Adani Green Energy Registered Rs 22 Crore Profit for June Quarter

Adani Green Energy posted a consolidated net profit of Rs 21.75 crore for June quarter mainly on the back of higher revenues.

The company had a net loss of Rs 97.44 crore in April-June 2019-20, a BSE filing said.

Total income rose to Rs 878.14 crore in April-June 2020-21 from Rs 675.23 crore in the same period last year.

The net export (of electricity) increased to 1,382 million units in the first quarter, up 24 per cent from the year-ago period. The firm is in the business of renewable energy.

"The Group (firm) has serviced all the debts obligations during the quarter without opting for moratorium as directed by Reserve Bank of India for interest and principal instalments falling due to banks and other financial institutions / lenders," the filing said.

About the impact of COVID-19 pandemic, it said,"the management believes that the impact of this outbreak on the business and financial position of the Group is not significant." Commenting on the results Gautam Adani, Chairman, Adani Green Energy said,"The growing domestic and international demand for cleaner and greener technology, has accelerated the green energy transition in the country and we are prepared to lead this change." "Today, sustainability and economy go hand in hand and as such the goals of the organization must be aligned with the needs of the nation. The definitive steps taken by us in this journey are calculated to meet our ESG goals at each turn," he added.

This quarter, the company has cemented its place in the global renewable space by winning the world's largest solar bid and with this it has been ranked as the largest solar power developer in the world by Mercom Capital, Adani said.

Company's MD and CEO Vneet S Jaain said the financial results for the quarter display the resilience of Adani Green even in scenarios like COVID-19 pandemic.

"Across our plants, we have continued completely normal operations even in this pandemic situation and remain committed towards power supply being the 'essential services'. This was also possible with our staff working diligently to meet power requirement of the country in such critical situation," Jaain said.

The construction activity continued across all the sites and has further enhanced. The company looks forward to continue its operations and construction work normally while pursuing all precautions for safety of all employees, he added.

"Adani Green Energy has progressed to become the largest solar power producer in the world, having won the world's largest solar bid of 8 GW and, with this, we have moved closer to our goal of commissioning renewable capacity of 25 GW by 2025," Jaain further said.