Adani Group’s renewable energy arm, Adani Green Energy Limited (AGEL), posted a 339-per cent jump in standalone net profit for the quarter ended September 30 at ₹101 crore against ₹23 crore in the same quarter last year.

Notably, the company’s standalone revenue from power supply increased to ₹4 crore from ₹3 crore year-on-year, while revenues from “sale of goods and related services” saw a stunning 100x growth from ₹43 crore to ₹4,843 crore in the quarter under review. The profit before exceptional items was ₹50 crore, up from ₹24 crore.

Also see: Adani Enterprises standalone Q2 net up 33% to ₹274 cr

AGEL informed that the gain on derivatives contracts — related to contractual obligation for payment of purchase consideration for the acquisition of SB Energy Holdings — was considered as exceptional item of ₹41 crore for the quarter. During the quarter, the company also had ₹10 crore of deferred tax credit, taking the total net profit for the period to ₹101 crore as against ₹23 crore in the corresponding quarter last year.

The company’s expenses for the quarter increased to ₹4,911 crore, a majority of which is purchase of stock in trade, against ₹122 crore in the same quarter last year.

Consolidated growth

On a consolidated basis, AGEL and its wholly-owned step-down subsidiaries, subsidiaries of wholly-owned subsidiaries, JVs and associate company posted net profit of ₹100 crore on revenue from operations of ₹1,295 against net profit of ₹17 crore on revenue from operations of ₹612 crore.

Consolidated revenue from power supply increased 58 per cent year-on-year to ₹834 crore from ₹530 crore.

“Robust growth in revenue from power supply is backed by robust growth in capacities and improved solar and wind CUF,” AGEL said in a statement.

Also see: Adani Transmission secures $700 m as international revolving debt facility

The company’s solar and wind portfolio capacity utilisation factor (CUF) stood at 21.4 per cent and 42.9 per cent respectively for the quarter, higher than 20.7 per cent and 30.3 per cent in the same quarter last year.

“The solid solar and wind portfolio performance, led by a considerable improvement in CUF, is a testament that we are on the right track in terms of incorporating the finest O&M practices and adopting the latest technology” said Vneet S Jaain, MD & CEO, AGEL.

AGEL shares lost nearly 5 per cent on the BSE to end at ₹1,147.15 Thursday.