Adani Green Energy Q2 Results Show Rs 102 Crore Profit

Adani Green's 130 MW Wind Project Commissioned in Gujarat

Adani Green Energy recently posted its financial results for Q2, reporting a consolidated net profit of Rs 102 crore

Adani Green Energy recently posted its financial results for the second quarter (Q2) of the fiscal, reporting a consolidated net profit of Rs 102 crore for the September quarter of 2019-20. The company reported a loss of Rs 188 crore in the year-ago period, a BSE filing said. Total income rose to Rs 711.96 crore in the second quarter from Rs 458.89 crore a year ago.

“Adani Green Energy continues to expand and invest in the renewables spectrum following the government’s mission to be the world’s largest renewable energy expansion programme of 175 GW till 2022. The company will continue to provide reliable, sustainable, round the clock green power for India’s growing power demands and needs,” Chairman Gautam Adani said in a statement.

Jayant Parimal, CEO of the firm said that the company commissioned 450 MW of new renewable capacity in April-September of this fiscal, taking the total operational portfolio to 2.4 GW. “With a further 2.9 GW currently under construction, we will reach 5.3 GW capacity progressively over the next 2 years, contributing to the renewable energy targets of the country,” Parimal added.

Shares of Adani Green were trading at Rs 96 per scrip, up 2.56 percent, on the BSE.

In August, we reported that the firm the renewable energy division of the Adani Group reported total revenue in the period of Rs 661 crore, up 40 percent Year-on-Year from the same quarter (Rs 472 crore) in the last financial year.

In its results, the company has also reported that its revenue from power generation during the first three months of the FY was Rs 554, up 17 percent y-o-y. The total number of units sold in the period was 1,118 MU up 15 percent y-o-y. The firm reported that this increase in revenue was on account of full period operationalisation and additional project commissioning.

More recently, the firm had announced that it has signed a securities purchase agreement for the acquisition of 205 MW operating solar assets of Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL). The acquisition of these assets is at an enterprise valuation of approximately Rs 1,300 crore.