Adani Green Energy Q3 net profit jumps to Rs 256 crore – EQ
In Short : Adani Green Energy has reported a significant increase in its net profit for the third quarter, reaching Rs 256 crore. This robust financial performance reflects the company’s continued growth and success in the renewable energy sector.
In Detail : Adani Green Q3FY24 results: The company’s revenue from operations rose 17 per cent to Rs 2,311 crore in the quarter
Adani Green Energy Ltd (AGEL on Monday reported a 148.5 per cent jump in its net profit for the quarter that ended on December 31, 2023, at Rs 256 crore as compared to Rs 103 crore in the same quarter in 2022. Sequentially, the net profit was down 30.9 per cent from Rs 371 crore in the previous quarter.
The company’s revenue from operations rose 17 per cent to Rs 2,311 crore in the quarter as compared to Rs 1,971 crore in the same quarter in 2022. Adani Green’s EBITDA rose 95 per cent to Rs 1,667 crore. Its EBITDA margins stood at 72 per cent during the quarter.
AGEL said that robust growth in revenue and EBITDA for the power supply segment is primarily driven by capacity addition of 1,154 MW over the past year and improved capacity utilization factor (CUF).
“With the recently announced equity and debt capital raise, we have put in place the capital management framework for a well-secured growth path to the targeted 45 GW capacity by 2030.,” said Amit Singh, chief executive officer at Adani Green Energy Ltd.
“We continue to ramp up our execution capability by focusing on a resilient supply chain with emphasis on localization, digitalisation at scale, workforce expansion and competency building. We are working on the world’s largest renewable power plant at Khavda in Gujarat and endeavour to set new standards for mega-scale development of renewable energy projects as the world embraces the target of tripling renewable power capacity by 2030.”
On Monday, Adani Green’s shares were trading nearly 4 per cent in the green at Rs 1,730.70 apiece on BSE.
