Adani Green Energy Q1 Results: Profit Rises 51% On Higher Operating Margin
Adani Green Energy Ltd.'s profit jumped 51% for the quarter ended June.
The company's first-quarter net profit rose to Rs 323 crore compared with Rs 214 crore in the same period last fiscal, according to an exchange filing on Monday.
Adani Green Energy Q1 FY24 Highlights (YoY)
Revenue rose 33% to Rs 2,176 crore.
Ebitda rose 119% to Rs 2,081 crore.
Ebitda margin came in at 95.6% vs. 57.9%.
The robust growth in revenue and Ebitda was primarily driven by the capacity addition of 2,516 MW over the last year, the company said in a statement. Cash profit for the quarter rose 55% year-on-year to Rs 1,051 crore.
The Ebitda margin was up on better operations and maintenance practices that enabled the company to achieve higher electricity generation at lower operation and maintenance costs, the company said.
AGEL has received a favourable order from the Tamil Nadu Electricity Regulatory Commission to reinstate the power purchase agreement tariff of Rs 7.01 per unit instead of Rs 5.1 per unit for the 47 MW operating solar project at Kamuthi, Tamil Nadu. It will result in an upside of Rs 103 crore and a recurring annual upside of Rs 14 crore, the company said.
Adani Wind Energy Kutchh One Ltd., a wholly owned subsidiary of Adani Green Energy, incurred an exceptional expense of Rs 50 crore during the quarter as liquidated damages to Solar Energy Corporation of India on account of various force majeure events as per the PPA, the company said in its P&L notes.
Shares of Adain Green were trading 0.17% higher at Rs 1,094.50 apiece as of 3:15 p.m., compared with a 0.58% gain in the benchmark Nifty 50.
The one analyst tracking the company recommends a sell' on the stock, according to Bloomberg.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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