Ahmedabad: Adani Green Energy Ltd (AGEL) on Thursday reported robust results for the April-June quarter (Q1) of the current fiscal, clocking a 23 per cent industry-leading EBITDA growth at Rs 2,374 crore, as cash profit surged 32 per cent (year-on-year) to Rs 1,390 crore.
The total revenue for India’s largest and fastest-growing pure-play renewable energy company grew an impressive 24 per cent to Rs 2,528 crore in the quarter.
The robust growth in revenue, EBITDA and cash profit is primarily driven by a capacity addition of 2,618 MW over the last year, the company said in a statement.
Amit Singh, CEO of Adani Green Energy, said that they are working relentlessly towards the development of the world’s largest single-location renewable energy plant of 30 GW at Khavda in Gujarat.
“To enable accelerated implementation, we have deployed advanced robotics technology for the installation of solar modules, significantly enhancing productivity. Additionally, we have developed an extensive local supply chain and established a sustained mobilisation of human resources,” he said.
AGEL this week operationalised the first 250 MW wind capacity at the world’s largest 30,000 MW (30 GW) renewable energy plant at Khavda.
With this milestone, 2,250 MW of cumulative capacity has been made operational at the Khavda plant, strengthening AGEL’s leadership in India with the largest operational portfolio of 11,184 MW.
In the April-June quarter, operational capacity was expanded by an impressive 31 per cent to 10,934 MW, with greenfield additions, including 2,000 MW of solar capacity in Khavda, 418 MW of solar capacity in Rajasthan, and 200 MW of wind capacity in Gujarat. The energy sales were up by 22 per cent YoY to 7,356 million units, propelled by the robust capacity additions and strong operational performance, said the company.
“Adani Green is well on track to achieve its 2030 capacity target of 50 GW including at least 5 GW energy storage in the form of pumped hydro, with sites already secured and clear visibility on evacuation,” the company CEO said.
For FY24, the company had reported 30 per cent EBITDA growth at Rs 7,222 crore, as the renewable energy (RE) major revised its target for 2030 to 50 gigawatts (GW) from 45 GW.
The Khavda renewable energy plant is spread over an area of 538 sq km, almost five times the city of Paris.
This is not only the world’s largest single-location renewable energy plant but also the world’s largest single-location power plant across all power sources. Within 12 months of breaking ground, AGEL already operationalised the first 2 GW and plans to add a total of 6 GW capacity in FY25 and Khavda will contribute a major part of this capacity. The entire 30 GW RE capacity will be developed in Khavda by 2029, also setting a global benchmark for the speed of execution at such a large scale, said the company.
(IANS)
