Adani Green Energy Q2 Results: Profit Rises On Higher Solar Power Sale
The consolidated net profit of Gautam Adani-controlled renewable power firm rose 49% year-on-year to Rs 149 crore in Q2.
Adani Green Energy Ltd.’s consolidated net profit for September quarter rose on higher sales of power even as its margin dipped.
The consolidated net profit of billionaire Gautam Adani-controlled renewable power firm rose 49% year-on-year to Rs 149 crore for the three months ended September, according to its exchange filing.
Highlights Q2FY23 (YoY)
Revenue from operations was up at Rs 1,107 crore compared with Rs 834 crore a year earlier as overall power sales rose 61%.
Contribution from solar projects was up 63% on-year to 2,327 million units; sales from wind projects fell 9% to 429 million units due to one-off disruption in a transmission line. Solar-wind hybrid projects saw a sale of 311 million units sale for the first time.
The solar commercial utilisation factor and sale of energy has improved with integration of high-quality SB Energy Ltd.’s portfolio having a CUF of 26.3% in the first half ended September, the company said.
The reduction in overall wind portfolio CUF and sale of energy is primarily due to one-off disruption in transmission line (force majeure) for 150 MW plant in Gujarat, the company said.
“The impact of this event in Q2 FY23 is expected to be around 0.4% of the expected annual generation of the overall operational capacity. Excluding the aforesaid 150 MW plant, the wind portfolio CUF stands at a strong 41% in H1 FY23.”
The newly commissioned solar-wind hybrid plants of 990 MW deploy bifacial PV modules and horizontal single-axis tracking technology to capture maximum energy from the sun as well as technologically advanced wind turbine generators leading to a high hybrid CUF, it said.
Shares of Adani Green Energy closed 1.90% lower on Thursday compared with a 0.69% drop in benchmark BSE Sensex.