Adani Green Energy, a leading renewable energy company, has reported a significant increase in its consolidated net profit for the July-September quarter. The company’s net profit surged almost 149%, reaching Rs 371 crore compared to the same period last year. This remarkable growth can be attributed to higher sales.
According to a BSE filing, Adani Green Energy’s consolidated net profit in the corresponding quarter of the previous year was Rs 149 crore. The company’s total income also witnessed a notable rise, reaching Rs 2,589 crore in the reporting quarter compared to Rs 1,684 crore in the same period a year ago.
The sale of energy played a significant role in driving the company’s financial performance. During the quarter, the sale of energy increased to 5,737 million units (MU) from 3,067 MU in the year-ago quarter, marking a growth of 78% year on year (YoY). This surge in sales can be primarily attributed to the strong capacity addition and improved capacity utilization factor (CUF) across the solar, wind, and hybrid portfolios.
Adani Green Energy is actively working towards its goal of creating the world’s largest renewable energy cluster in Khavda, Gujarat. To achieve this milestone, the company has already deployed a workforce of over 5,000 people. At Khavda, they plan to install state-of-the-art TOPCon solar modules and India’s largest and highly efficient 5.2 MW wind turbine. These initiatives are expected to pave the way for achieving the lowest levelized cost of energy.
Amit Singh, the Chief Executive Officer (CEO) of Adani Green Energy, expressed his enthusiasm for the future endeavors of the company. Singh stated, “In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed a workforce of 5,000-plus. 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.”
As a part of the Adani Group based in India, Adani Green Energy boasts one of the largest global renewable portfolios. Their portfolio includes a total locked-in capacity of 20.4 GW, encompassing operating, under-construction, and awarded projects.
With its remarkable financial performance, Adani Green Energy continues to lead the way in the renewable energy sector. Their commitment to sustainable and green energy solutions positions them as a frontrunner in the industry.