Adani Green Energy witnessed a substantial surge of almost 7 percent in its shares upon opening on the National Stock Exchange (NSE) on March 14th. This uptick comes on the heels of an announcement made by its subsidiary regarding the signing of a power purchase agreement with the Solar Energy Corporation of India (SECI) for 534-MW solar power projects. As of 9:20am, the stock was trading at Rs 1,843.75, reflecting the market’s positive response to the news.
Adani Green Energy Expands Portfolio with 534MW Solar Power PPA with SECI
In a recent regulatory filing, Adani Green Energy disclosed that its subsidiary, Adani Renewable Energy Fifty Nine Limited, has inked power purchase agreements (PPAs) with the Solar Energy Corporation of India (SECI). These agreements entail the supply of 534 MW of solar power projects.
This development marks a significant milestone for Adani Green Energy, as the execution of these PPAs brings its total renewable energy project portfolio to an impressive capacity of 21,778 MWac.
The addition of these solar power projects underscores Adani Green Energy’s continued commitment to expanding its renewable energy footprint and contributing to India’s clean energy transition. As the company continues to scale its operations and bolster its renewable energy portfolio, it reinforces its position as a key player in the country’s renewable energy landscape.
Adani Green Energy has delivered impressive financial performance in the third quarter of fiscal year 2024, reporting a remarkable 149 percent year-on-year increase in consolidated net profit to Rs 256 crore, up from Rs 103 crore in the previous fiscal. This substantial growth in net profit underscores the company’s strong operational performance and effective cost management strategies.
Moreover, the company’s revenue for the same period witnessed a robust growth of 40 percent year-on-year, reaching Rs 1,765 crore. This surge in revenue is indicative of Adani Green Energy’s continued expansion and success in capitalizing on opportunities in the renewable energy sector.
In line with its financial growth, Adani Green Energy also recorded a significant increase in EBITDA (earnings before interest, taxes, depreciation, and amortization) for the third quarter of fiscal year 2024. EBITDA surged by 40 percent year-on-year to Rs 1,638 crore, further demonstrating the company’s operational strength and efficiency.
In addition to its stellar financial performance, Adani Green Energy achieved a significant operational milestone by operationalizing a cumulative capacity of 1,000 MW solar energy at Khavda, Gujarat. This accomplishment reflects the company’s commitment to expanding its renewable energy infrastructure and contributing to India’s clean energy objectives.
Overall, Adani Green Energy’s strong financial results and operational achievements in the third quarter of fiscal year 2024 underscore its position as a leading player in the renewable energy sector. With a focus on sustainable growth and innovation, the company is well-positioned to capitalize on emerging opportunities in the renewable energy market and drive value for its stakeholders.
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