Adani Green Energy Q4 Results: Net profit plunges 70% to ₹150 crore, revenue down 2% YoY
- Adani Green Energy Q4 Results: The Adani Group's renewable energy arm's revenue from operations dropped two per cent in the March quarter.
Adani Green Energy Q4 Results: Adani Green Energy announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on Friday, May 3, reporting a drop of 70 per cent in net profit at ₹150 crore, compared to ₹508 crore in the corresponding period last year. The Adani Group's renewable energy arm's revenue from operations in the fourth quarter of FY24 dropped two per cent to ₹2,527 crore, compared to ₹2,587 core in the year-ago period.
India's largest renewable energy firm's total income fell to ₹2,806 crore from ₹2,977 crore a year ago. Total expenses surged to ₹2,379 crore during the period under review, as against ₹2,053 crore in the year-ago period.
Adani Green Energy Q4 Results: Key Metrics
In a separate statement, the company said its operational capacity grew at 35 per cent year-on-year (YoY) to 10,934 MW with greenfield addition of 2,848 MW renewable capacity, including 2,418 MW solar and 430 MW wind projects. With this, Adani Green Energy has became the first and fastest company in India to cross the 10,000 MW-mark in renewable energy capacity.
The company's 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually. The sale of energy increased 47 per cent year-on-year to 21,806 million units in FY24, primarily backed by strong capacity addition, consistent solar CUF (capacity utilisation factor) and improved wind and hybrid CUF. The revenue from power supply rose 23 per cent to ₹1,575 crore from ₹1,941 crore earlier.
Also Read: Adani Enterprises Q4 Results: Net profit drops 38% to ₹451 crore, revenue up marginally; dividend declared
Adani Green Energy Ltd Chief Executive Officer (CEO) Amit Singh said, "We have deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum.''
The capacity addition by Adani Green alone accounts for over 15 per cent of India's total renewable capacity addition in FY24. It also aims to commission at least five GW of hydro-pumped storage projects by 2030, and set a higher target of 50 GW RE capacity by 2030, which will contribute towards India's non-fossil fuel capacity target of 500 GW, according to the company's exchange filings.
Adani Green Energy said it has commenced construction work on its first hydro pumped storage project (PSP) of 500 MW on the Chitravathi river. The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh. The existing reservoir will act as the lower reservoir and upper reservoir is to be developed.
The generation capacity will be 500 MW with estimated 6.2 generation hours in a day. All necessary approvals, including the final DPR approval are in place and financial closure has been achieved for the project. Adani Green Energy also said it received a show cause notice from capital markets regulator Securities and Exchange Board of India (SEBI) during the quarter, relating to the validity of peer review certificate of one of the joint auditors in previous financial years.
"Based on legal advice obtained the matter is technical in nature and has no material consequential effects," said Adani Green Energy. The company said it made a one-time gain in the year-ago period, excluding which its fourth-quarter profit would have fallen 39 per cent. The green energy arm of billionaire Gautam Adani's group has solar, wind and hybrid assets across India.
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First Published:3 May 2024, 03:45 PM IST
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