Adani Green Energy’s quarterly net profit jumps 31% to ₹824 crore as energy sales increase 42%

Adani Green Energy , the green energy arm of billionaire Gautam Adani, recorded a 31% increase in its quarterly net profit as its energy sales increased by 42% from the year-ago period, the company reported on Monday. The company is seen as a major player in India’s quest to achieve a 500-gigawatt green energy capacity by 2030.

Its first-quarter net profit stood at ₹824 crore, compared to ₹629 crore in the same period last year. Its energy sales were propelled by capacity additions. Adani Green Energy’s operational capacity has increased by 45% year-over-year to 15.8 gigawatts. The company is also on track to achieve its 50 GW target. Its revenue from power supply increased 31% to ₹3,312 crore from the year-ago period.

According to Ashish Khanna, the CEO of Adani Green Energy, the company added 1.6 gigawatts of greenfield renewable energy capacity in the quarter. The addition has contributed to a total increase of 4.9 gigawatts over the past year. Along with the 50 gigawatts target, the company is also on track to achieve at least five gigawatts of hydro pumped storage, along with battery storage. “Battery storage is also a key part of our future strategy,” Khanna said in a statement.

Adani Green Energy has an operational capacity of 5.6 gigawatts of solar, wind, and hybrid energy at Khavda in Gujarat, where it is developing an ultra-large-scale 30 gigawatts renewable energy plant spanning an area of 538 square kilometres. The company is on track to achieve 30 gigawatts of renewable energy capacity by 2029.

Some of the other greenfield additions the company has made over the last year include 2,463 megawatts of solar capacity in Khavda, 1,050 megawatts in Rajasthan, and 250 megawatts in Andhra Pradesh. The company’s Ebitda from power supply also increased 31% from the same period last year to ₹3,108 crore. Its solar capacity utilisation factor (CUF), a key metric in measuring how effectively a plant utilises its installed capacity to generate electricity, increased by 28%. Meanwhile, the wind and hybrid CUFs increased by 42.3% and 43.9%, respectively.

Adani Green Energy shares closed 3.39% higher on Monday, buoyed by the company’s results, at ₹1,009 apiece.