Adani Green Energy net profit up 4-fold to Rs 507 cr in March quarter

Adani Green Energy reported a four-fold increase in its consolidated net profit to Rs. 507 crore in the March quarter, compared to the year-ago period, primarily due to higher revenues. The company’s total income rose to Rs. 2,988 crore in the quarter, up from Rs. 1,587 crore in the same period the previous year. For the 2022-23 fiscal year, the company’s consolidated net profit rose to Rs. 973 crore, while its total income increased to Rs. 8,633 crore, thanks to strong capacity addition, analytics-driven, and the deployment of the latest renewable technologies. AGEL added 2,676 MW of renewable capacity to its operational fleet in FY23, including solar-wind hybrid plants, a wind power plant, and solar power plants. The solar portfolio CUF improved to 24.7% in FY23, while the newly operationalized solar-wind hybrid portfolio achieved a high hybrid CUF of 35.5%. Gautam Adani, Chairman of Adani Group, said that their business model demonstrated remarkable resilience, while Vneet S Jaain, MD & CEO of Adani Green Energy, attributed the success to the relentless efforts of their teams.