Adani Green Energy Ltd (AGEL), the renewable energy arm of the diversified Adani Group, reported a consolidated net profit of INR 103 crore ($12.5 million) in the three months ended Dec. 31, 2022, 110% up from INR 49 crore recorded for the same period in the previous year. Total revenue (including revenue from the power supply and sale of goods and related services, and other income) in Q3 FY 2023 was INR 2,258 crore, 53% up from INR 1,471 crore in Q3 FY 2022.
Revenue for the nine months ended Dec. 31, 2022 was up by 42% year-on-year to INR 5,645 crore. This included INR 3,695 crore of revenue from the power supply.
The company said the robust growth in its revenues was primarily driven by the greenfield commissioning of 1,915 MW renewables capacity in 9M FY23. It commissioned 1,440 MW solar-wind hybrid plants in Rajasthan, a 325 MW wind power plant, and a 150 MW solar power plant in Rajasthan in the April-December period of 2022.
“The state-of-the-art ENOC enables real-time monitoring of our entire renewable portfolio with information access to the minutest level and automated alerts. With this analytics-driven operation and maintenance (O&M) approach, the plant availability is maximized, enabling higher electricity generation and higher revenues. It also helps curtail O&M costs, in turn enabling high EBITDA margins,” stated Adani Green.
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