Adani Green Energy Q1 Results: Net profit jumps 51% to ₹323 crore; revenue rises 33% YoY
Adani Green Energy Ltd on Monday reported a 51% year-on-year (YoY) rise in its consolidated net profit at ₹323 crore for the quarter ended June 2023. The company had posted a net profit of ₹214 crore in the same quarter last year. The Adani Group renewable energy company’s consolidated revenue from operations in Q1FY24 increased 33% to ₹2,176 crore from ₹1,635 crore, YoY.
Other income of the company increased to ₹228 crore during the June quarter from ₹66 crore in the year-ago period. Earnings before interest, taxes, depreciation and amortization (EBITDA) during the quarter jumped to ₹2,081 crore from ₹948 crore, while EBITDA margin expanded to 95.6% from 58%, YoY. Adani Green Energy’s operational capacity increased by 43% YoY to 8,316 MW with addition of 1,750 MW solar-wind Hybrid, 212 MW solar and 554 MW wind power plants over the last one year.
The sale of energy has increased by 70% YoY to 6,023 mn 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, CEO, Adani Green Energy Ltd.
The company’s Solar portfolio CUF (Capacity Utilization Factor) stands at 26.9%, Wind portfolio CUF at 38.7% and Solar-wind Hybrid portfolio CUF at 47.2%. At 2:35 pm, Adani Green Energy share price was trading 0.37% higher at ₹1,095.80 apeice on the BSE. Catch Live Market Updates here
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