You are here: Home » Companies » Results
Business Standard

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.

Adani Green Energy | Indian companies

Press Trust of India  |  New Delhi 

Solar 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," Chairman Gautam Adani said.

Vneet S Jaain, MD & CEO, 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, February 03 2021. 19:26 IST