Adani Green Energy Reports Impressive Q1 Results with 51% Net Profit Jump

Rajesh
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Adani Green Energy, a leading renewable energy company, has announced outstanding financial results for the first quarter ending June 2023. The company reported a consolidated net profit of Rs 323 crore, marking a significant 50.93% increase compared to Rs 214 crore during the same period last year.

Adani Green

The total revenue for the quarter stood at Rs 2,404 crore, reflecting a remarkable surge of 41.32% compared to Rs 1,701 crore in the previous year. One of the key contributors to this impressive growth was the revenue generated from power supply, which witnessed a substantial year-on-year increase of 55% and reached Rs 2,059 crore.

Adani Green Energy's operational capacity also saw substantial growth, reaching 8,316 MW YoY, representing a remarkable 43% increase. This surge can be attributed to the addition of 1,750 MW solar-wind Hybrid, 212 MW solar, and 554 MW wind power plants over the past year.

The company's solar portfolio demonstrated a Capacity Utilisation Factor (CUF) of 26.9% with a 40 basis points improvement YoY. However, the CUF for the wind portfolio experienced a slight decline, standing at 38.7% with an 830 basis points reduction YoY. The overall Hybrid portfolio CUF remained strong at 47.2%.

One of the contributing factors to the company's robust growth in revenue and EBITDA was the substantial increase in energy sales. Adani Green Energy reported a remarkable 70% YoY increase in energy sales, reaching 6,023 million units in Q1FY24 compared to 3,550 million units in Q1 FY23.

Commenting on the impressive financial performance, the company attributed the growth to the addition of 2,516 MW in capacity over the last year. Moreover, the company's efficient O&M (Operations and Maintenance) practices were highlighted as a key driver behind the consistent industry-leading EBITDA margin, which reached an impressive 92.5% during the quarter.

"The robust growth in revenue, EBITDA, and cash profit is primarily driven by capacity addition of 2,516 MW over the last one year. 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 costs," said the company in a statement.

With such impressive performance and a strong presence in the renewable energy sector, Adani Green Energy continues to be a major player in India's clean energy revolution. The company's consistent growth and focus on sustainable practices have positioned it well to play a significant role in the country's journey towards a greener future.

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