ltd, on Monday, reported mixed financial results for the first quarter of FY2024. Adani Green Energy’s consolidated net profit increased by 50.5% year-on-year to ₹322 crore from ₹214 crore in the previous year, while its revenue rose by 41.3% to ₹2,404 crore from ₹1,701 crore in Q1 FY2023. AGEL’s Ebitda from power supply increased by 53% year-on-year to ₹1,938 crore, with a high Ebitda margin of 92.5%.
Despite impressive performance, the company also recorded a one-time loss of ₹50 crore during the April-June quarter, the company said in a regulatory filing. “We aim to grow our renewable power capacity to 45 GW by 2030 through Solar, Wind and Solar-Wind hybrid solutions as major contributors," said Amit Singh, CEO, Adani Green Energy. “To enable integration of renewables in grid, round-the-clock solutions with long-term clean storage structures such as pumped hydro will be critical part of solution mix, contributing to a greener future and underscore our dedication to combating climate change challenges," he said.
Adani Energy Solutions’ net profit decreased by 5.9% year-on-year to ₹175.1 crore from ₹186 crore a year ago, while revenue increased by 17% to ₹3,663.9 crore as against ₹3,131.9 crore in Q1 FY2023. The company’s Ebitda rose 4% year-on-year to ₹1,378 crore. “AESL is constantly evolving and is already a significant player in the T&D sector.
AESL’s growth trajectory remains firm despite the challenging macroeconomic environment," said Anil Sardana, MD, Adani Energy Solutions. Both companies attributed their strong results to the growth in their renewable energy businesses. AGEL added 1,750 MW of
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