Adani Green Energy gains 10-fold jump in net profits

Adani Green Energy Ltd (AGEL) has posted nearly 10-fold jump in its consolidated net profit at Rs 219 crore for the June quarter, compared to the year-ago period, mainly on the back of higher revenues.

The consolidated net profit of the firm was Rs 22 crore in the quarter ended June 30, 2020, the company said in a regulatory filing. Total income rose to Rs 1,079 crore in the quarter under review, from Rs 878 crore in the same period a year ago. "AGEL's growth continues to accelerate," said Gautam Adani, Chairman of the Adani Group. "In just two years, AGEL has marched to the very forefront of the world's renewable energy brigade, accelerating the transition to green energy faster than any other company in the world. "The acquisition of SB Energy's high quality renewable energy portfolio has further consolidated our position as the world's largest solar player thereby keeping us on track to become the world largest renewables player by 2030," Adani added.

Sales of electricity rose to 2,054 million units in the June quarter this year, from 1,385 million units in the same period a year ago. "With the data analytics driven O&M, deployment of latest technologies and continued capacity additions despite the pandemic, AGEL has been able to consistently report strong operational performance for both solar and wind portfolios," said Vneet S Jaain, MD & CEO, Adani Green Energy Ltd.

He further said, "the visibility of our growth path has steadily improved over the years and we now have a locked-in growth of 24.3 GW. On the ESG front, we are working on initiatives like single use plastic free certification, zero waste to landfill and net water neutrality for all our operating renewable plants." AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with locked-in growth of up to 24.3 GW including operating, under-construction, awarded, L1 bid projects and assets under acquisition catering to investment-grade counter parties.