Updated 16:50 IST, July 25th 2024
Adani Green Energy Q1 profit surges on strong power sales
Adani Green's energy sales rose 22 per cent year-on-year to 7,356 million units in the quarter.

Adani Green Energy Q1: Adani Green Energy announced on Thursday that its first-quarter profit nearly doubled from the previous year, driven by robust energy sales and increased operational capacity, leading to a surge in the company's shares.
The company, part of billionaire Gautam Adani's ports-to-power conglomerate, reported a consolidated profit of Rs 629 crore for the quarter, up from 3.23 billion rupees a year earlier.
The quarter was marked by an unusually severe heatwave across the nation, which, according to Elara Securities, boosted the country's base power demand by 10 per cent.
Adani Green's energy sales rose 22 per cent year-on-year to 7,356 million units in the quarter. The company's operational capacity currently stands at 11.2 gigawatts (GW), with nearly two-thirds of this capacity being solar energy.
The solar capacity utilisation factor (CUF), which measures generation capacity relative to installed capacity, grew by 25.4 per cent in the quarter, while the CUF in its wind power business increased by 36.2 per cent. This growth helped revenue from operations rise by 31.1 per cent to Rs 2,834 crore.
Despite a 17.4 per cent increase in expenses, the company's share of profit from joint ventures and associates more than tripled to Rs 180 crore, further boosting net profit.
Adani Green's shares rose as much as 7.8 per cent to a session high following the results, before closing 6 per cent higher.
Last week, peer JSW Energy reported an 80 per cent year-on-year jump in consolidated net profit.
(With Reuters inputs)
Published 16:13 IST, July 25th 2024