Adani Green Energy Limited, a leading renewable energy project developer in the country, has announced its consolidated results for the first quarter for FY 2019, ending June 30, 2018.

Total revenue in the first quarter of FY19 was ₹4.72 billion (~$67.60 million), which was up 148 percent from ₹1.9 billion (~$27.21million) during the same period in 2017. The increase is mainly due to various projects being operationalised, the company said in a press statement. The operating capacity has increased to 1,958 MW-AC (Solar-1,898 MW and Wind -60 MW) up 176 percent year over Year (YoY)

The adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) was ₹4.39 billion ($62.87 million), compared to ₹1.71 billion (~$24.49 million) in the same quarter last year. This increase of 157 percent was on account of increased operating capacity, according to Adani.

The company’s finance cost during the quarter was ₹1.45 billion (~$20.77 million), up by ₹550 million (~$7.88 million) mainly due to additional capacity in solar portfolio.

Depreciation in the first quarter of 2019 was at ₹2.27 billion (~$32.51 million), up by ₹1.22 billion (~$17.47 million) YoY on account of major projects being capitalised in Q4 FY2018.

There was significant rupee depreciation against the dollar of 6 percent in the quarter. This resulted in a lower profit before depreciation and tax (PBT) and profit after tax (PAT). The loss after tax for the quarter was ₹740 million (~$10.60 million). The volatile rupee has become a challenge for domestic project developers and solar component suppliers alike.

“We are in alignment with the government’s agenda of generating 228 GW of renewable energy by 2022 and increasing the scope of incorporating green energy and enabling last-mile connectivity to power,” said Gautam Adani, the chairman of Adani Green Energy limited.

Jayant Parimal, CEO of Adani Green Energy Ltd said, “India’s power sector is evolving rapidly with significant hybridization of renewable energy and we see a huge opportunity in the sector. We are one of the largest companies in India’s renewable energy sector and with the added thrust on green energy by the government we would further strengthen the Company’s standing and create value for our stakeholders.

Mercom India Research’s latest report – India Solar Market Leaderboard 2017 – shows Adani as India’s largest solar project developer in terms of total cumulative installations.

Recently, Adani Green Energy was also listed on the Bombay Stock Exchange (BSE).