Adani Green Energy announces key changes to management, Amit Singh to join as new CEO – EQ Mag
Adani Green Energy Ltd on Monday announced key changes to its top management with the appointment of Amit Singh as the Chief Executive Officer (CEO) and the Key Managerial Personnel with effect from 11 May 2023.
The designation of current Managing Director & Chief Executive Officer Vneet S. Jaain will change to Managing Director effective from May 11, 2023. The management changes were announced alongside with their Q4 results.
A release from the company also added that Sagar R. Adani has been re-appointed as an Executive Director for a period of 5 years effective from August 31, 2023, subject to the approval of the shareholders.
Amit Singh is an IIT Delhi graduate with more than 22 years of extensive experience in the oilfield, energy transition, and digital advancement across the energy sector, with a thorough experience working in multiple geographies including Europe, the Middle East, Asia, and the Americas, the company said.
“Prior to joining Adani, Mr Singh was Director of Strategy & Marketing, Digital & Integration Division of SLB (formerly known as Schlumberger), based in London where he was responsible for the development of corporate strategy, managing research & engineering investments for new technology, corporate branding, Tier-1 partnerships and investments in emerging technologies, the release added.
Vneet S. Jaain was appointed as the MD & CEO in July 2023 and has been working with the Adani Group for nearly 15 years. He has previously served in management positions at Adani Power Limited and Adani Infra Limited.
Adani Green Energy on Monday posted a rise of 319 per cent in consolidated net profit to ₹507 crore for the quarter ended March 2023. This is against a net profit of ₹121 crore in the corresponding quarter last fiscal.
The Adani firm’s total income rose 88 per cent to ₹2,988 crore in Q4FY23 as compared to ₹1,587 crore in Q4FY22.
In FY23, the firm reported an EBITDA of ₹5,538 crore, up by 57% YoY, due to ‘robust growth in revenues, EBITDA and cash profit.’
The revenue of operations from power supply stood at ₹2,130 crore for the quarter under review from ₹1,128 crore in the year ago period. While, for FY23, revenue from power supply increases by 54% YoY to ₹5,825 crore.
The company has added 2,676 MW renewable capacity to its operational fleet in FY23, which includes 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya Pradesh and 212 MW solar power plants in Rajasthan.
The company’s scrip ended 3.67 per cent up at ₹950.60 on BSE.
Source: PTI
