Adani Green Energy, Adani Energy Solutions Ltd & Adani Total Gas Shows Mixed Results in Q1 While Adani Green Energy and Adani Total Gas net profit saw an increase, Adani Energy Solutions reported a decline in net profit
By Shrabona Ghosh •
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The three companies of Adani Group, Adani Green Energy, Adani Energy Solutions Ltd and Adani Total Gas reported their quarter results ended June 2023.
Adani Green Energy reported a 51 per cent year-on-year (YoY) rise in its consolidated net profit at INR 323 crore for the quarter ended June 2023. The company had posted a net profit of INR 214 crore in the same quarter last year. The company's operational capacity increased by 43 per cent YoY to 8,316 MW with addition of 1,750 MW solar-wind Hybrid, 212 MW solar and 554 MW wind power plants over the last one year. With an operational capacity of 8,316 MW, AGEL continues to have the largest operating renewable energy portfolio in the country.
The sale of energy increases by 70 per cent YoY to 6,023 mn units, solar portfolio CUF stands at 26.9 per cent, wind portfolio CUF at 38.7 per cent and solar-wind Hybrid portfolio CUF at 47.2 per cent and the revenue from power supply increased by 55 YoY to INR 2,059 crore.
"Path towards a sustainable future lies in embracing cleaner and greener sources of energy. We are committed to produce low-cost green electrons through a continued focus on operational excellence and technology innovation combined with use of digital and Artificial Intelligence based solutions. We aim to grow our renewable power capacity to 45 GW by 2030 through Solar, Wind and Solar-Wind hybrid solutions as major contributors," said Amit Singh, CEO, Adani Green Energy Ltd.
Adani Energy Solutions Ltd (AESL) (earlier Adani Transmission Ltd) reported a 5.9 percent year-on-year (YoY) drop in net profit at INR 175.1 crore for the first quarter that ended June 30, 2023. In the corresponding quarter last year, the company posted a net profit of INR 186 crore. In the quarter, total revenue stood at INR 3,664.9 crore during the period under review, up 17 per cent against INR 3,131.9 crore in the same period last fiscal.
EBITDA stood at INR 1,573.8 crore in the first quarter of this fiscal over INR 673.3 crore in the corresponding period in the previous fiscal.
"Our pipeline of projects and recently operationalised assets will further strengthen our pan-India presence and consolidate our position as the largest private sector transmission and distribution company in India. AESL is consistently benchmarking to be the best-in-class and is pursuing disciplined growth with strategic and operational de-risking, capital conservation, ensuring high credit quality, and business excellence with high governance standards," said Anil Sardana, MD, Adani Energy Solutions Ltd.
Adani Total Gas has reported a consolidated net profit of INR 150 crore for the quarter ended June 2023. It was 9 per cent higher compared with INR 138 crore in the previous year's quarter. Revenue from operations rose by a marginal 2 per cent year-on-year (YoY) to INR 1,135 crore in the first quarter against INR 1,110 crore last year.
The company has clocked an EBITDA of INR 255 crore during the first quarter, up 12 per cent year-on-year on account of higher volume, cost optimization, and maintaining a balanced price strategy.
"In the beginning of the quarter effective April 2023, CGD industry saw key support from government of India notifying the stability of APM prices with floor and cap which helped ATGL to reduce the prices of PNG and CNG making it more affordable for end consumers to opt for cleaner fuel as their preferred choice. With the continued constructive policy support to CGD from the government, we are confident the further growth in infra numbers and volume shall gain momentum in spreading CGD network across all our 33 geographical areas," said SureshP Manglani, ED &CEO, Adani Total Gas.
