Jobaaj Stories
Shares of Adani Group’s Green Energy arm saw a 2% surge today as investors cheered the group’s financial performance in the last quarter and full year of FY23, wherein the company reported a 319% YoY surge in profits.
For the quarter ended in March 2023, quarterly revenues surged 88% to reach Rs 2,988 crores. Revenues from Power Supply more than doubled as the same from Sale of Goods and services improved by over 50%. Although sales of Solar energy units improved, sales of Wind energy units almost doubled during the quarter. Profit for the quarter grew a staggering 319% to Rs 507 crores as opposed to Rs 121 crores reported last year.
For the one-year period that ended in March 2023, the company’s overall revenues improved by 56%. Revenue from the Power Supply segment jumped 54% to Rs 5,825 crores as it was the highest contributor to the company’s revenues. In terms of units, the company sold over 10,000 million units of Solar energy and around 1,800 million units of wind energy, the volume of both improving by 30%(approx).
Moreover, the company also added 2,676 MW renewable capacity units in FY23 of which one was a 2,140 MW solar-wind hybrid unit. Expenses did not grow as sharply as revenues during the year, as total expenses grew 40% to Rs 7,072 crores. EBITDA from Power Supply was up 57% YoY with a high margin of 91.6%.
At the end of the year, profits for FY23 stood at Rs 973 crores, up 98.9% YoY against Rs 489 crores reported in the corresponding period last year.
At the time of reporting, the stock of Adani Green was trading around Rs 973 per share, up 2.3%.
- Aman Agarwal
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