Adani Green Energy on Monday posted fiscal first quarter profit at Rs 323 crore, up 50.9 per cent in comparison to Rs 214 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 2176 crore, up 33.1 per cent as against Rs 1635 crore during Q1FY23. While the total income during the quarter stood at Rs 2404 crore, total expenses incurred by the company was at Rs 1939 crore. The company EBITDA stood at Rs2081 crore.
Adani Green Energy said that the sale of energy increased by 70 per cent YoY to 6,023 mn units in Q1FY24 primarily backed by strong capacity addition. Operational capacity, meanwhile, increased by 43 per cent YoY to 8,316 MW with addition of 1,750 MW solar wind hybrid, 212 MW solar and 554 MW wind power plants over the last one year.
The solar portfolio CUF has improved by 40 bps YoY to 26.9 per cent in Q1FY24 with consistent high plant availability and improved solar irradiation. For the wind portfolio, the sale of energy has increased by 34 per cent backed by strong capacity addition, though the wind CUF has reduced primarily due to relatively lower wind speed, which was higher last year. The solar-wind hybrid portfolio of 2,140 MW reported a strong hybrid CUF of 47.2 per cent, up by 380 bps backed by new plants with technologically advanced solar modules and wind turbines, high plant and grid availability and improved solar irradiation.
Adani Green Energy said that the growth in revenue, EBITDA and cash profit was driven primarily by capacity addition of 2,516 MW over the last one year. “The consistent industry-leading EBITDA margin is driven by AGEL’s best-in-class O&M practices enabling it to achieve higher electricity generation at lower O&M cost,” it said in a regulatory filing.
In terms of moving towards a sustainable future, AGEL said that the company is ranked the first in Asia and among top 10 companies globally in the Renewable Energy sector by ISS ESG in its latest ESG assessment. “Path towards a sustainable future lies in embracing cleaner and greener sources of energy. We are committed to produce low-cost green electrons through a continued focus on operational excellence and technology innovation combined with use of Digital and Artificial Intelligence based solutions,” said Amit Singh, CEO, Adani Green Energy Ltd.
“We aim to grow our renewable power capacity to 45 GW by 2030 through solar, wind and solar-wind hybrid solutions as major contributors,” he said.