Adani Green Energy, a part of Indian billionaire Gautam Adani's diversified conglomerate, announced on Monday that its consolidated profit for the third quarter more than doubled compared to the same period a year earlier. The robust performance was attributed to strong power sales and increased capacity utilization.
For the quarter ending December 31, Adani Green reported a consolidated profit of 2.56 billion rupees ($30.8 million), up from 1.03 billion rupees in the corresponding period of the previous year. Following the release of the results, the company's shares, which experienced a 17.3% decline in 2023, saw a 4.8% increase. The broader NSE Nifty 50 also registered a 1.8% uptick.
The positive financial outcome reflects the growing trend among Indian industries to incorporate a higher proportion of renewable power in their energy mix, aligning with the government's ambitious plan to add 50 gigawatts (GW) of renewable energy capacity annually for the next five years, targeting 500 GW by 2030.
Adani Green specifically noted a 24% growth in the solar capacity utilization factor (CUF) and a 32.2% increase in the wind power business's CUF. Operational capacity witnessed a 16% rise. Revenue from power supply surged by 40.3% to 17.65 billion rupees, contributing to the total income, which increased to 26.75 billion rupees from 22.56 billion rupees in the corresponding period last year.
Amit Singh, CEO of Adani Green Energy, stated in a release that the company is actively working on constructing the world's largest renewable power plant in Khavda, Gujarat state, underscoring its commitment to contributing significantly to India's renewable energy landscape.
