Adani Green Energy’s Q3 Profit More Than Doubles, Riding on Robust Power Sales

Adani Green Energy's Q3 Profit More Than Doubles, Riding on Robust Power Sales

VoM News Desk | February 1, 2024 | 03:16 PM IST | Breaking News | Follow on Google News

Adani Green Energy’s Q3 Profit More Than Doubles, Riding on Robust Power Sales

Adani Green Energy’s Q3 Profit More Than Doubles, Riding on Robust Power Sales

Adani Green Energy reported a more than doubled profit in the third quarter, reaching ₹2.56 billion ($30.8 million), boosted by strong power sales and increased capacity utilization. Part of Gautam Adani’s conglomerate, the company’s consolidated profit surged from ₹1.03 billion in the same period the previous year. The positive financial results, despite a 17.3% fall in shares in 2023, led to a 4.8% increase after the announcement.

Renewable Energy Growth in India Boosts Adani Green

India’s industries are increasingly incorporating renewable power into their energy mix, favoring companies like Adani Green. The government’s plan to add 50 gigawatts of renewable energy capacity annually for the next five years aligns with the company’s strategic positioning. Adani Green’s solar capacity utilization factor (CUF) grew by 24%, and wind power business CUF increased by 32.2%, contributing to a 16% rise in operational capacity.

Strategic Growth and Financial Performance

Revenue from power supply experienced a significant uptick, rising by 40.3% to ₹17.65 billion. The company’s total income also saw growth, reaching ₹26.75 billion compared to ₹22.56 billion the previous year. Adani Green Energy is actively working on building the world’s largest renewable power plant in Khavda, Gujarat, as part of its commitment to sustainable energy solutions, according to CEO Amit Singh.

VoM News Desk

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