Adani Green Q3 profit jumps 19.5% as wind, solar power biz sees traction

Adani Green Energy Ltd, the renewable energy arm of diversified conglomerate Adani Group, reported a 19.5% year-on-year growth in consolidated net profit for the quarter ended December 2021 to Rs 49 crore.

In the three months ended December 2020, the company’s net profit stood at Rs 41 crore. However, the net profit declined 51% sequentially from Rs 100 crore at the end of September 2021.

The company’s revenue from operations for the December quarter stood at Rs 1,400 crore, up 8.1% sequentially and 87% from the corresponding period last year.

On a standalone basis, the company reported a loss of Rs 90 crore at the end of December 2021 compared with a profit of Rs 66 crore even though revenue jumped eight-fold to Rs 2,269 crore from Rs 233 crore last year.

Other Key Highlights

1) Power supply vertical saw 65% jump in revenue to Rs 973 crore; EBITDA increased 68% to Rs 895 crore.

2) The company saw a 96% and 102% increase in the sale of solar and wind energy, respectively, on the back of capacity addition and improved solar and wind capacity utilization.

3) It signed an agreement with Solar Energy Corporation of India to supply 4,667 megawatts.

4) AGEL has signed agreements for three-fourths of 8,000 MW awarded to it under SECI’s solar tender.

5) The company has one of the largest global renewable portfolios with an overall portfolio of 20.3 gigawatt, including assets under acquisition.

Management Commentary

Vneet S. Jaain, MD and CEO, said Adani Green was on track to become the world’s largest renewable energy company by 2023 on the back of robust operational performance and improving visibility of growth in PPAs.

“Our commitment towards ESG is only getting stronger with the global recognition of our efforts to light up the world with green energy and to further incorporate the best ESG practices on all fronts,” Jaain said.