Renewable energy company Adani Green Energy Limited (AGEL) reported a total income of ₹10.79 billion (~$145.40 million) in the first quarter (Q1) of the financial year (FY) 2022, a 23% increase compared to ₹8.78 billion (~$118.31 million) in the same period last year.

The company’s cash profit also increased 35% year-over-year (YoY) to ₹4.6 billion (~$61.98 million) in Q1 FY 2022 from ₹3.42 billion (~$46.08 million) in the same period last year.

In Q1 FY 2022, the company signed a share purchase agreement to acquire a 100% stake in SB Energy India from Soft Bank Group (80%) and Bharti Group (20%). The transaction valued SB Energy India at an enterprise valuation of about $3.5 billion (~₹260 billion).

As per the financial statement released by the company, its earnings before interests, taxes, depreciation, and amortization (EBIDTA) stood at ₹8.92 billion (~$120.22 million) in Q1 FY 2022, a 31% increase compared to ₹6.8 billion (~$91.64 million) in Q1 FY 2021.

Adani Green Energy also upped its solar portfolio by 20 basis points (bps) YoY at 99.6% in Q1 FY 2022, while its wind portfolio went up by 160 bps at 94.6% in the same period.

The firm’s revenue from the power supply increased 39% YoY to ₹8.48 billion (~$114.29 million) in Q1 FY 2022 from ₹6.09 billion (~$82.08 million) during the same quarter in 2020. Its EBIDTA from the power supply also went up 41% YoY to ₹7.89 billion (~$106.33 million) in Q1 FY 2022 from ₹5.6 billion (~$75.47 million) in Q1 FY 2021.

Commenting on the company’s quarterly result, Gautam Adani, Chairman of the Adani Group, said, “AGEL’s growth continues to accelerate. In just two years, AGEL has marched to the very forefront of the world’s renewable energy brigade, accelerating the transition to green energy faster than any other company in the world.”

“The acquisition of SB Energy’s high-quality renewable energy portfolio has further consolidated our position as the world’s largest solar player, thereby keeping us on track to become the world’s largest renewables player by 2030,” Adani added.

According to Mercom’s India Solar Project Tracker, Adani Green Energy has 3 GW of an operational solar portfolio, and 13.5 GW solar capacity is in the pipeline as of June 2021.

Mercom had earlier reported that the company’s total income for FY21 went up by 34% YoY with ₹35.2 billion (~$476.48 million) from the sale of energy for FY21, up by 25% at 5,482 MU.