Adani Green Energy on February 7 said consolidated net profit zoomed 110 percent to Rs 103 crore for the quarter ended December 31, 2022, from Rs 49 crore in the year-ago period. The bottom-line got a significant boost as share of profit from joint ventures and associates came in at Rs 44 crore for the quarter against Rs 1 crore in Q3 FY22.
Consolidated revenue from operations rose 41 percent on year to Rs 1,973 crore, from Rs 1,400 crore in the year-ago period, Adani Green Energy said in an exchange filing.
The company’s stock has fallen 55 percent since the publication on Hindenburg Research report on January 24. Pledged stake in the company is now down to 1.36 percent from 4.36 percent after the promoters pre-payed some loans to release shares.
Solar portfolio CUF (Capacity Utilisation Factor) stood at 24 percent, improving 140 basis points YoY, as per the exchange filing. Newly commissioned Hybrid portfolio CUF was at 34 percent while wind portfolio CUF took a knock of 610 basis points YoY to 27.1 percent, due to one-off disruption in a Gujarat transmission line.
“The continued strong performance demonstrates the resilience of our business model supported by a robust capital management program with leverage well aligned with the business model. We appreciate that, in the last few days, this has further been reaffirmed by the rating agencies, equity and credit research analysts and various banks, financial institutions and long term investors,” said Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.
In the earnings press release, the company informed that it is on track to reach ~ 8,300 MW commissioned capacity, the largest in India, by end of FY23. About 97 percent of the company’s rated credit facilities are rated between ‘A’ to ‘AAA’ equivalent credit scale, it added.
