Adani Green Energy’s cash profit up 48% YoY to $86m in Q1 FY23
Its operational capacity rose 65% YoY to 5,800MW.
Adani Green Energy Ltd (AGEL), the renewable energy unit of Adani Group, posted a 48% year-on-year (YoY) in cash profit to around $86m (INR6.8b) in the first quarter of the financial year 2023, as it logs a 65% increase in operational capacity compared to the same period last year.
In a statement, AGEL said its revenue from power supply rose by 57% YoY to around $167.9m (INR13.28b).
The company’s operational capacity increased by 65% YoY to 5,800 megawatts (MW during the period. Solar capacity lead the increase with a 58% YoY jump to 4,763MW, followed by a 30% rise in wind capacity to 647MW. Solar-wind hybrid capacity reached 390MW.
The sale of energy in the solar sector climbed 67% YoY to 2,751 million (mn) units, whilst wind reached 665 mn units with a 65% YoY increase. Solar-wind hybrid reached 134 mn units.
AGEL Managing Director and CEO Vneet S. Jaain said the continued improvement in the company’s solar and wind portfolio was due to the deployment of the latest technologies and analytics-driven operations and maintenance.
The company also commissioned India’s first solar-wind hybrid capacity of 390MW at Jaisalmer in Rajasthan, he said adding that there are more similar projects in the pipeline.
“We will continue to deploy the latest technologies to enable higher and cost-efficient RE power generation with flexible integration with the grid,” Jaain said.
“Simultaneously, we are striving to increase our ESG efforts with which our commitment to light up a sustainable future is only growing stronger. We will continue our journey towards strengthening the governance standards that we began with revision in the board committee charters in favour of more independent director representation and formation of new committees,” he added.
AGEL said the solar portfolio capacity utilisation factor (CUF) rose to 26.5% during the quarter from 25% in the same period last year. Wind portfolio CUF rose to 47% from 38.5% last year due to “technologically advanced” wind turbine generators (WTG), with improved plant availability at 96%.
The solar-wind hybrid CUF of 43.4% is supported by technologically advanced solar modules and WTG. It has a high plant and grid availability both estimated at 100%.
$1 = INR79.08