Adani Green Energy, the renewable energy arm of Adani Group, reported a 39 per cent year-on-year growth in net profit at ₹515 crore for the second quarter that ended September 2024.

For the same period last year, the company had clocked a ₹371 crore profit. The total income of the company also grew for the second quarter by 30 per cent to ₹3,376 crore. Last year, the company had clocked revenues of ₹2,589 crore. “Our financial performance continues to be strong, driven by significant greenfield capacity additions and robust operational efficiency. Entering the C&I space by signing our first contract underscores our commitment to decarbonising industries, with plans to expand our merchant and C&I exposure to 15 per cent by 2030. Our growth is driven by a robust capital management plan with utmost credit discipline. Having delivered the intended capacity growth, we completely redeemed the $750 m Holdco bond in line with our commitment, resulting in systematic deleveraging,” state Amit Singh, CEO of Adani Green Energy in an official statement.

For the first half of the current fiscal, the company stated that its operational capacity expanded by 34 per cent y-o-y to 11,184 MW, with greenfield additions, including 2,000 MW of solar capacity and 250 MW wind capacity in Khavda, 418 MW of solar capacity in Rajasthan and 200 MW of wind capacity in Gujarat.

For the same period between April-September 2024, the energy sales rose by 20 per cent y-o-y propelled by the robust capacity additions and strong operational performance, the company added.

With regard to the 30 GW Renewable Energy Park at Khavda in Kutch district, the company stated that within 12 months of breaking ground in FY24, AGEL operationalized the first 2 GW solar capacity and over the last 6 months, the company has operationalised 250 MW wind capacity. “We have a workforce of over 9,000 people putting in enormous efforts at the site. The entire 30 GW RE capacity will be developed in Khavda by 2029, alongside setting a global benchmark for the speed of execution at such a large scale,” the company added.

                 

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