AHMEDABAD: Adani Green Energy Limited (AGEL) on Wednesday posted a consolidated net profit of INR 488 crore in the financial year 2021-22, the company said in its regulatory filing. With this, AGEL’s profit rose 177% as compared to INR 176 crore in the previous fiscal year i.e. FY 2021.
During the fiscal, AGEL’s total income rose to INR 5,548 crore from INR 3,521 crore in FY 2021.
During FY 2022, AGEL received an investment commitment of US $500 million as primary capital by Abu Dhabi-based International Holding Company PJSC (IHC), through its subsidiary.
“AGEL’s strong results are a validation of the Adani Group’s rapidly expanding focus on renewables,” said Adani Group chairman, Gautam Adani.
“Not only is our investment roadmap in the green energy value chain unmatched by any other portfolio of energy and utility businesses but we have also been consistently setting new industry benchmarks in efficiency, performance, and capacity development. Through our domain expertise and our ability to execute projects rapidly, we are accelerating the pace of energy transition to honour India’s commitments to a sustainable future,” Adani further added.
“In the last fiscal, we completed acquisition of the high quality SB Energy portfolio which has been truly value accretive as evident in the overall improvement in operational performance and further strengthening of the counterparty profile. At the same time, we have fulfilled our commitment to fast-track greenfield renewable capacity development. Further, we are aiming to integrate newer technologies that will improve the efficiency of power generation while also lowering the cost of electricity,” said Vneet S. Jain, MD & CEO, AGEL.
“In FY 2022, we have also made considerable progress on the ESG front and our commitment to lighting up a sustainable future is only growing stronger as AGEL continues to get global recognition of its ESG efforts through ratings from multiple prominent ESG rating agencies and significant ESG focused investment,” Jain added.
In the quarter that ended on March 31, 2022, the company’s net profit stood at INR 121 crore – up 16% as compared to INR 104 crore in the corresponding quarter of FY 2021. The company’s total income during the quarter also went up to INR 1,587 crore up 46.6% as compared to the corresponding quarter when AGEL’s revenue stood at INR 1,082 crore.
The sale of energy increased by 72% year-on-year to 942.6 crore units in FY 2022.
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