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.
Adani Green 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 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.
Reference- Economic Times, Adani Green Energy PR, Clean Technica, UNI