Adani Green Q1 results: Net profit rises 95% to ₹629 crore, revenue at ₹2,528 crore

Adani Green Energy, on July 25, announced a 95 percent increase in consolidated net profit, amounting to ₹629 crore for the quarter ending June 30, 2024. In comparison, the company had reported a consolidated net profit of ₹323 crore during the same period the previous year.

The Adani Group firm's total income rose 22.5 percent to ₹3,122 crore in Q1FY25 as against ₹2,550 crore in the year-ago period, according to the exchange filing.

“We are working relentlessly towards the development of world’s largest single-location renewable energy plant of 30 GW at Khavda in Gujarat. To enable accelerated implementation, we have deployed advanced robotics technology for installation of solar modules, significantly enhancing productivity. Additionally, we have developed an extensive local supply chain and established a sustained mobilization of human resources,” said Amit Singh, CEO of Adani Green Energy Ltd.

The robust growth in revenue, EBITDA and cash profit is primarily driven by a capacity addition of 2,618 MW over the last year, the company said in a press release.

In the first quarter, the company’s operational capacity expanded by 31 percent year-on-year to 10,934 MW, with greenfield additions, including 2,000 MW of solar capacity in Khavda, 418 MW of solar capacity in Rajasthan and 200 MW of wind capacity in Gujarat.

Earnings per share (EPS) increased to ₹1.85 in Q1, compared to ₹2.63 in the June 2023 quarter.

"This takes total operational capacity at Khavda to 2.25 GW and total operational portfolio to 11.2 GW," said Adani Green Energy.

“Adani Green is well on track to achieve its 2030 capacity target of 50 GW including at least 5 GW energy storage in the form of pumped hydro, with sites already secured and clear visibility on evacuation. The global recognition of our ESG efforts further strengthens our resolve to deliver sustainable, industry-leading growth," Singh added.