Adani Green Energy Q2: Net Profit Climbs Twofold, Revenue From Power Supply Increases 80%

The renewable energy firm logged a net profit of Rs 371 crore for the September quarter in the current financial year against a net profit of Rs 149 crore in the second quarter of the previous fiscal.

The company’s cash profit jumped 72 per cent in the September quarter in the current fiscal year and stood at Rs 1,031 crore, against Rs 600 crore reported in the corresponding quarter a year earlier. 

Source : Adani Green Energy Facebook

Adani Green Energy posted a more than twofold increase in its net profit on a year-on-year (YoY) basis in its second quarter (Q2) earnings on Monday released via an exchange filing. The renewable energy company logged a net profit of Rs 371 crore for the September quarter in the current financial year (FY24) against a net profit of Rs 149 crore in the second quarter of the previous fiscal year (FY23).

The firm recorded an 80 per cent increase in its revenue from power supply for the reported quarter in the current fiscal year on a year-on-year (YoY) basis. It posted a revenue of Rs. 1,984 crore for the current quarter against its Q2 revenue of Rs. 1,105 crore for FY23. 

The company’s cash profit jumped 72 per cent in the September quarter in the current fiscal year and stood at Rs 1,031 crore, against Rs 600 crore reported in the corresponding quarter a year earlier. 

The energy firm logged a 62 per cent gain in its EBITDA in the reporting quarter in FY24, which stood at Rs 1,835 crore, as compared to Rs 1,131 crore recorded in the same period a year earlier. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is often used by companies as an alternative to net income to better understand their finances.

Crediting the growth to the capacity addition, the company said, “The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,592 MW over the last one year and improved CUF. The consistent industry-leading EBITDA margin is driven by AGEL’s best-in-class O&M practices enabling it to achieve higher electricity generation at lower O&M cost.”

Amit Singh, CEO at Adani Green Energy, noted, “In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed workforce of 5,000+. At Khavda, we will be installing the most advanced TOPCon solar modules as well as India’s largest and one of the most efficient 5.2 MW wind turbine. These efforts will drive us towards achieving the lowest levelized cost of energy.”