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Adani Green Energy Ltd. (AGEL), the renewable energy arm, of the Adani Group, announced the financial results for March quarter and the financial year 2022.
The March quarter saw a 16% increase in net profit to Rs. 121 crore, primarily due to higher revenues. In the same quarter last year, the company’s consolidated net profit was Rs 104 crore.
The company’s total income for the March quarter was Rs1,587 crore, an increase of Rs1,082 crore from the previous year.
The sale of energy increased 72% year-on–year to 9,426 millions units in FY22.
Adani Group chief Gautam Adani stated that “AGEL’s strong results confirm the Adani Group’s rapidly expanding focus upon renewables.”
“Our investment strategy in green energy is unmatched by any portfolio of utility and energy businesses. We have also set industry benchmarks in efficiency and performance. He said that India’s commitments to a sustainable energy future are being honored by accelerating the pace through its domain expertise and our ability of executing projects quickly.
Adani Green Energy announced that the Abu Dhabi-based International Holding Company PJSC(IHC) will, through its subsidiary invest $500 million in AGEL.
“The past fiscal year was very exciting for us. The acquisition of high-quality SB Energy portfolio was a success. This has resulted in an overall improvement in operational performance as well as further strengthening the counterparty profile. We also fulfilled our promise to accelerate greenfield renewable capacity development. We are also looking to incorporate newer technologies that will increase the efficiency of power generation and lower the price of electricity. Vneet Jaain, Adani Green Energy CEO and MD, said.