Adani Green Energy March Quarter Net Profit Up by 86% to Rs 104 Crore

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Adani Green Energy, part of the India-based Adani Group having the largest global renewable portfolios of 14.8 GW of operating, under-construction and awarded projects catering to investment-grade counterparties posted a nearly 86 % rise in consolidated net profit to Rs 104 crore for the quarter ended March 2021, mainly due to higher revenues.

The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

The consolidated net profit of the company stood at Rs 56 crore in the corresponding period of the previous fiscal, the company said in a BSE filing.

Total income of the company rose to Rs 1,082 crore in the quarter from Rs 719 crore in the year-ago period.

For 2020-21, the company posted a consolidated net profit of Rs 182 crore, as against a loss of Rs 68 crore in 2019-20.

“About three years back we made a commitment to our shareholders that we would showcase India’s ability to lead the renewable power revolution. Our ranking this year as the world’s largest developer of solar power is testimony to this commitment, as is the investment that global majors are making in the AGEL portfolio.” said Gautam Adani, chairman, Adani Green Energy Limited (AGEL).

“Despite all the challenges resulting from the pandemic, we have been resolute in our execution and stay confident of emerging as the world’s largest renewable player before the end of the decade. We are also on track to contribute meaningfully to India’s COP21 goals as well as to the wider UNFCCC goals of sustainability,” he added.

AGEL MD and CEO Vneet S Jaain said, “FY21 has been an eventful year for Adani Green Energy witnessing robust operational performance and rapid capacity build-up despite the pandemic, new strategic alliances and tie up of a revolving project finance facility.” “On ESG front, we had Zero Loss time and recordable injury in FY21. AGEL’s data analytics driven O&M, advance de-risking based development approach and disciplined yet transformational capital management will continue to ensure a steady progress towards target of having 25 GW operational capacity by 2025,” he added Sales of energy for 2020-21 increased by 25 per cent to 5,482 million units from 4,385 million units in 2019-20.

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