Bengaluru (Reuters) – Adani Green Energy (ADNA.NS), India’s largest renewable energy firm by total capacity, reported a 50.5% rise in first-quarter profit on Monday, aided by strong power sales and improved capacity utilisation in its solar and wind-solar projects.
The company, part of the Adani group conglomerate, said consolidated net profit rose to 3.22 billion rupees ($39.2 million)in the April-June quarter, from 2.14 billion rupees a year ago.
Total revenue from operations rose 33.1% to 21.76 billion rupees. Revenue from power supply, which accounted for about 95% of total revenue, jumped 55% to 20.59 billion rupees.
Its earnings before interest, taxes, depreciation and amortisation (EBITDA) more-than-doubled year-on-year to 20.81 billion rupees, as calculated by Reuters, while EBITDA margins expanded to 95.63% from 57.98%.
Sale of energy rose 70%, helped by capacity additions, including a 1,750 megawatt (MW) solar-wind hybrid power plant and a 212 MW solar plant in the western state of Rajasthan.
Adani Green’s solar capacity utilisation factor (CUF), a key metric that measures generation capacity against the total installed capacity, rose 40 basis points due to improved solar irradiation, the company had said in its business update.
But, CUF in the wind segment fell 830 basis points due to relatively lower wind speed across its plants versus last year and the shutdown of its turbines in the state of Gujarat for the Biparjoy severe cyclone in the quarter.
Adani Green’s stated target is total renewable capacity of 45,000 MW by 2030, which is over five times higher than the current capacity of 8,316 MW.
Adani Green’s shares were up 0.31% as of 2:45 p.m. IST on Monday.
They have tumbled 43.3% so far this year, mainly in the aftermath of U.S. short-seller Hindenburg Research’s report on the Adani Group, while the Nifty energy index (.NIFTYENR) has risen 3.52% in that period.
(This story has been refiled to remove an extraneous word in the headline)
