Adani Green Energy Q2 Results: Net profit surges 149% on year to ₹371 crore

Mumbai: Adani Green Energy Ltd, the renewable energy firm of Adani Group, on Monday reported a 149% year-on-year jump in its consolidated net profit to ₹372 crore in the September quarter.

The company's consolidated total income rose 53.7% year-on-year to ₹2,589 crore from ₹1,684 crore in the July-September quarter.

The firm said it clocked an 87% rise in energy sales from a year ago to 5,737 million units backed by strong capacity addition and improved CUF across solar, wind and hybrid portfolios.

Despite the impressive performance, the company recorded a one-time loss of ₹16 crore during the July-September quarter, the company said in a regulatory filing.

“The performance improvement across the board is the result of our team’s relentless efforts. In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed workforce of 5,000+. At Khavda, we will be installing the most advanced TOPCon solar modules as well as India’s largest and one of the most efficient 5.2 MW wind turbine. These efforts will drive us towards achieving the lowest levelized cost of energy," said Amit Singh, CEO, Adani Green Energy Ltd.

“Looking ahead, we aim to augment automation in our operations and make every decision even more intelligence driven through extensive digitalization and AI/ ML integration. Our commitment to sustainability and the highest level of governance will remain the foundation of our future growth,” he added.

Other income of the company increased to ₹369 crore during the September quarter from ₹100 crore in the year-ago period.

Adani Green Energy Ltd, which is planning to raise $1.5 billion, may secure a big chunk of the funds from French energy giant TotalEnergies SE, two people aware of the matter told Mint in September. The Gautam Adani-led group’s renewables firm will use $750 million of this amount to repay bonds.