Adani unit cash profit up 50% in Q2 FY23
Its operational capacity grew 24% YoY to 6,724MW.
Adani Group’s renewables arm, Adani Green Energy, posted a 50% year-on-year (YoY) growth in cash profit to INR601 crore in the second quarter of the financial year 2023 as it saw increases in operational capacity revenue from the power supply.
In a statement, Adani said revenue for the first half of the financial year ending on 30 September 2022 rose 49% YoY to INR1,281 crore.
Its operational capacity was up 24% to 6,724 megawatts (MW) during the quarter of which 4,763MW were solar, 971MW were wind, and 990MW were hybrid solar-wind. The sale of energy during the quarter also rose 61% to 3,067 Mn units.
Adani Green Energy said its revenue from power supply rose 33% YoY to INR1,107 crore due to greenfield commissioning of 1,315MW and integrations of SB Energy’s operation portfolio of 1,700MW.
The company also noted that it maximised plant availability with the analytics-driven operations and maintenance (O&M) approach which enabled higher electricity generation and higher revenues. This also helped reduce O&M costs and enabled high earnings before interest, taxes, depreciation and amortisation margins.
Adani Green Energy Managing Director and CEO Vneet Jaain also cited the company’s development of India’s first and the world’s largest solar-wind hybrid capacity with a capacity of 990MW, and Madya Pradesh’s largest wind plant of 325MW whilst maintaining cost-effectiveness.