Adani Green Q1 Results: Net Profit Increases By 51 Per Cent To Rs 323 Crore

Adani Green Q1 Results: Net Profit Increases By 51 Per Cent To Rs 323 Crore

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Adani Green Energy posted a 51 per cent increase in its net profit on a year-on-year (YoY) basis in its first quarter (Q1) earnings on Monday. The renewable energy company logged a net profit of Rs 323 crore for the June quarter in the current financial year (FY24) against a net profit of Rs 214 crore in the first quarter of the previous fiscal year (FY23).

Adani Green recorded a 41 per cent increase in its total income for Q1FY24 on a year-to-year basis. It posted an income of Rs. 2,404 crore for the current quarter against its Q1 income of Rs. 1,701 crore for FY23.

The energy company reported an increase of 43 per cent in its operational capacity to 8,316 MW. It continued to have the largest operating renewable energy portfolio in the country, the company stated in its exchange filing. 

The company logged a 70 per cent increase in its energy sales, from 3,550 million units to 6,023 million units in the reported quarter, on a YoY basis. 

Its solar portfolio capacity utilisation factor (CUF) improved by 40 basis points to 26.9 per cent in the first quarter, compared to a year ago. It credited the growth to consistent high plant availability and improvement in solar irradiation. 

With regards to its wind portfolio, the company reported an increase of 34 per cent in energy sales, attributed to strong capacity addition. It stated a reduction in the wind CUF however, due to lower wind speeds in comparison to the previous year. 

The company also reported an increased EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) from power supply of Rs 1,938 crore, up from Rs 1,265 crore, on a YoY basis. EBITDA is often used by companies as an alternative to net income to better understand their finances.

The company credited its growth to the increase in its capacity from a year ago. 

Giving an insight into the future plans for Adani Green, CEO Amit Singh, said, “We aim to grow our renewable power capacity to 45 GW by 2030 through Solar, Wind and Solar-Wind hybrid solutions as major contributors. To enable integration of renewables in the grid, round-the-clock solutions with long-term clean storage structures such as pumped hydro will be a critical part of our solution mix, contributing to a greener future and underscore our dedication to combating climate change challenges.”

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