Adani Green Energy net profit rises 51 pc to Rs 323 cr in Jun qtr

New Delhi, Jul 31 (PTI) Adani Green Energy on Monday reported a nearly 51 per cent rise in consolidated net profit to Rs 323 crore in the June 2023 quarter, mainly driven by higher revenues.

The company had posted Rs 214 crore consolidated net profit in the quarter ended June 2022, a BSE filing showed.

Its total income rose to Rs 2,404 cr in the quarter from Rs 1,701 crore in the year-ago period.

With an operational capacity of 8,316 MW, it continued to have the largest operating renewable energy portfolio in the country, the company said in a statement.

Its energy sales increased by 70 per cent year-on-year to 6,023 million units in June quarter from 3,550 million units.

The solar portfolio CUF (capacity utilisation factor) has improved by 40 basis points year-on-year to 26.9 per cent in the first quarter with consistent high plant availability and improved solar irradiation, it said.

For the wind portfolio, the sale of energy has increased by 34 per cent due to strong capacity addition, though the wind CUF has reduced primarily due to relatively lower wind speed, which was higher last year, it added.

The solar-wind hybrid portfolio of 2,140 MW reported a strong hybrid CUF of 47.2 per cent, up by 380 basis points, helped by new plants with technologically advanced solar modules (including bifacial modules and horizontal single-axis trackers) and wind turbines, high plant and grid availability and improved solar irradiation.

“Our team’s unwavering dedication has been instrumental in achieving consistent strong financial and operational milestones,” said Amit Singh, CEO, Adani Green Energy.

The company aims to grow its renewable power capacity to 45 GW by 2030 through solar, wind and solar-wind hybrid solutions as major contributors.