Adani Green Q1 Results: Profit zooms 51% YoY to Rs 323 crore; revenue jumps 33%

economictimes.indiatimes.com:

Adani Green's consolidated net profit rose 51% year-on-year (YoY) to Rs 323 crore for the quarter ended June 2023. It was Rs 214 crore in the last year quarter. Revenue from operations jumped 33% to Rs 2,176 crore for the April-June period, compared with Rs 1,635 crore in the corresponding period of last year.

Revenue from the power supply was up 55% to Rs 2,059 crore in the first quarter. EBITDA for this segment stood at Rs 1,938 crore, up by 53% YoY. The operational capacity during the quarter increased by 43% YoY to 8,316 MW with an addition of 1,750 MW solarwind Hybrid, 212 MW solar, and 554 MW wind power plants over the last year.

The sale of energy has increased by 70% YoY to 6,023 million units in Q1 FY24 primarily backed by strong capacity addition. The solar portfolio CUF has improved 40 bps YoY to 26.9% in Q1 FY24 with consistent high plant availability and improved solar irradiation. For the wind portfolio, the sale of energy rose 34%, driven by strong capacity addition, though the wind CUF has reduced primarily due to relatively lower wind speed, which was higher last year.

The solar-wind hybrid portfolio of 2,140 MW reported a hybrid CUF of 47.2%, up 380 bps mainly due to new plants with technologically advanced solar modules (including bifacial modules and horizontal single-axis trackers) and wind turbines, high plant, and grid availability, and improved solar irradiation. «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. Adani Green has received a favorable order from the TN electricity regulatory commission that would result in one-time upside of Rs 103 crore and a recurring annual