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Adani Group's renewable energy arm, Adani Green Energy, posted a standalone net profit of ₹37 crore in the first quarter ended June 30, a sharp downturn of 73 per cent when compared to a profit of ₹137 crore in the corresponding quarter a year ago.
The company's standalone total income stood at ₹1551 crore against ₹253 crore in the same quarter last year.
On a consolidated basis, the company's net profit for the quarter stood at ₹219 crore against ₹22 crore in the corresponding quarter a year ago. However, the company's total consolidated income, which was ₹878 crore in the corresponding quarter last year, stood at ₹1,079 crore for this quarter.
On the operational performance, the company stated that despite the initial drop post Covidlockdowns, demand for power has picked up at a pace faster than expected with increasing economic activities in the country. "The management has estimated future cash flows from its business, which indicates no major impact on the operational and financial performance of the company," it added, in a regulatory filing on Wednesday.
Gautam Adani, Chairman of the Adani Group, said, “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."
Expanding portfolio
AGEL is in the process of acquiring SB Energy’s 5 GW India renewable energy portfolio making it the nation's largest merger and acquisition in the renewables space.
The company has signed definitive agreements for 100 per cent acquisition of SB Energy Holdings. It houses assets producing 4,954 MW of renewable energy in India. The target portfolio is 84 per cent solar capacity (4,180 MW), 9 per cent wind-solar hybrid capacity (450 MW), and 7 per cent wind capacity (324 MW). It consists of 1,700 MW operational solar power capacity, of which 300 MW were commissioned post definitive agreements, 2,554 MW renewable projects under implementation and 700 MW project pipeline.
All projects are contracted to sell power under a 25 years Power Purchase Agreements (PPA) with sovereign rated counterparties, an AGEL statement said.
AGEL shares closed at ₹893.15, down 0.1 per cent on the BSE on Wednesday.
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