Bengaluru: The renewable energy arm of the Adani Group, Adani Green Energy, has reported over a two-fold jump in the third-quarter profit. The consolidated profit has risen to Rs 1.03 billion in the October-December quarter from Rs 490 million a year ago.
Revenue from power supply increased by around 30% to Rs 12.6 billion. Its total income rose to Rs 22.58 billion from Rs 14.71 billion a year earlier, revealed an exchange filing by the company.
The increasing demand for power supply including the popularity of electric vehicles and appliances is said to be behind this. The government is also backing efforts to reduce carbon emissions and curb air pollution. Analysts observed that a considerable increase in demand came from industrialised states, reported NDTV.
"Solar portfolio CUF (Capacity Utilisation Factor) stood at 24%, improving 140 basis points YoY. Newly commissioned Hybrid portfolio CUF was at 34% while wind portfolio CUF took a knock of 610 basis points YoY to 27.1%. Vneet S. Jaain, MD & CEO of Adani Green Energy Ltd told Moneycontrol that the continued strong performance demonstrates the resilience of the company's business model supported by a robust capital management program with leverage well aligned with the business model.
"In the last few days, this has further been reaffirmed by the rating agencies, equity and credit research analysts, and various banks, financial institutions, and long-term investors," said the executive. A press release from the film also stated that it is on track to reach ~ 8,300 MW commissioned capacity, the largest in India, by end of FY23.
After the U.S.-based short-seller Hindenburg Research alleged the Adani Group of using tax havens and raising concerns about its debt levels, Adani Green Energy's shares have fallen by 56% in two weeks. This also took the company's losses to $19.7 billion. The conglomerate's overall losses have reached close to $110 billion.