Amit Singh, Chief Executive Officer of Adani Green Energy said the strong earnings at the firm are a result of relentless focus on efficient project execution and operational excellence.
Singh can attest that the firm has performed strongly. Due to its commitment to project execution and efficiency across all operations at its various sites. He made this observation shortly after the release of Q2 results on Tuesday.
The chief executive explained further that the revenue growth for the company is underpinned by material capacity improvement. “It is as a result of a disciplined capital management plan, coupled with strong credit practices,” he said over and above everything.
In the past year, Adani Green Energy (AGEL) has added 2.9 GW of new greenfield capacity, taking its total to 11.2 GW.
Cash profit at AGEL jumped 21% to Rs 1,249 crore against Rs 1,030 crore reported in the same quarter a year ago. For two successive quarters of April-June and July-September. The cash profit of the firm jumped 27 percent to Rs 2,640 crore as against Rs 2,082 crore a year ago.
The consolidated revenue of the company’s power supply business increased by 16% to Rs 2,309 crore. During the quarter under review against Rs 1,984 crore in the year-ago quarter. Combined revenues for the first and second quarters. Representing the April-June and July-September quarters combined, were up 20% at Rs 4,836 crore.
The leading pure-play renewable energy firm Adani Green Energy has attributed. Its strong performance to major greenfield capacity additions and consistent efficiency of the plants.
Amit Singh said, “Our financial performance is strong. And also driven by new capacity and operational efficiency.” He also said, “An entry into the C&I power space with our first contract underlines the commitment. Towards decarbonization of the industries.” AGEL plans to increase its C&I exposure to 15% by 2030.
Singh further said that the company had repaid a bond worth USD 750 million, reaffirming its motto of systematic deleveraging.
He said, “AGEL has full focus on sustainability and governance. That is further ensured through their top rankings from global ESG agencies. AGEL is right on track to achieve its target for 2030: 50 GW in renewable energy capacity. Out of which 5 GW will be energy storage.”
AGEL is also developing a huge 30 GW renewable power park at Khavda in Gujarat global benchmark for large-scale projects.
ANI
