Adani Green Energy soars: Q1 profit grows to ₹629 Crore

26 Jul 2024 , 12:35 PM

Adani Green Energy, an Indian company, announced on Thursday that its first-quarter profit nearly doubled from the same period last year, driven by robust energy sales and expanded operating capacity. This news sent the company’s shares soaring.

The company, which is a part of the ports-to-power conglomerate owned by Gautam Adani, reported a rise in consolidated earnings from ₹323 crore ($75.1 million) to ₹629 crore ($75.1 million) in the quarter.

During the quarter, Adani Green’s energy sales climbed by 22% year over year to 7,356 million units.

Currently, the company’s operating capacity is 11.2 gigawatts (GW), of which over two thirds are derived from solar energy.

The quarter saw a 25.4% increase in its solar capacity utilisation factor (CUF), which compares generation capacity to installed capacity, and a 36.2% increase in its wind power business’s CUF.

As a result, operating revenue increased by 31.1% to 28.34 billion rupees.
The company’s net profit was further enhanced by its joint venture and associate profit shares, which more than tripled to 1.80 billion rupees, while its expenses increased by a relatively modest 17.4%.

Following the findings, Adani Green’s shares increased by as much as 7.8% to a session high before slightly declining to conclude 6% higher.

Peer JSW Energy said last week that their consolidated net profit increased by 80% year over year.

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