Adani Green Energy profit plunges over 82% to Rs 17.57 cr in Sept quarter

Adani Green Energy on Wednesday reported over 82 per cent decline in its consolidated net profit to Rs 17.57 crore in September quarter mainly due to higher expenses.

The consolidated net profit of the company was Rs 102.29 crore in the quarter ended on September 30, 2019, a BSE filing said.

Total income of the company rose to Rs 718.14 crore in the quarter from Rs 711.96 crore in same period a year ago.

It said that the impact of COVID-10 outbreak on the business and financial position of the group is not significant and the management will continue to closely monitor the performance of the group.

The group's activities revolve around renewable power generation and other ancillary activities.

Gautam Adani, Chairman, Adani Green Energy Ltd said in the statement, "the company is coming together in line with our ambition of achieving of renewable power capacity of 25 GW by 2025 and becoming the world's largest renewable power company by 2030."

He also recalled that at the historic 21st Paris climate conference in December 2015, Prime Minister Narendra Modi made an astonishing promise to the world that India would lead the climate change revolution setting the target of commissioning renewable capacity of 175 GW in India by 2022.

Today, he said that India is amongst the only eight nations on track to meet their COP 21 commitments.

At UN Climate Summit in September 2019, the Prime Minister reiterated the commitment to increase India's renewable capacity much beyond 175 GW and to take it further to 450 GW by 2030.