Adani Green Energy's Q2 profits rose 21 per cent to Rs 1,249 crore
Oct 22, 2024
Ahmedabad (Gujarat) [India], October 22 : Adani Group company Adani Green Energy on Tuesday reported that its cash profit during the July-September quarter rose 21 per cent to Rs 1,249 crore. In the same quarter last year, it was Rs 1,030 crore.
In both the April-June and July-September quarters combined, the cash profit of the Adani Group company rose 27 per cent to Rs 2,640 crore, against Rs 2,082 crore in the year-ago period.
The company's total revenue from the power supply during the September quarter rose 16 per cent to Rs 2,309 crore, against Rs 1,984 crore in the year-ago quarter. In both the April-June and July-September quarters combined, they rose 20 per cent to Rs 4,836 crore.
Adani Green Energy, a growing pure-play renewable energy company, has announced financial results for the period ending September 2024.
The company said that the strong performance is primarily backed by robust greenfield capacity addition of 2,868 MW and consistent plant performance.
Amit Singh, CEO of Adani Green Energy Ltd., stated, "Our financial performance continues to be strong, driven by significant greenfield capacity additions and robust operational efficiency."
"Entering the C&I (commercial and industrial power) space by signing our first contract underscores our commitment to decarbonizing industries, with plans to expand our merchant and C&I exposure to 15 per cent by 2030. Our growth is driven by a robust capital management plan with utmost credit discipline. Having delivered the intended capacity growth, we completely redeemed the USD 750 mn Holdco bond in line with our commitment, resulting in systematic deleveraging," Singh added.
He further said, "We remain focused on best-in-class sustainability and governance practices, and the reaffirmation of our top rankings by global ESG rating agencies only strengthens our resolve to deliver sustainable and industry-leading growth. Adani Green is well on track to achieve its 2030 RE capacity target of 50 GW, including at least 5 GW of energy storage."
AGEL is developing a massive 30 GW renewable energy plant at Khavda in Gujarat. This is spread over an area of 538 sq km. This project is expected to set a global benchmark for the development of ultra-large-scale renewable energy plant.
Within 12 months of breaking ground in 2023-24, AGEL operationalized the first 2 GW solar capacity.
Over the last 6 months, it operationalized 250 MW of wind capacity and further made significant on-the-ground progress despite the monsoon, which will pave the way for significant capacity addition in the second half of the current financial year.
They have a workforce of over 9,000 people putting in enormous efforts at the site. The entire 30 GW RE capacity will be developed in Khavda by 2029.
AGEL currently has an operating renewable portfolio of 11.2 GW, the largest in India, spread across 12 states. The company has set a target of achieving 50 GW by 2030 aligned to India's decarbonization goals.
