One of India’s largest renewable energy generation companies, Adani Green Energy, has reported stellar financial performance during the first quarter of this year.
According to the company’s filing with the Indian stock exchanges, Adani Green Energy’s profit rose from US$7.6 million in Q1 2020 to $14.1 million in Q1 2021. The company also reported a sharp increase in revenue – from $97 million in Q1 2020 to $147 million in Q1 2021.
Gautum Adani, Chairman of Adani Green Energy, said in a statement that the company is on track to meet its ambitious targets to add renewable energy capacity and become the largest renewable energy developer in the world by the end of this decade.
Adani Green Energy currently has a portfolio of 14.8 gigawatts with an operational capacity of 3.5 gigawatts. The company plans to have an operational capacity of 25 gigawatts by 2025. It also announced plans to increase investment to $2 billion in 2024-25.
The company managed to increase electricity sales by 25% between April 2020 and March 2021 from 4.5 billion kilowatt-hours to 5.5 billion kilowatt-hours. The company managed to meet 925 megawatts of renewable energy capacity. Electricity sales in Q1 2021 also increased by 24% over the same period last year.
Adani witnessed significant corporate developments last year. It transferred 2.5 gigawatts of solar power assets into a separate company and sold a 50% stake in the company to French energy giant Total. The French company also acquired a 20% stake in Adani Green Energy. The company also entered a project financing deal worth $1.35 billion with a dozen international banks.
Adani Green Energy’s shares have had a stellar run in the recent past. Its share price touched an all-time high of $16.43 on 26 March 2021, up more than 700% in 12 months.