Adani Green swings to Rs 190 crore profit in first quarter of FY22

By: |
August 05, 2021 3:30 AM

The company’s revenue went up 22.9% year-on-year (y-o-y) to Rs 1,079 crore, the highest quarterly revenue ever recorded by the company.

The profits jumped mainly due to higher power sales from the company’s rising renewable energy base.The profits jumped mainly due to higher power sales from the company’s rising renewable energy base.

Adani Green Energy (AGEL), the renewable energy arm of the Adani Group, posted a profit of Rs 190 crore in Q1FY22 on a consolidated basis, against a loss of Rs 4 crore recorded by the firm in the corresponding quarter in FY21.

The profits jumped mainly due to higher power sales from the company’s rising renewable energy base.

The company’s revenue went up 22.9% year-on-year (y-o-y) to Rs 1,079 crore, the highest quarterly revenue ever recorded by the company.

It sold 2,054 million units of electricity in the quarter, up 48% annually, after adding 1,075 mega-watt (MW) capacity in the last twelve months.

The company’s current operational portfolio stands at 3,520 MW.

In one of the largest acquisitions in the renewable energy space in the country, AGEL in May, had signed agreements to acquire 100% interest in SB Energy India, a joint venture between Bharti Global and Japan’s SoftBank Group, at an enterprise valuation of $3.5 billion.

The company is in the process of completing the acquisition, after which 1,700 MW of SB Energy’s operational and 3,254 MW of under-implementation assets will be added to its portfolio. Another 150 MW operational wind assets under acquisition from Inox as well.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Future-ready: BPCL plans Rs 1-lakh-crore investment in 5 years
2Revival plans: Promoters may invest Rs 10,000 crore in Vodafone Idea, says govt
3Tata Steel signs Sea Cargo Charter framework to reduce GHG emissions