Adani Green swings to Rs 190 crore profit in first quarter of FY22

The profits jumped mainly due to higher power sales from the company’s rising renewable energy base.

Adani Green Energy (AGEL), the renewable energy arm of the Adani Group, posted a profit of Rs 190 crore in Q1FY22 on a consolidated basis, against a loss of Rs 4 crore recorded by the firm in the corresponding quarter in FY21.

The profits jumped mainly due to higher power sales from the company’s rising renewable energy base.

The company’s revenue went up 22.9% year-on-year (y-o-y) to Rs 1,079 crore, the highest quarterly revenue ever recorded by the company.

It sold 2,054 million units of electricity in the quarter, up 48% annually, after adding 1,075 mega-watt (MW) capacity in the last twelve months.

The company’s current operational portfolio stands at 3,520 MW.

In one of the largest acquisitions in the renewable energy space in the country, AGEL in May, had signed agreements to acquire 100% interest in SB Energy India, a joint venture between Bharti Global and Japan’s SoftBank Group, at an enterprise valuation of $3.5 billion.

The company is in the process of completing the acquisition, after which 1,700 MW of SB Energy’s operational and 3,254 MW of under-implementation assets will be added to its portfolio. Another 150 MW operational wind assets under acquisition from Inox as well.