Adani Green Energy Q2 results: Higher power sales drive a 149% increase in net profit to Rs 371 crore

31 Oct 2023 , 11:06 AM

In the September quarter of 2023–24 (Q2FY24), Adani Green Energy’s consolidated net profit increased by 149% year over year to Rs 371 crore, mostly due to higher power sales compared to Rs 149 crore in the same period previous year.

The entire revenue of the renewable power company under Gautam Adani’s ownership increased by 54% year over year to Rs 2,589 crore in Q2FY24 from Rs 1,107 crore in the same period the previous year.

In the meantime, overall expenses increased from Rs 1,514 crore in Q2FY23 to Rs 2,160 crore in Q2FY24, a year-over-year increase of 43%.

Amit Singh, the CEO of Adani Green Energy, commented on the Q2 results, saying, ‘Our team’s tireless efforts have improved performance across the board. With a staff of over 5,000, we are working towards our next milestone of building the largest RE cluster in the world in Khavda, Gujarat. We will be installing India’s largest and most efficient 5.2 MW wind turbine at Khavda, along with the most cutting-edge TOPCon solar modules. Our goal of reaching the lowest levelized cost of energy will be pushed by these initiatives.’

Compared to the same period last year, when there were 3,067 million energy sales, the overall energy sales in the September-ended quarter increased by 87 percent year over year to 5,737 million units.

Sales of solar energy rose 11% year over year to 2,576 million units in Q2FY24, driven by an increase in capacity of 212 megawatts (MW) in Rajasthan and a 140 basis point improvement in capacity utilization factor (CUF).

The company reported that energy sales for the wind-energy portfolio increased by 157 percent year over year as a result of a 230 MW capacity addition in Gujarat and a 1,430 bps improvement in CUF.

Apart from that, the sale of energy in the hybrid portfolio increased by more than six times, or 561 percent, to 2,057 million units in Q2FY24. This increase was primarily due to an increase of 1,150 MW in hybrid capacity utilization in Rajasthan and a 920 bps improvement in CUF.

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