Adani Green Energy Ltd (AGEL) has reported a four-fold rise in its consolidated net profit to INR 507 crore ($68 million) for the March quarter compared to the same period a year ago. The surge in profits was primarily attributed to increased revenues, with total income rising to INR 2,988 crore from INR 1,587 crore in the year-ago quarter. AGEL’s consolidated net profit for the 2022-23 fiscal year also increased to INR 973 crore from INR 489 crore the previous year, while total income rose to INR 8,633 crore from INR 5,548 crore.
The company’s strong financial performance was driven by a 58% YoY increase in the sale of energy to 14,880 million units in FY23. AGEL added 2,676 MW of renewable capacity to its operational fleet in FY23, which includes solar-wind hybrid plants in Rajasthan, a wind power plant in Madhya Pradesh, and solar power plants in Rajasthan. The company also signed power purchase agreements for 450 MW wind projects and 650 MW solar projects with the Solar Energy Corporation of India in FY23.
AGEL’s solar portfolio capacity utilization factor (CUF) improved by 90 basis points YoY to 24.7% in FY23, while the newly operationalized solar-wind hybrid portfolio deploys the latest technologies to capture maximum energy from the sun and wind, leading to a high hybrid CUF of 35.5%.
Gautam Adani, Chairman of the Adani Group, said that their business model has demonstrated remarkable resilience, and they are leaders in the green energy space, consistently setting new industry standards. Vneet S Jaain, Managing Director of AGEL, added that the company’s massive greenfield capacity of 2,676 MW renewable assets this year is attributed to the relentless efforts of their teams.