Adani Green Energy Q4 net profit declines 39% to Rs 310 cr due to rising expenses

New Delhi: Adani Green Energy Ltd (AGEL) on Friday posted a 38.85 per cent decline in consolidated net profit to Rs 310 crore for the March quarter, mainly on account of increased expenses.

Its net profit was Rs 507 crore in the January-March period of the preceding 2022-23, the company said in an exchange filing.

During the fourth quarter of FY24, the company's total income fell to Rs 2,806 crore from Rs 2,977 crore a year ago.

The company's expenses surged to Rs 2,379 crore during the period under review, as against Rs 2,053 crore in the year-ago period.

In a separate statement, the company said its operational capacity grew at 35 per cent year-on-year to 10,934 MW with greenfield addition of 2,848 MW renewable capacity, including 2,418 MW solar and 430 MW wind projects.

With this, AGEL became the first company in India to cross the 10,000 MW renewable energy capacity.

AGEL's 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually.

The sale of energy increased 47 per cent year-on-year to 21,806 million units in FY24, primarily backed by strong capacity addition, consistent solar CUF (capacity utilisation factor) and improved wind and hybrid CUF.

The revenue from power supply rose 23 per cent to Rs 1,575 crore from Rs 1,941 crore earlier.

Adani Green Energy Ltd Chief Executive Officer Amit Singh said, "We have deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground.

"Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum." The company aims to commission at least 5 GW of hydro-pumped storage projects by 2030, and set a higher target of 50 GW RE capacity by 2030, which will contribute towards India's non-fossil fuel capacity target of 500 GW, he said.

AGEL further said it has commenced construction work on its first hydro pumped storage project (PSP) of 500 MW on the Chitravathi river.

The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh. The existing reservoir will act as the lower reservoir and the upper reservoir is to be developed.

The generation capacity will be 500 MW with estimated 6.2 generation hours in a day. All necessary approvals, including the final DPR approval are in place and financial closure has been achieved for the project.

Part of Adani Group, AGEL is India's largest and one of the leading renewable energy companies in the world enabling clean energy transition. PTI ABI TRB