Companies

Adani Green posts robust Q1 net at ₹138 cr

Our Bureau Ahmedabad | Updated on September 11, 2020 Published on September 11, 2020

Adani Group’s renewable energy arm Adani Green Energy Ltd has posted a standalone net profit of ₹138 crore for the quarter ended June 2020, against ₹5.52 crore in the previous-year period.

Its standalone total income for the quarter stood at ₹253 crore (₹192 crore).

On a consolidated basis, the company's profit after tax stood at ₹22 crore, against a net loss of ₹97 crore in the same period last year. Total consolidated income for the quarter stood at ₹878 crore (₹675 crore).

Adani Green has been ranked as the largest solar power developer in the world by US-based Mercom Capital.

During the quarter, subsidiary Adani Solar USA Inc sold its 100 per cent ownership interest in the step-down subsidiary of holding company Sigurd Solar Llc, resulting in a one-time loss of ₹70.65 crore. The company also recorded a ₹18.87-crore loss due to the sale of ownership interest in another American subsidiary, a results note stated.

A company also stated that AGEL has won bids for 8 GW of solar power during the quarter, leading to total capacity of 14 GW and a step closure to the company's target of 25 GW by 2025.

Adani Group Chairman Gautam Adani, 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. 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."

Commenting on the results, Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd said, "The financial results for first quarter of fiscal 2021 display the resilience of the Company even in scenarios like COVID-19 pandemic. Across our plants, we have continued completely normal operations even in this pandemic situation and remain committed towards power supply being the 'essential services'... Also, across all sites, construction activity continued and has further enhanced. We look forward to continue our operations and construction work normally while pursuing all precautions for safety of all employees," he stated.

Adani Greens shares ended at ₹608.45 on the BSE on Friday, up nearly 5 per cent from the previous close.

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Published on September 11, 2020
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