Adani Green registers 24% revenue growth in April-June quarter
Jul 25, 2024
Ahmedabad (Gujarat) [India], July 25 : Adani Group company Adani Green Energy has reported a 24 per cent yearly rise in its consolidated revenue from operations in the April-June quarter.
The consolidated revenues were at Rs 2,528 crore as against Rs 2,045 crore registered in the same quarter of last year, data showed, as the fastest-growing renewable energy company announced financial results for the quarter ending June 2024 on Thursday.
The Adani Group company's operational capacity grew by 31 per cent on a yearly basis to 10.9 GW; further increased to 11.2 GW post-wind capacity addition of 250 MW in July 2024. There were 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.
The robust growth in revenue, EBITDA, and cash profit is primarily driven by a capacity addition of 2,618 MW over the last year, the company asserted.
"We are working relentlessly towards the development of the 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 the installation of solar modules, significantly enhancing productivity. Additionally, we have developed an extensive local supply chain and established a sustained mobilization of human resources," said Amit Singh, CEO of Adani Green Energy, after the earnings details were made public.
He further said Adani Green is well on track to achieve its 2030 capacity target of 50 GW, including at least 5 GW of energy storage in the form of pumped hydro.
Adani Green Energy Limited is developing a 30 GW renewable energy plant on barren land at Khavda in Kutch, Gujarat, over an area of 538 sq km, after which the project would be the planet's largest power plant. Adani Green Energy Limited will invest about Rs 1.5 lakh crore for the project.
Within 12 months of breaking ground, Adani Green has already operationalized the first 2 GW. It plans to add a total of 6 GW capacity in 2024-25, and Khavda will contribute a major part of this capacity. The entire 30 GW capacity will be developed in Khavda by 2029.
Green energy for climate mitigation is not just a focus area for India, but globally it has gained momentum.
At COP26 held in 2021, India as a whole committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030.
India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.
