Adani Green Energy Ltd (AGEL) on Friday posted a 38.85% decline in consolidated net profit to ₹310 crore for the March quarter, mainly on account of increased expenses.
Its net profit was ₹507 crore in the January-March period of the preceding 2022-23, the company said in an exchange filing.
During the fourth quarter of FY24, the company’s total income fell to ₹2,806 crore from ₹2,977 crore a year ago.
The firm’s expenses surged to ₹2,379 crore during the period under review, as against ₹2,053 crore in the year-ago period.
In a separate statement, AGEL said its operational capacity grew at 35% year-on-year to 10,934 MW with greenfield addition of 2,848 MW renewable capacity, including 2,418 MW solar and 430 MW wind projects.
With this, AGEL became the first company in India to cross the 10,000 MW renewable energy capacity.
AGEL’s 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually.
The sale of energy rose 47% year-on-year to 21,806 million units in FY24, primarily backed by strong capacity addition, consistent solar CUF (capacity utilisation factor) and improved wind and hybrid CUF.
The revenue from power supply rose 23% to ₹1,575 crore from ₹1,941 crore earlier.
AGEL CEO Amit Singh said, “We have deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. “Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum.”
The company aims to commission at least 5 GW of hydro-pumped storage projects (PSP) by 2030, and set a higher target of 50 GW RE capacity by 2030, he said.
AGEL further said it has commenced construction on its first hydro PSP of 500 MW on the Chitravathi river.
The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh. The existing reservoir will act as the lower reservoir and the upper reservoir is to be developed.
The generation capacity will be 500 MW with estimated 6.2 generation hours in a day. All necessary approvals, including the final DPR approval are in place and financial closure has been achieved for the project.
