Adani Green Energy Q1 results: Net profit surges 95% to Rs 629 cr

Adani Green Energy Q1 results: Net profit surges 95% to Rs 629 crore

Adani Green Energy Limited (AGEL) on July 25 reported 95 percent jump in consolidated net profit at Rs 629 crore for the quarter ended June 30, 2024. It reported consolidated net profit of Rs 323 crore in the year-ago period.

The Adani Group firm's total income rose 22.5 percent to Rs 3,122 crore in Q1FY25 as against Rs 2,550 crore in the year-ago period.

The robust growth in revenue, EBITDA and cash profit was primarily driven by a capacity addition of 2,618 MW over the last year, the company said in a press release. In the first quarter, the company’s operational capacity expanded by 31 percent year-on-year to 10,934 MW, with greenfield additions, including 2,000 MW of solar capacity in Khavda, 418 MW of solar capacity in Rajasthan and 200 MW of wind capacity in Gujarat.

At 3:15 pm on July 25, the company's shares were trading 6 percent higher at Rs 1,820 apiece.

"We are working relentlessly towards the development of world’s largest single-location renewable energy plant of 30 GW at Khavda in Gujarat. To enable accelerated implementation, we have deployed advanced robotics technology for installation of solar modules, significantly enhancing productivity. Additionally, we have developed an extensive local supply chain and established a sustained mobilisation of human resources,” said CEO Amit Singh.

“Adani Green is well on track to achieve its 2030 capacity target of 50 GW including at least 5 GW energy storage in the form of pumped hydro, with sites already secured and clear visibility on evacuation. The global recognition of our ESG efforts further strengthens our resolve to deliver sustainable, industry-leading growth,” Singh added.

In the quarter, energy sales of the company increased by 22 percent from last year propelled by the robust capacity additions and strong operational performance.

AGEL said it has consistently generated electricity exceeding the overall annual commitment under the power purchase agreements (PPA). AGEL’s PPA-based electricity generation was 111 percent of the annual commitment.

The company said AGEL has already generated 31 percent of the annual commitment in the first quarter.

Khavda RE plant

Adani Green Energy reiterated its commitment to develop the 30 GW renewable energy park by 2029. AGEL is developing a 30 GW RE plant at Khavda in Gujarat, which is spread over an area of 538 sq km.

The company announced on July 24 the operationalisation of a 250 MW wind capacity at Khavda, bringing the cumulative operational capacity at the plant to 2,250 MW.

“Within 12 months of breaking ground, AGEL already operationalized the first 2 GW. AGEL plans to add a total of 6 GW capacity in FY25 and Khavda will contribute a major part of this capacity,” the company said in a press release.