Adani Green Energy Ltd (AGEL) has reported a 51% year-on-year surge in its consolidated net profit for the first quarter of FY 2023-24. The company recorded a profit after tax (including profit from associate and joint venture) of INR 323 crore for the three months ending June 30, 2023, compared to INR 214 crore for the corresponding period in the previous year. Revenue from operations (power supply, sale of goods and related services, etc) increased 33% year-on-year (yoy) to INR 2,176 crore.
The group’s operational renewable energy capacity increased by 43% yoy to 8,316 MW (comprising 4,975 MW of solar projects, 2,140 MW hybrid, and 1,201 MW wind). With this, it continues to have the largest operating renewable energy portfolio in the country.
The capacity commissioned in the twelve months ending June 30, 2023, includes 1,750 MW of solar-wind hybrid power plants in Rajasthan, 212 MW solar power plant in Rajasthan, and 554 MW of wind power plants in Gujarat and Madhya Pradesh.
“The solar portfolio’s capacity utilization factor (CUF) improved by 40 bps yoy to 26.9% in Q1 FY 2024 with consistent high plant availability and improved solar irradiation, stated AGEL. “The solar-wind hybrid portfolio of 2,140 MW reported a strong hybrid CUF of 47.2%, up by 380 bps backed by new plants with technologically advanced solar modules (including bifacial modules and horizontal single axis trackers) and wind turbines, high plant, and grid availability and improved solar irradiation.”
The wind portfolio CUF reduced primarily due to relatively lower wind speed.
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