Adani Green Energy Ltd (AGEL) on Wednesday posted over 16 per cent rise in its consolidated net profit to Rs 121 crore in the March quarter compared to year ago, mainly on the back of higher revenues.
The consolidated net profit of the company was Rs 104 crore in the quarter ended on March 31, 2021, a statement showed.
The total income of the company in the March quarter also increased to Rs 1,587 crore, from Rs 1,082 crore in the same period a year ago.
During 2021-22 fiscal year, its consolidated net profit jumped to Rs 489 crore, from Rs 182 crore in 2020-21.
"AGEL's strong results are a validation of the Adani Group's rapidly expanding focus on renewables," said Gautam Adani, Chairman, Adani Group in the statement.
He also stated, "not only is our investment roadmap in the green energy value chain unmatched by any other portfolio of energy and utility businesses but we have also been consistently setting new industry benchmarks in efficiency, performance, and capacity development. Through our domain expertise and our ability to execute projects rapidly, we are accelerating the pace of energy transition to honor India's commitments to a sustainable future.”
Total income in the fiscal rose to Rs 5,548 crore from Rs 3,520 crore in 2020-21.
The sale of energy increased by 72 per cent year-on-year to 9,426 million units in FY'22.
"The last fiscal year has been very eventful for us. We successfully completed acquisition of the high quality SB Energy portfolio which has been truly value accretive as evident in the overall improvement in operational performance and further strengthening of the counterparty profile," Vineet S Jain, MD & CEO, AGEL said.
Jain further said that "at the same time, we have fulfilled our commitment to fast-track greenfield renewable capacity development. Further, we are aiming to integrate newer technologies that will improve the efficiency of power generation while also lowering the cost of electricity."
He further said, "In FY22, we have also made considerable progress on the ESG front and our commitment to lighting up a sustainable future is only growing stronger as AGEL continues to get global recognition of its ESG efforts through ratings from multiple prominent ESG rating agencies and significant ESG focused investment."