Adani Green Q1 loss widens to Rs 742 mn in first post-listing results

"We believe the adoption of renewable energy and developing low cost renewable energy plant is important in a country like ours", says Gautam Adani

Adani Green Energy on Saturday reported widening of net loss to Rs 742.6 million for the June quarter, 2018-19.

The company had reported a net loss of Rs 17 crore in the same quarter of previous year, a regulatory filing said.

Net consolidated income rose to Rs 4.82 billion from Rs 1.94 billion in the year-ago period.

Expenses remained higher at Rs 5.81 billion as against Rs 2.13 billion earlier.

This is the company's first quarterly results after its listing at the bourses in June this year.
 

Adani Green Energy Chairman Gautam Adani said: "We believe the adoption of renewable energy and developing low cost renewable energy plant is important in a country like ours. We are in alignment with the government's agenda of generating 228 GW of renewable energy by 2022 and increasing the scope of incorporating green energy and enabling last-mile connectivity to power."

In a separate statement, CEO Jayant Parimal said: "India's power sector is evolving rapidly with significant hybridization of renewable energy and we see a huge opportunity in the sector.