Adani Green Energy, part of the Adani Group, on Friday reported consolidated net profit of Rs 21.75 crore for the first quarter ended June 30, 2020, supported by higher revenues. The company had posted a net loss of Rs 97.44 crore in April-June of 2019-20, it said in a regulatory filing.
The total income of the company jumped by 30 per cent to Rs 878.14 crores during the period ended June 30, 2020 as compared to Rs 675.23 crore in the same quarter last year.
Revenue and EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortisation) from power supply grew by 10 per cent YoY and 12 per cent YoY, respectively, on the back of added capacities, steady Solar capacity utilisation factor (CUF) and improved Wind CUF, the company said.
Total net export increased by 24 per cent YoY to 1,382 MW in June quarter of the current fiscal on the back of capacity addition of 425 MW and steady CUF performance.
Solar CUF remained steady at 24.8 per cent, supported by strong plant availability, grid availability and solar irradiation. Wind CUF increased from 35.8 per cent to 40.1 per cent due to improved plant availability and high grid availability.
Commenting on the quarterly results of the Company, Gautam Adani, Chairman, Adani Green Energy Limited said, "The growing domestic and international demand for cleaner and greener technology, has accelerated the green energy transition in the country and we are prepared to lead this change. Today, sustainability and economy go hand in hand and as such the goals of the organisation must be aligned with the needs of the nation. The definitive steps taken by us in this journey are calculated to meet our ESG goals at each turn. This quarter, we have cemented our place in the global renewable space by winning the world's largest solar bid and with this we have been ranked as the largest solar power developer in the world by Mercom Capital."
Adani Green Energy aims to become the largest solar power producer in the world. During June quarter, the company won the world's largest solar bid of 8 GW and, with this, it has moved closer to its goal of commissioning renewable capacity of 25 GW by 2025.
Meanwhile, shares of Adani Green Energy closed Friday's trade at Rs 608.45, up 4.98 per cent, against previous closing price of Rs 579.60 on the Bombay Stock Exchange.