Jobaaj Stories
Adani Group's renewable energy arm, Adani Green Energy, published its Q2FY23 results wherein the company reported a 49% YoY growth in profits.
The total income of the company for the quarter that ended in September 2022 stood at Rs 1,686 crores, up 19.5% YoY. Revenues from the power supply segment grew 33% to Rs 1,107 crores while that from the sale of goods and services saw a decline of 22.5%.
Adani group gets approval from SEBI to buy stakes in NDTV, read more.
The solar energy portfolio saw greater efficiency as solar energy sales improved by 63%. The wind portfolio's capacity improved by 95% but sales declined by 8.9%. During the quarter, the company also commissioned the world's largest hybrid power plant in Rajasthan.
"With our focus on delivering the cheapest green electron, we have continued to deploy the latest and most innovative technologies to maximise electricity generation at a lower cost," said Vneet S Jaain, CMD of Adani Green Energy.
Profit for the quarter came in at Rs 149 crores, up 49% when compared to the corresponding quarter last year. Total expenses grew 16.4% as depreciation and foreign exchange losses contributed to much higher expenses.
Moreover, the company recently revealed that it received a favorable ruling from the Appellate Tribunal for Electricity (APTEL) whereby the company's solar plants were eligible for a higher tariff rate. This would result in a one-time revenue of Rs 568 crores for the company.
The stock currently trades at around Rs 2,185.35 per share.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
