Adani Green Energy Limited (AGEL) on October 22 reported 39 percent jump in consolidated net profit at Rs 515 crore for the quarter ended September 30, 2024. It reported a consolidated net profit of Rs 371 crore in the year-ago period.
The Adani Group firm's total income rose 30.4 percent to Rs 3,376 crore in Q2FY25 as against Rs 2,589 crore in the year-ago period. Its expenses rose 31 per cent to 'Rs 2,837 crore in the quarter.
"Our financial performance continues to be strong, driven by significant greenfield capacity additions and robust operational efficiency," said chief executive officer Amit Singh. The renewable energy firm's operational Capacity increased by 34 per cent to 11,184 mega watts (MW) with greenfield addition of 2,868 MW, according to its presentation.
"Adani Green is well on track to achieve its 2030 RE capacity target of 50 GW, including at least 5 GW of energy storage,” Singh added.
Meanwhile, earlier this month, AGEL cancelled its plan to raise funds via US dollar-denominated bonds after investors placed bids at higher yields than the company was willing to pay. according to a Reuters' report. Investors were seeking higher yields due to broader market uncertainty related to the US presidential elections and domestic political risks which could impact the bond issuers' repayment ability, the report added.
The company's net debt rose from Rs 46,183 crore in March to Rs 51,129 crore in September, driven by additional project debt of Rs 9,715 crore, offset partially by bond repayments, regular debt servicing, and changes in trade credit and working capital loans.
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