Adani Green Energy posts Rs 41.36 cr net profit in December quarter

Adani Green Energy on Wednesday posted a consolidated net profit of Rs 41.36 crore in the December quarter mainly on the back of higher revenues.

The consolidated net loss of the firm was Rs 128.46 crore in the quarter ended on December 31, 2019, a regulatory filing said.

Total income of the company for the quarter under review rose to Rs 842.91 crore from Rs 523.20 crore in the year-ago period.

"Over the past year we have accelerated our commitment to the Renewable Energy Space based on the new data that has become available. I fundamentally believe that the targets of renewable power will continue to be raised given the need as well as the affordability," Adani Green Energy Chairman Gautam Adani said.

Vneet S Jaain, MD & CEO, Adani Green Energy Ltd said: "AGEL has also continued its rapid capacity building despite the ongoing pandemic adding 700 MW in YTD (year to data) FY21 with commissioning of 475 MW and 225 MW added through inorganic opportunities. This has been possible with our thrust on 3 years of advance resource planning ensuring commissioning of plants ahead of schedule and we will continue to rapidly move towards our goal to commission 25 GW by 2025."

The company's electricity sale rose 31 per cent to 1,303 million units (MU) in the quarter from 995 MU in same quarter year ago, mainly on the back of capacity addition of 530 MW and improved solar CUF (Capacity Utilization Factor).

The board also approved appointment of Jos Ignacio Sanz Saiz as an Additional Director (Non-Executive, Nominee) to hold office up to the date of the ensuing annual general meeting, and as a member of the Nomination and Remuneration Committee and the Audit Committee.

The board has also appointed Kaushal Shah as Chief Financial Officer (CFO) and Key Managerial Personnel of the company from February 3, 2021.