New Delhi, Adani Green Energy Ltd (AGEL) on Friday reported 38.85 per cent decline in consolidated net profit to Rs 310 crore for the March quarter, mainly due to increased expenses.
Its net profit for the January-March period of last year 2022-23 stood at Rs 507 crore, the company said in an exchange filing.
The company's total income during the fourth quarter of FY24 fell to Rs 2,80 crore from Rs 2,977 crore a year ago.
The company's expenses increased to Rs 2,379 crore during the period under review, from Rs 2,053 crore in the year-ago period.
In a separate statement, the company said its operating capacity grew 3 per cent year-on-year to 10,934 MW, including greenfield additions of 2,848 M renewable capacity, including 2,418 MW solar and 430 MW wind projects. .With this, AGEL becomes the first company in India to cross 10,000 M renewable energy capacity.
AGEN's 10,934 MW operating portfolio will power more than 5.8 million homes and avoid approximately 21 million tonnes of CO2 emissions annually.
Energy sales grew 47 per cent year-on-year to 21,806 million units in FY2014, primarily supported by strong capacity addition, consistent solar CU (capacity utilization factor) and improved wind and hybrid CUF.
Revenue from power supply increased by 23 per cent to Rs 1,575 crore from Rs 1,94 crore earlier.
Amit Singh, Chief Executive Officer, Adani Green Energy Limited, said, “We have deployed the first 2 GW of the 30 GW of renewable capacity under construction in Khavda in just 12 months.“Our highest-ever capacity addition of 2.8 GW in FY2014 demonstrates our strong execution capabilities, and we are confident of continuing this momentum.”
The company aims to commission at least 5 GW of hydro-pumped storage projects by 2030 and set a higher target of 50 GW of RE capacity by 2030, which will contribute to India's non-fossil fuel capacity target of 500 GW, he said. .
AGEN further said that it has started construction work on its first Hydro Pumped Storage Project (PSP) of 500 MW on Chitravathi River.
The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh. The existing reservoir will act as the lower reservoir and the upper reservoir is to be developed.The generation capacity will be 500 MW with an estimated 6.2 generation hours a day. All necessary approvals including final DPR approval have been received and financial closure of the project has been achieved.
Part of the Adani Group, AGEN is India's largest and one of the world's leading renewable energy companies enabling the clean energy transition.
Its net profit for the January-March period of last year 2022-23 stood at Rs 507 crore, the company said in an exchange filing.
The company's total income during the fourth quarter of FY24 fell to Rs 2,80 crore from Rs 2,977 crore a year ago.
The company's expenses increased to Rs 2,379 crore during the period under review, from Rs 2,053 crore in the year-ago period.
In a separate statement, the company said its operating capacity grew 3 per cent year-on-year to 10,934 MW, including greenfield additions of 2,848 M renewable capacity, including 2,418 MW solar and 430 MW wind projects. .With this, AGEL becomes the first company in India to cross 10,000 M renewable energy capacity.
AGEN's 10,934 MW operating portfolio will power more than 5.8 million homes and avoid approximately 21 million tonnes of CO2 emissions annually.
Energy sales grew 47 per cent year-on-year to 21,806 million units in FY2014, primarily supported by strong capacity addition, consistent solar CU (capacity utilization factor) and improved wind and hybrid CUF.
Revenue from power supply increased by 23 per cent to Rs 1,575 crore from Rs 1,94 crore earlier.
Amit Singh, Chief Executive Officer, Adani Green Energy Limited, said, “We have deployed the first 2 GW of the 30 GW of renewable capacity under construction in Khavda in just 12 months.“Our highest-ever capacity addition of 2.8 GW in FY2014 demonstrates our strong execution capabilities, and we are confident of continuing this momentum.”
The company aims to commission at least 5 GW of hydro-pumped storage projects by 2030 and set a higher target of 50 GW of RE capacity by 2030, which will contribute to India's non-fossil fuel capacity target of 500 GW, he said. .
AGEN further said that it has started construction work on its first Hydro Pumped Storage Project (PSP) of 500 MW on Chitravathi River.
The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh. The existing reservoir will act as the lower reservoir and the upper reservoir is to be developed.The generation capacity will be 500 MW with an estimated 6.2 generation hours a day. All necessary approvals including final DPR approval have been received and financial closure of the project has been achieved.
Part of the Adani Group, AGEN is India's largest and one of the world's leading renewable energy companies enabling the clean energy transition.