In comparison to the same quarter last year, Adani Green’s revenue from operations increased 33 percent YoY to Rs 2,176 crore during the quarter.
The other revenue for the renewable energy company totaled Rs 228 crore, up from Rs 66 crore in the same period last year.
Adani Green Energy, a subsidiary of the Adani Group,
announced a consolidated profit for the April to June quarter of Rs 323 crore, up 51% year over year (YoY). In the same quarter of the prior fiscal year, the bottom line reported a profit of Rs 214 crore.
In comparison to the same quarter last year, Adani Green’s revenue from operations increased 33 percent YoY to Rs 2,176 crore during the quarter. The other revenue for the renewable energy company totaled Rs 228 crore, up from Rs 66 crore in the same period last year.
Operating profit for the company, or Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), was Rs 2,081 crore, up from Rs 948 crore year over year, with margins of 95.6 percent as opposed to 58 percent. The cash profit for Adani Green increased by 55% year over year to Rs 1,051 crore. The 2,516 MW increase in capacity over the past year is principally responsible for the significant improvement in revenue, EBITDA, and cash profit. According to AGEL, its best-in-class O&M procedures enable it to deliver increased electricity output at lower O&M costs, which is what drives the company’s continual industry-leading EBITDA margin.
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According to Amit Singh, CEO of Adani Green Energy, “We aim to grow our renewable power capacity to 45 GW by 2030 through solar, wind, and solar-wind hybrid solutions as major contributors.” The TN power regulatory commission has given the renewable energy company a favorable decision that will result in a one-time upside of Rs 103 crore and a recurring yearly upside of Rs 14 crore.
For the quarter ending in June 2023, Adani Green Energy’s consolidated net profit increased 51% year over year (YoY) to Rs 323 crore. In the most recent quarter, it was Rs 214 crore. During the months of April through June, operating revenue increased 33% to Rs 2,176 crore from Rs 1,635 crore during the same time last year.
In the first quarter, electricity supply revenue increased by 55% to Rs 2,059 crore. EBITDA for this market was Rs 1,938 crore, up 53% year over year. With the addition of 1,750 MW SolarWinds hybrid, 212 MW solar, and 554 MW wind power plants over the previous year, the operating capacity during the quarter climbed by 43% YoY to 8,316 MW. Energy sales in Q1 FY24 surged by 70% YoY to 6,023 million units, mostly due to significant capacity growth.
Although the wind portfolio’s energy sales increased 34% as a result of significant capacity development, the wind CUF decreased principally as a result of the considerably lower wind speed compared to the previous year.
The 2,140 MW solar-wind hybrid portfolio reported a hybrid CUF of 47.2%, an increase of 380 bps, primarily as a result of new plants with cutting-edge solar modules and wind turbines (such as bifacial modules and horizontal single-axis trackers), high plant and grid availability, and increased solar irradiation. According to Amit Singh, CEO of Adani Green, “We aim to grow our renewable power capacity to 45 GW by 2030 through solar, wind, and solar-wind hybrid solutions as major contributors.”
The TN energy regulatory panel has given Adani Green a positive decision that will result in a one-time upside of Rs 103 crore and a recurring yearly upside of Rs 14 crore. Run-rate EBITDA for the quarter was Rs 7,645 crore, and as of June 2023, the ratio of net debt to run-rate EBITDA was 5.3x. Adani Green said that the operation of considerable capacities last year as a result of the investment of long-term capital led to higher EBITDA.
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