Adani unit’s cash profit up 26% YoY in Q3 FY23

It commissioned 1,915MW of renewable projects in the first nine months of FY23.

Adani Green Energy, the renewable arm of Adani Group posted a 26% year-on-year (YoY) increase in cash profit in the third quarter of the financial year 2023 to around $66m18 (INR546 crore), driven by the commissioning of 1,915 megawatts (MW) of renewable energy.

For the first nine months of the financial year ending on 31 December 2022, Adani said in a statement its cash profit was up 41% YoY to $220.9m (INR1,827 crore).

The operations of the 1,915 MW capacity also boosted the company’s revenue from the power supply by 29% to $152.4m (INR1,260 crore) in the third quarter, and the earnings before interest, tax, depreciation and amortisation (EBITDA) by 31% to $142m (INR1,174 crore).

Adani added that the analytics-driven operation and maintenance (O&M) approach allowed for maximising plant availability and enabled higher electricity generation and higher revenues, reducing O&M costs, and resulting in high EBITDA margins.

The commissioned renewable projects in the first nine months include the 1,440MW solar-wind hybrid plat and 150MW solar power plant in Rajasthan, and the 325MW wind plant in Madhya Pradesh.

$1 = INR82.69

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