Adani Green Q3 Results: Profit Jumps On Higher Other Income, Sales

Adani Green Energy Ltd’s consolidated net profit for the third quarter jumped on a one-time gain and higher sales.

The consolidated net profit for the renewable power producer rose twofold to Rs 103 crore, compared with a profit of Rs 49 crore a year earlier on higher other income.

The company has measured land advances of Rs 122 crore given to group subsidiary SB Energy for a 250 MW power plant. “Such income has been classified as "other Income”, the company said in its profit and loss disclosure.

Adani Green Energy Q3 FY23 Highlights (YoY)

• Revenue from operations was up 41% YoY at Rs 1,973 crore on higher sales of solar and wind power during the quarter.

• Ebitda or operating profit was down 18.22% YoY to Rs 853 crore on higher cost of materials consumed.

• The company also reported a forex loss of Rs 314 crore during the quarter against forex gain of Rs 139 crore a year earlier.

• Operating margins dropped 313 basis points to 43.23% compared with 74.5% a year earlier.

During the quarter, a step-down subsidiary of the holding company refinanced its borrowings, the company said in the P&L note.

On account of such refinance of borrowings, the group has recognised a one-time expense relating to realised derivative cost and unamortised borrowing cost, which is shown as exceptional item in the consolidated financial results for the quarter and nine months ended December 2022.  

The exceptional item recognised as expense is Rs 69 crore.

Shares of Adani Green Energy closed 5% down on the BSE before the results were announced, as compared with a 0.37% drop in the benchmark Sensex.

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.