Adani Green Energy posted its quarterly earnings report for Q3 FY22 (October to December quarter) on February 2, 2022. The Adani Group company reported a whopping 51% QoQ (quarter on quarter) dip in its consolidated PAT to Rs 49 crore from Rs 100 crore in the previous quarter. On a YoY (year on year) basis, however, the profit after tax (PAT) rose 19.5% from Rs 41 crore in the year ago period.
The depreciation and amortisation costs jumped to Rs 260 crore from 164 crore in the previous quarter, and the adjustment to borrowing cost increased to Rs 239 crore in the quarter under review from Rs 65 crore in Q2 FY22.
Adani Green Energy’s revenue from operations jumped 8% QoQ to Rs 1,400 crore from Rs 1,295 crore in the previous quarter. On a YoY basis too, the revenue from operations increased an impressive 87% from Rs 749 crore in the year ago period.
In line, the company’s total income increased by 4.2% QoQ to Rs 1,271 crore from Rs 1,411 crore in Q2 FY22 while the figure climbed 74% YoY from Rs 843 crore in the corresponding quarter in the year ago period.
Meanwhile, Adani Green Energy Limited has signed a UN Energy Compact committing to develop and operate Renewable Energy Generation Capacity of 25 GW by 2025 and 45 GW by 2030 and to keep average tariff below Average Power Purchase Cost at national level. The company is working towards its ‘Net Zero’ ambition by 2050, while the operating renewable projects all over the world are slated to have 35 GW renewable capacity by 2025.
Adani Green Energy’s stock closed in the green at Rs 1916.40 per share after gaining 0.65% at the end of the intraday trading session ahead of its quarterly results on February 2, 2022.
Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd said, “The continued robust operational performance and improving visibility of growth with firm PPAs demonstrate that we are well on track to become the largest renewable player by 2030. Our commitment towards ESG is only getting stronger with the global recognition of our efforts to light up the world with green energy and to further incorporate the best ESG practices on all fronts.”
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Research Analyst: Bavadharini KS