Adani Green Energy Q2 net profit rise nearly 39% to Rs 515 crore

New Delhi: Adani Green Energy Solutions on Tuesday posted a nearly 39 per cent rise in its consolidated net profit to Rs 515 crore in the September quarter on the back of higher revenues.

Its consolidated net profit was Rs 371 crore in the quarter ended on September 30, 2023, the company said in a BSE filing.

Total income of the company rose to Rs 3,376 crore in the quarter from Rs 2,589 crore in the same period a year ago.

"Our financial performance continues to be strong, driven by significant greenfield capacity additions and robust operational efficiency," Amit Singh, CEO of Adani Green Energy Solutions, said in a statement.

Entering the Commercial & Industrial (C&I) space by signing our first contract underscores our commitment to decarbonising industries, with plans to expand our merchant and C&I exposure to 15 per cent by 2030, he stated.

Our growth is driven by a robust capital management plan with utmost credit discipline, he stated, adding that having delivered the intended capacity growth, we completely redeemed the USD 750 million Holdco bond in line with our commitment, resulting in systematic deleveraging.

He further stated that Adani Green is well on track to achieve its 2030 RE capacity target of 50 GW, including at least 5 GW of energy storage.

According to the statement, operational capacity expanded by 34 per cent year-on-year (YoY) to 11,184 MW, with greenfield additions, including 2,000 MW of solar capacity and 250 MW wind capacity in Khavda, 418 MW of solar capacity in Rajasthan and 200 MW of wind capacity in Gujarat.

Energy sales increased 20 per cent to 14,128 million units during April-September 2024 against 11,760 million units a year ago on robust capacity additions and strong operational performance, the company said.