Adani Green Energy net profit up 4-fold to Rs 507 cr in March quarter

Adani Green Energy on Monday posted a four-fold rise in its consolidated net profit to Rs 507 crore in the March quarter compared to the year-ago period mainly on the back of higher revenues.

The consolidated net profit of the company was Rs 121 crore in the quarter ended on March 31, 2022, a BSE filing stated.

Total income of the company rose to Rs 2,988 crore in the quarter from Rs 1,587 crore in the same period a year ago.

The consolidated net profit of the company also increased to Rs 973 crore in 2022-23 from Rs 489 crore in the previous financial year.

Total income of the company rose to Rs 8,633 crore in the 2022-23 fiscal from Rs 5,548 crore the year ago.

The company also announced that the designation of Vneet S. Jaain has been changed from Managing Director & Chief Executive Officer to Managing Director effective from May 11, 2023.

The sale of energy has increased by 58 per cent YoY to 14,880 mn units in FY23 primarily backed by strong capacity addition, analytics driven O&M enabling high plant availability and deployment of latest renewable technologies.

AGEL has added a massive 2,676 MW renewable capacity to its operational fleet in FY23, which includes 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya Pradesh and 212 MW solar power plants in Rajasthan. AGEL has signed PPAs for 450 MW wind projects and 650 MW solar projects with SECI in FY23 further strengthening the firm project pipeline.

The solar portfolio CUF has improved by 90 bps YoY to 24.7 per cent in FY23 with integration of high-quality SB Energy portfolio having a CUF of 26.6% in FY23, consistent high plant availability, improved grid availability and improved solar irradiation.

For the wind portfolio, the sale of energy has increased significantly backed by strong capacity addition, though, the wind CUF has reduced primarily due to one-off disruption in transmission line (force majeure) for the 150 MW plant at Gujarat, which is now fully restored.

The newly operationalized solar-wind hybrid portfolio of 2,140 MW deploys latest technologies like bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced wind turbine generators leading to a high hybrid CUF of 35.5 per cent.

Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance, said Gautam Adani, Chairman, Adani Group.

We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance and capacity development. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India's obligations to a greener future.

We have added massive greenfield capacity of 2,676 MW renewable assets this year. This feat is attributed to the relentless efforts of our teams, said Vneet S Jaain, MD & CEO, Adani Green Energy Ltd.