Adani Green Energy Reports Strong Q2 Profit Growth

Adani Green Energy Reports Strong Q2 Profit Growth

VoM News Desk | October 31, 2023 | 06:50 AM IST | Energy | Follow on Google News

Adani Green Energy Reports Strong Q2 Profit Growth

Adani Green Energy Reports Strong Q2 Profit Growth

Adani Green Energy, the renewable energy arm of the Adani Group, reported a remarkable more than two-fold growth in its second-quarter profit. The strong performance was attributed to robust power sales to customers amid rapid growth in the country’s power demand, driven by economic expansion.

Key Highlights:

• Adani Green’s energy sales surged by 87% during the quarter, with the solar-wind hybrid category contributing significantly to this growth.
• The consolidated profit for the quarter ending September 30 reached INR 3.71 billion, a substantial increase from INR 1.49 billion in the previous year.
• The company boasts an operational capacity of 8,316 megawatts of renewable energy, contributing to an 80% rise in revenue from power supply.
• This substantial increase in revenue offset a 42% increase in expenses, resulting in a remarkable overall performance.
• Total income for the quarter rose by 54%, reflecting the strong portfolio and long-term deals that power producers like Adani Green have in place.

Market Response:

Following the impressive results, shares of Adani Green saw a 6.1% increase, marking a recovery from earlier challenges when the company faced scrutiny from U.S. short-sellers.

VoM News Desk

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