Adani Green Energy March-quarter net up 86% to Rs 104 crore

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New Delhi: Adani Green Energy on Wednesday posted a nearly 86 per cent rise in consolidated net profit to Rs 104 crore for the quarter ended March 2021, mainly due to higher revenues.

The consolidated net profit of the company stood at Rs 56 crore in the corresponding period of the previous fiscal, the company said in a BSE filing.

Total income of the company rose to Rs 1,082 crore in the quarter from Rs 719 crore in the year-ago period. For 2020-21, the company posted a consolidated net profit of Rs 182 crore, as against a loss of Rs 68 crore in 2019-20.

Total income of the firm in 2020-21 also rose to Rs 3,520 crore from Rs 2,629 crore earlier.

Gautam Adani, chairman, Adani Green Energy Limited (AGEL), said, “About three years back we made a commitment to our shareholders that we would showcase India’s ability to lead the renewable power revolution. Our ranking this year as the world’s largest developer of solar power is testimony to this commitment, as is the investment that global majors are making in the AGEL portfolio.”

“Despite all the challenges resulting from the pandemic, we have been resolute in our execution and stay confident of emerging as the world’s largest renewable player before the end of the decade. We are also on track to contribute meaningfully to India’s COP21 goals as well as to the wider UNFCCC goals of sustainability,” he added.

AGEL MD and CEO Vneet S Jaain said, “FY21 has been an eventful year for Adani Green Energy witnessing robust operational performance and rapid capacity build-up despite the pandemic, new strategic alliances and tie up of a revolving project finance facility.”

“On ESG front, we had Zero Loss time and recordable injury in FY21….AGEL’s data analytics-driven O&M, advance de-risking based development approach and disciplined yet transformational capital management will continue to ensure a steady progress towards target of having 25 GW operational capacity by 2025,” he added Sales of energy for 2020-21 increased by 25% to 5,482 million units from 4,385 million units in 2019-20.

Similarly, the sale of energy in the fourth quarter ended March 2021 increased by 24% to 1,614 million units compared to 1,303 million units earlier.

Adani Green Energy Limited, part of the India-based Adani Group, has one of the largest global renewable portfolios of 14.8 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.