Adani Green generates Rs 26.55 bn profit in first 9 months of FY22

Adani Green Energy Limited (AGEL), a venture of Adani Group, has generated Rs 26.55 billion as profit from the power distribution in the first nine months (9M) of the financial year (FY) 2022. It is a 56% boost compared to Rs 24.74 billion against last year. In FY22, the cash profit of the firm stood at Rs 12.92 billion, a 47% year-on-year (YoY) growth, supported by an enhanced wind and solar capacity utilisation factor (CUF), important capacity addition of 2,460 MW, and its auction win to sign the largest green power purchase agreement (PPA) globally with Solar Energy Corporation of India (SECI). The solar CUF improvement in 9M FY22 is backed by the integration of a high-quality SB Energy portfolio, constant availability of a high plant of 100%, and enhanced grid availability of 99%. The profits before earnings before interest, taxes, depreciation, and amortization (EBITDA) from the power supply for 9M FY22 jumped by 56% to Rs 24.74 billion compared to the last year. The cash earnings for Q3 FY22 stood at Rs 4.32 billion, 52% higher compared to Rs 2.85 billion in Q2 FY21. The renewable energy firm generated Rs 9.73 billion as revenue from the power supply, an increase of 65% compared to Rs 5.91 billion throughout the same time last year. For Q3, the EBITDA stood 68% higher to Rs 8.95 billion, compared to Rs 5.32 billion at the same time last year. AGEL has also signed the UN-Energy Compact committing to develop and utilise renewable energy generation capacity of 25 GW by 2025, 45 GW by 2030, and maintain the average tariff under the Average Power Purchase Cost (APPC) at the national level. Image Source Also read: Adani Green inks pact with SECI to supply 4,667 MW green power