Adani Group’s renewable arm, Adani Green Energy Limited (AGEL), on Tuesday posted consolidated net profit of ₹103 crore for the quarter ended December 31, 2022, reporting 110 per cent jump from ₹49 crore in the corresponding quarter last year.

Revenues from operations stood at ₹1,973 crore for the quarter, up 41 per cent from ₹1,400 crore in the same quarter last year.

Total expenses increased 45 per cent to ₹2,067 crore (₹1,430 crore). On a standalone basis, AGEL’s net loss widened to ₹127 crore (₹79 crore) and revenue stood at ₹918 crore (₹2,269 crore).

For the nine-month period, AGEL posted net loss of ₹88 crore versus net profit of ₹59 crore in the comparable period last year. Revenue stood at ₹5,997 crore (₹8,563 crore).

“The continued strong performance demonstrates the resilience of AGEL’s business model supported by a robust capital management programme with the leverage well aligned with the business model. We appreciate that in the last few days, this has further been reaffirmed by rating agencies, equity and credit research analysts, and various banks, financial institutions, long term investors and other key stakeholders have also reassured their confidence in AGEL’s strong business model,” said Vneet S Jaain, MD & CEO.

On Tuesday, AGEL shares ended at ₹843.20 on BSE. The shares were under selling pressure for the fourth day in a row and the stock was locked at 5 per cent lower circuit.