Adani Green Energy Net Jumps 86% in Q4 to Rs 104 Cr on Higher Revenue

Adani Group’s flagship renewable energy firm Adani Green Energy Ltd (AGEL) has reported a significant jump of approx 86 per cent in its consolidated net profit after tax at Rs 104 crore during the January-March quarter ended FY21, mainly on account of higher revenue.

May 06, 2021. By Manu Tayal

Adani Group’s flagship renewable energy firm Adani Green Energy Ltd (AGEL) has reported a significant jump of approx 86 per cent in its consolidated net profit after tax at Rs 104 crore during the January-March quarter ended FY21, mainly on account of higher revenue.

The company’s consolidated net profit after tax stood at Rs 56 crore during the corresponding period of the previous fiscal.

Further, the company’s consolidated total income, too, grew by 50.5 per cent to Rs 1,082 crore in Q1 FY21, as compared to Rs 719 crore in Q1 FY20.

For the full year ended March 2021, AGEL bounced back and posted a consolidated net profit of Rs 182 crore, as against a net loss of Rs 68 crore during the same period a year ago.

It’s total income, during the year under review, grew to Rs 3,520 crore, as against Rs 2,629 crore in the previous year.

Commenting on the quarterly results of the company, Gautam Adani, Chairman of Adani Green Energy Ltd said, “About three years back we made a commitment to our shareholders that we would showcase India’s ability to lead the renewable power revolution. Our ranking this year as the world’s largest developer of solar power is testimony to this commitment, as is the investment that global majors are making in the AGEL portfolio.”

He further said, “despite all the challenges resulting from the pandemic, we have been resolute in our execution and stay confident of emerging as the world’s largest renewable player before the end of the decade. We are also on track to contribute meaningfully to India’s COP21 goals as well as to the wider UNFCCC goals of sustainability.”

“FY21 has been an eventful year for Adani Green Energy witnessing robust operational performance and rapid capacity build-up despite the pandemic, new strategic alliances and tie up of a revolving project finance facility,” said Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.

“On ESG front, we had Zero Loss time and recordable injury in FY21. The 648 MW Solar Plant at Kamuthi, Tamilnadu becoming the First Water Positive Plant of its kind in the World and the First Single Use Plastic (SUP) free plant of its kind in India. The plant has also been conferred EHS Excellence Award from CII in FY21,” he added.

Jaain mentioned that “AGEL’s data analytics driven O&M, advance de-risking based development approach and disciplined yet transformational capital management will continue to ensure a steady progress towards target of having 25 GW operational capacity by 2025.”

The company’s solar portfolio plant availability up by 60 bps YoY at 99.5 per cent in FY21 and wind portfolio plant availability up by 540 bps YoY at 95.1 per cent in FY21.

Meanwhile, the sale of energy for FY21 increased by 25 per cent YoY on the back of capacity addition of 925 MW and consistent Solar and Wind CUF.

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