Adani Green Energy Q2 net profit jumps nearly 150% YoY
Adani Green Energy has posted a 149% year-on-year (YoY) growth in its consolidated net profit for the second quarter of the current fiscal year (Q2 FY24), reaching Rs. 371 crore compared to Rs. 149 crore in the previous year. The Gautam Adani-led renewable energy company's total revenue saw a 54% YoY growth, amounting to Rs. 2,589 crore in Q2FY24, up from Rs. 1,107 crore in the same period the previous year.
Higher energy sales boost performance
Total energy sales rose 87% YoY to 5,737 million units in Q2 FY24 from 3,067 million units in the previous year. In terms of segments, solar energy sales increased by 11% YoY to 2,576 million units, thanks to a 212 MW capacity addition in Rajasthan and a 140 basis points improvement in capacity utilization factor (CUF). Wind energy sales climbed 157% YoY due to a capacity addition of 230 MW in Gujarat and a 1,430 basis points enhancement in CUF.
Adani Green's ambitious plans for the future
Amit Singh, CEO of Adani Green Energy, shared his thoughts on the Q2 results, attributing the improved performance to the team's unwavering efforts. He also mentioned their ongoing work to establish the world's largest renewable energy (RE) cluster in Khavda, Gujarat, with over 5,000 workers already on site. The company aims to utilize advanced TOPCon solar modules and India's largest and one of the most efficient 5.2 MW wind turbines at Khavda to achieve the lowest levelized cost of energy.
Shares rise over 5%
Following the release of the Q2 results, Adani Green Energy's shares rose over 5%, trading at Rs. 917 each on NSE. Over the past three months, Adani Green Energy's stock has fallen by 19%, whereas the Sensex benchmark has only dropped by 4%. Singh emphasized that their commitment to sustainability and the highest level of governance will continue to serve as the foundation for future growth.
