Adani Green Energy’s (AGEL’s) consolidated net profit for the fourth quarter ended March 31 more than tripled to ₹507 crore, primarily backed by strong capacity addition. In comparison, the company had posted a net profit of ₹121 crore for the same quarter of the previous fiscal. During the reporting quarter, the Adani Group firm’s total income nearly doubled to Rs 2,988 crore from
Rs 1,587 crore recorded during the year-ago quarter, the company said in a stock exchange update. The company’s sale of energy rose by 58% on a year-on-year basis to 14,880 million units in FY23, primarily backed by strong capacity addition, analytics driven operations and maintenance enabling high plant availability and deployment of latest renewable technologies, it said.
AGEL added 2,676 MW renewable capacity to its operational fleet in FY23, which included 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya Pradesh and 212 MW solar power plants in Rajasthan.
“Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance,” said Adani Group chairman Gautam Adani said.
It also signed power purchase agreements for 450 MW wind projects and 650 MW solar projects with Solar Energy Corporation of India in FY23.
“AGEL’s operational capacity has grown at a CAGR of 33% over the last five years, outpacing overall renewable capacity growth at about 15% CAGR in India in the same period. De-risked project development, analytics driven O&M, disciplined capital management and a strong governance framework continue to be the backbone of our sustained growth,” Vneet S Jaain, MD & CEO, said.
Ahead of the earnings announcement, AGEL’s shares closed up 3.67% at ₹950.60 on the BSE on Friday.