In comparison to the same quarter a year ago, Adani Green Energy's consolidated net profit increased by a factor of four, to Rs 507 crore, according to a report released on Monday.
According to a BSE report, the company's combined net profit for the three months ending March 31, 2022, was Rs 121 crore.
From Rs 1,587 crore in the same time a year before, the company's total revenue increased to Rs 2,988 crore in the quarter.
Additionally, the company's consolidated net profit increased from Rs. 489 crore to Rs. 973 crore in 2022–23.
From Rs 5,548 crore the previous fiscal year, the company's total revenue increased to Rs 8,633 crore in 2022–23.
The business also disclosed that as of May 11, 2023, Vneet S. Jaain's title has changed from Managing Director & Chief Executive Officer to Managing Director.
Energy sales climbed by 58 percent YoY to 14,880 million units in FY23, principally due to significant capacity expansion, analytics-driven operations and maintenance that enabled high plant availability, and the adoption of cutting-edge renewable technologies.
In FY23, AGEL increased its operating fleet's renewable energy capacity by a whopping 2,676 MW. This comprises 212 MW solar power plants in Rajasthan, 325 MW of wind power in Madhya Pradesh, and 2,140 MW of solar-wind hybrid plants in Rajasthan. The robust project pipeline has been further strengthened by AGEL's signing of PPAs with SECI for 450 MW of wind projects and 650 MW of solar projects in FY23.
With the integration of high-quality SB Energy portfolio, which had a CUF of 26.6% in FY23, sustained high plant availability, better grid availability, and higher solar irradiation, the solar portfolio CUF increased by 90 bps YoY to 24.7% in FY23.
Although the sale of energy for the wind portfolio has increased significantly thanks to strong capacity addition, the wind CUF has decreased primarily because of a single transmission line disruption (force majeure) for the 150 MW plant in Gujarat, which has since been fully restored.
A high hybrid CUF of 35.5% is achieved by the recently operationalized 2,140 MW solar-wind hybrid portfolio, which uses cutting-edge technologies like bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture the sun's energy to the fullest.
“Our business model has demonstrated remarkable resilience, as evidenced by our strong financial performance,” stated Gautam Adani, Chairman, Adani Group.
“We are industry pioneers in the field of green energy, and we regularly establish new benchmarks for performance, efficiency, and capacity growth. We are hastening the switch to renewable energy and helping India live up to its commitments to a better future.
This year, we added a sizable amount of greenfield capacity—2,676 MW—to renewable assets. The tireless efforts of our personnel are responsible for this accomplishment, according to Vneet S. Jaain, MD & CEO of Adani Green Energy Ltd.
