Adani Green Energy Q2 net up 49% to Rs 149 cr, income rises to Rs 1,686 cr

Adani Green Energy on Thursday posted a 49 per cent rise in its consolidated net profit at Rs 149 crore in September quarter of FY23 compared to a year ago, mainly due to higher revenues.

The consolidated net profit of the company was Rs 100 crore in the quarter ended on September 30, 2021, a BSE filing showed.

Total income of the company rose to Rs 1,686 crore in the reporting quarter from Rs 1,411 crore in the same period a year ago.

"With our focus on delivering the cheapest green electron, we have continued to deploy the latest and most innovative technologies to maximise electricity generation at a lower cost," said Vneet S Jaain, MD & CEO, Adani Green Energy, in a statement.

He further said, "The globally well-recognised ESG (Environmental, Social and Governance) ratings, that rank us ahead of some of the largest global utilities and RE (Renewable Energy) players, are yet another proof of our commitment to a sustainable future and the highest governance standards at AGEL."

The solar CUF (Capacity Utilisation Factor) and sale of energy has improved with integration of high-quality SB Energy portfolio having a CUF of 26.3 per cent in H1 FY23 (April-September 2022), it stated.

The reduction in overall wind portfolio CUF and sale of energy is primarily due to one-off disruption in transmission line (force majeure) for 150 MW plant in Gujarat. The impact of this event in Q2 FY23 is expected to be 0.4 per cent of the expected annual generation of the overall operational capacity, it stated.

Excluding the aforesaid 150 MW plant, the wind portfolio CUF stands at a strong 41.0 per cent in H1 FY23, it explained.

The newly commissioned solar-wind hybrid plants of 990 MW deploy 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, it stated.

The newly commissioned plants are managed by Adani Group's intelligent 'Energy Network Operation Center' (ENOC) platform, which has proven technological capability and has aided AGEL in achieving superior operational performance for its entire renewable portfolio across diverse locations in India, it stated.

The board, on recommendation of the Nomination 8- Remuneration Committee and Audit Committee, has appointed Phuntsok Wangyal as the Chief Financial Officer and Key Managerial Personnel of the company from November 11, 2022.

The board has appointed Sunil Mehta as an additional director (non-executive, independent) of the company.

The board informed that Sandeep Singhi has tendered his resignation as independent director with effect from November 10, 2022, citing prioritisation of his responsibility.

It also informed that as part of Adani Group's talent growth and development framework, Kaushal Shah, the CFO and KMP of the company, shall be assuming other responsibilities in the Group. As such, he has resigned from the statutory position of Chief Financial Officer of the company with effect from November 10, 2022, it stated.

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