Adani Green Energy Surpasses Expectations with 21% Surge in Cash Profit

Adani Green Energy reports a 21% rise in cash profit to Rs 1,249 crore in Q2 2024, driven by robust greenfield capacity additions and operational efficiency. The company targets expansion in the commercial power sector and aims to reach a renewable energy capacity of 50 GW by 2030.

Adani Green Energy, part of the Adani Group, has posted a remarkable 21% growth in cash profit, reaching Rs 1,249 crore during the July-September quarter, up from Rs 1,030 crore in the same period last year. For the combined April-June and July-September 2024 quarters, the company's cash profits climbed 27% to Rs 2,640 crore, compared to Rs 2,082 crore in the previous year.

Total revenue from power supply in the September quarter surged 16% to Rs 2,309 crore, whereas it was Rs 1,984 crore in the corresponding quarter of last year. The revenues for both April-June and July-September quarters together witnessed a 20% boost to Rs 4,836 crore, as revealed in the financial results for the period ending September 2024. Adani Green Energy credits its strong performance to substantial greenfield capacity additions of 2,868 MW and consistent plant performance.

CEO Amit Singh highlighted the company's strategic entry into the commercial and industrial (C&I) power space, emphasizing a commitment to decarbonizing industries with an aim to expand merchant and C&I exposure to 15% by 2030. This growth trajectory is supported by a significant capital management plan and His resolve toward sustainability and governance practices. The operations witnessed further development with the Khavda project in Gujarat, a massive 30 GW renewable energy facility, operationalizing its first 2 GW solar capacity within 2023-24.

(With inputs from agencies.)