Adani Green Energy Q3 results: Net profit more than doubles to ₹256 crore

Updated on: Jan 29, 2024, 13:58:00 IST

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Adani Green's consolidated net profit more than doubled to ₹256 crore for the quarter ending December 2023. The consolidated net profit last year in the same quarter was at ₹103 crore. The Q3 results also showed that revenue from operations in the third quarter increased 17% to ₹2,311 crore. Last year in the corresponding quarter, the revenue from operations was at ₹1,971 crore.

Adani Green Energy Q3 results: Adani Green Energy logo is seen. (Reuters)

The renewable energy company posted an EBITDA of ₹1,667 crore which marks an increase of 95% over the previous year period. EBITDA margins for the quarter stood at 72% as per the quarter results.

Revenue from power supply- the mainstay business of the company- jumped 40 per cent year on year to ₹1,765 crore. EBITDA for the segment also rose 40% to ₹1,638 crore as per the results.

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This comes as Adani Green Energy Ltd (AGEL) said that it has completed the funding for redemption of its USD 750 million bonds. The Adani Group company raised USD 750 million through the issuance of NCDs (non-convertible debentures) which will mature in September this year.

AGEL had announced a plan to ensure early redemption of its USD 750 million bonds. The company said that it has "completed the funding for the USD 750 million 4.375 notes due September 9, 2024 (Holdco Notes) with the receipt of the funds under the preferential allotment of ₹9,350 crore (USD 1,125 million) to the promoters."

AGEL said USD 169 million has been put through the reserve accounts and internal accruals. Another USD 300 million has recently been invested by TotalEnergies through a joint venture, it added.

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