Adani Green Energy Limited reports 49% rise in profit to Rs 149 crore in Q2 FY23

Adani Green Energy Limited reports 49% rise in profit to Rs 149 crore in Q2 FY23

Ahmedabad, November 10, 2022

Adani Green Energy Limited (AGEL), a part of the Adani Group, today reported a 49% increase in its consolidated net profit to Rs 149 crore in the second quarter (Q2) of financial year 2022-23 (FY23) from Rs 100 crore in the same period of the previous year.

In a filing to the stock exchanges, the company said its total income during Q2 of FY23 rose to Rs 1,686 crore from Rs 1,411 crore in the corresponding quarter of FY 22.

A press release issued by the company said the Solar Capacity Utilisation Factor (CUF) and sale of energy had improved with integration of the high-quality SB Energy portfolio having a CUF of 26.3% in H1 FY23.

The reduction in overall Wind portfolio CUF and Sale of Energy is primarily due to one-off disruption in transmission line (force majeure) for the 150 MW plant in Gujarat.

The impact of this event in Q2 FY23 is expected to be ~ 0.4% of the expected annual generation of the overall operational capacity. Excluding the aforesaid 150 MW plant, the Wind portfolio CUF stands at a strong 41.0% in H1 FY23, the release said.

The company said the newly commissioned solar-wind hybrid plants of 990 MW deploy bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced Wind Turbine Generators leading to a high hybrid CUF.

The newly commissioned plants are managed by Adani Group’s intelligent Energy Network Operation Center (ENOC) platform, which has proven technological capability and has aided AGEL in achieving superior operational performance for its entire renewable portfolio across diverse locations in India, it said.

The release said the solid growth in revenues is driven by greenfield commissioning of 1,315 MW and integration of SB Energy’s operating portfolio of 1,700 MW.

"Further, the state-of-the-art ENOC enables real time monitoring of our entire renewable portfolio with information access to the minutest level and automated alerts. With this analytics driven O&M approach, the plant availability is maximized, enabling higher electricity generation and higher revenues. It also helps curtail O&M costs, in turn enabling high EBITDA margins," it said.

“We are extremely proud of our teams for enabling the rapid development of India’s first and the world’s largest solar-wind hybrid cluster of 990 MW as well as Madhya Pradesh’s largest wind plant of 325 MW while ensuring cost effectiveness and the highest quality standards. With our focus on delivering the cheapest green electron, we have continued to deploy the latest and most innovative technologies to maximize electricity generation at a lower cost,” said Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.

“The globally well-recognized ESG ratings, that rank us ahead of some of the largest global utilities and RE players, are yet another proof of our commitment to a sustainable future and the highest governance standards at AGEL," he added.

AGEL has one of the largest global renewable portfolios with overall portfolio of 20.4 GW including operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

Key customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms. Listed in 2018, AGEL today is a $ 41 billion market cap company.

NNN

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