Adani Green Energy profit rises 319% to Rs 507 crore in Q4 on higher revenues

MUMBAI:  Adani Green Energy, the renewable arm of Adani Group, on Monday reported a 319% rise in its consolidated net profit to Rs 507 crore in the March quarter compared to the year-ago period, mainly on the back of higher revenues. The consolidated net profit of the company was Rs 121 crore in the quarter ended on March 31, 2022.

Total income rose to Rs 2,988 crore in the quarter from Rs 1,587 crore in the same period a year ago. The consolidated net profit also rose to Rs 973 crore in Q4FY23 from Rs 489 crore in the previous financial year. “Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance,” said Gautam Adani, Chairman, Adani Group.

“We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance, and capacity development. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future,” he added.

It announced that the designation of Vneet S Jaain has been changed from managing director & chief executive officer to managing director effective from May 11, 2023. “We have added greenfield capacity of 2,676 MW renewable assets this year. This feat is attributed to the relentless efforts of our teams,” said Vneet S Jaain, MD & CEO, Adani Green Energy.

NDTV profit declines 96% at Rs 1 crore 
New Delhi Television (NDTV) on Monday reported a 96% fall in profit at Rs 1 crore for Q4FY23, dented by weak advertising demand. Net profit was Rs 24 crore in the year-ago period. It has cut external borrowings to Rs 3 crore in the quarter from Rs 9 crore last year. The cash and cash equivalents stood at Rs 103.6 crore in Q4FY23 as against Rs 116.4 crore last year. On December 30, 2022, AMG Media Networks (AMNL), via its subsidiary RRPR Holding, acquired 27.26% stake in NDTV, resulting in a controlling stake of 64.71% in NDTV.