Adani Green Energy Q2 profit jumps nearly six-fold to Rs 100 crore

Adani Green Energy Ltd (AGEL) on Thursday posted a nearly six-fold increase in consolidated net profit at Rs 100 crore in the September quarter on the back of higher revenues.

The net profit of the company was Rs 17 crore in the quarter ended on September 30, 2020, according to a BSE filing.

The company's total income stood at Rs 1,411 crore in the second quarter of the current fiscal as against Rs 718 crore in the same period a year ago.

"It is gratifying to see that the focus on climate change has continued to accelerate at a pace that has taken everybody by surprise, Gautam Adani, Chairman of Adani Group, said in a statement.

"I believe this is a good indication of the progress the world can make when it combines forces to solve a global problem. Our journey towards becoming the world's largest renewables player and further increasing the gap as the world's largest solar player is manifested in the very significant investments that we continue to make in this business," he said.

The increase in sale of energy was backed by capacity addition of 2,610 MW and improved solar and wind CUF (Capacity Utilisation Factor), the company said.

The sale of energy grew by 61 per cent to 1,901 Million Units (MU) in the quarter from 1,182 MU in same period a year ago.

Similarly solar energy sales grew by 41 per cent to 1,430 MU in the latest September quarter from 1,017 MU in the year-ago period.

The wind energy sales grew by 185 per cent to 471 MU from 165 MU during the same period.

AGEL, part of Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.3 GW, including operating, under-construction, awarded and assets under acquisition catering to investment-grade counterparties.

The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel