A consolidated net profit of Adani Green Energy increased four-fold to Rs 507 crore in the March quarter compared to the same period a year ago, which was mainly due to higher revenues, stated the company on May 1.
During the quarter that ended on March 31, 2022, the consolidated net profit of the company was Rs 121 crore, according to a filing on the stock exchange.
During the third quarter of the current fiscal year, the company's consolidated net profit had shot up 110 percent to Rs 103 crore. It has been reported that the bottom line of the company has seen a significant boost, as the share of profit from joint ventures and associates in the December quarter had increased by 44 crores as compared to Rs 1 crore in the third quarter of FY22.
Reacting to the bumper earnings, shares of Adani Green was locked in 5 percent upper circuit earlier in the morning. At 11:17 am, shares of the company were trading 2.4 percent higher at Rs 973.55 on the BSE.
The stock has fallen 50 percent so far in 2023, with the big fall occurring after the Hindenburg report on January 24 that saw the stock decline by half. It should be noted, however, that the stock is slowly gaining ground and it has increased by 13.6 percent in the last month.
There was a rise in the total income of the company in the quarter, which was Rs 2,988 crore as opposed to Rs 1,587 crore in the same period a year earlier. Also in 2022-23, the company has increased its consolidated net profit by Rs 973 crore from Rs 489 crore in the previous financial year to Rs 973 crore in the current financial year. Total income of the company rose to Rs 8,633 crore in the 2022-23 fiscal from Rs 5,548 crore the year ago.
With the sale of energy increasing by 58 per cent YoY to 14,880 million units in FY23, this is the result of strong capacity addition, analytics-driven operations and maintenance enabling high plant availability as well as the deployment of the latest renewable energy technologies.
A massive 2,676 MW of renewable energy was added to Adani Green's operational fleet in the third quarter of FY23. The company signed PPAs with SECI in FY23 for 450 MW of wind projects and 650 MW of solar projects.
A 90 basis point YoY improvement in the solar portfolio CUF in FY23 has been achieved due to the integration of a high-quality SB Energy portfolio with a CUF of 26.6 percent in FY23, consistent high plant availability, improved grid availability, and increased solar irradiation.
There has been a significant increase in sales of electricity from the wind portfolio, backed by an increase in capacity addition, but the wind CUF has fallen due to a one-off disruption of the transmission line (force majeure) for the 150 MW plant at Gujarat, which is now fully operational again.
“Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance,” said Gautam Adani, Chairman of Adani Group. “We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance and capacity development...”
“We have added a massive greenfield capacity of 2,676 MW renewable assets this year. This feat is attributed to the relentless efforts of our teams,” said Vneet S Jaain, MD & CEO of Adani Green Energy Ltd.
(With Inputs from PTI)
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