Team News Riveting
New Delhi, August 4
Adani Green Energy Limited (AGEL), an arm of the Adani Group, today announced the financial results for the quarter ended June 30, 2021, registering a robust growth in revenue and cash profit.
AGEL reported the highest Revenue and Cash Profit ever in a quarter. While revenue from power supply surged by 39 per cent year-on-year (YoY) to Rs 848 crore, cash profit was up by 35 per cent at Rs 460 crore. The company also registered a strong growth in revenue from power supply backed by robust growth in capacities and improved Solar and Wind CUF.
“AGEL’s growth continues to accelerate,” said Gautam Adani, Chairman of the Adani Group. “In just two years, AGEL has marched to the very forefront of the world’s renewable energy brigade, accelerating the transition to green energy faster than any other company in the world. The acquisition of SB Energy’s high quality renewable energy portfolio has further consolidated our position as the world’s largest solar player thereby keeping us on track to become the world largest renewables player by 2030. Renewable energy is at a massive inflexion point in its young journey and we are well positioned,” he added.
The company said sales of energy increased by 48 per cent (YoY) on the back of capacity addition of 1,075 MW and improved Solar and Wind CUF.
AGEL commissioned a 150 MW wind plant in Gujarat, Adani Wind Energy Kutchh Three Limited and 50 MW solar plant in Uttar Pradesh ahead of schedule despite the pandemic. The company is in the process of acquiring SB Energy’s 5 GW India renewable portfolio – India’s largest renewables M&A transaction.
“With the data analytics driven O&M, deployment of latest technologies and continued capacity additions despite the pandemic, AGEL has been able to consistently report strong operational performance for both solar and wind portfolios.” said Vneet S. Jaain, MD & CEO, AGEL. He further said, “The visibility of our growth path has steadily improved over the years and we now have a locked-in growth of 24.3 GW. On the ESG front, we are working on initiatives like single use plastic free certification, zero waste to landfill and net water neutrality for all our operating renewable plants. While we are already ranked as the 3rd best in DJSI-S&P Global ESG Benchmarking in the Electric Utility sector in India, we endeavor to further improve on our ESG commitment.”
