Adani Green Energy (AGEL), the renewable arm of Adani Group, posted a net profit of ₹1.03 billion (~$12.4 million) for the third quarter (Q3) of the financial year (FY) 2022-23, a surge of 110% year-over-year.

The company said its performance was primarily driven by an increase in renewable capacity addition, especially from solar-wind hybrid projects.

At the end of the third quarter, AGEL’s total operational capacity improved by 35% YoY to 7,324 MW, primarily aided by 1,440 MW of solar-wind hybrid capacity.

The company reported a 3% YoY increase in operational solar capacity for Q3 at 4,913 MW. The operational wind capacity grew by 50% YoY to 971 MW during the same period.

Further, AGEL sold 3,621 million units (MU) of energy during the quarter, up 45% YoY. The higher sales were driven by 814 MU of solar-hybrid power in the quarter.

The company’s revenue increased to ₹12.60 billion (~$152.4 million), up 29% YoY.

During Q3, AGEL’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) from the power supply increased by 31% YoY to ₹11.74 billion (~$142 million).

AGEL signed a memorandum of understanding with the Rajasthan government in the quarter for a habitat development project for Great Indian Bustard, a critically endangered bird species.

9M FY2023

AGEL posted a 27% YoY growth in net profit ₹4.66 billion (~$56.3 million) for the first nine months (9M) of FY 2023.

The company said that the increase was primarily due to renewable capacity addition, as AGEL commissioned 1,915 MW during the 9M period of FY 2023.

The hybrid power generation of AGEL reached 1,440 MW during the 9M period with the commissioning of a 450 MW wind-solar hybrid project in Rajasthan, the company’s third hybrid project.

AGEL said that the capacity utilization factor increased due to consistently high plant availability, improved grid availability, and improved solar irradiation.

AGEL acquired a 100% stake in renewable energy developer SB Energy in October 2021.

The company’s total sale of energy during the period increased by 59% YoY to 10,235 million units (MU).

The EBITDA from the power supply during the 9M period increased YoY by 44% to ₹35.70 billion (~$431.8 million). The company said the growth was mainly fuelled by the greenfield commissioning of 1.9 GW.

Adani Green’s total income for the 9M period rose 43% to ₹56.45 billion (~$682.8 million).

Adani Group said that AGEL’s commissioned capacity is on track to reach ~8,300 MW, which it claims to be the largest in India by the end of FY 2023.

AGEL is currently executing 13,110 MW of renewable capacity. This takes the company’s locked-in renewables portfolio of up to 20.4 GW.

Further, AGEL said that it owns 200,000 acres of resource-rich sites in strategic locations.

Last month, AGEL said that its wholly-owned subsidiary Adani Renewable Energy Two inked a binding agreement to purchase a 50% equity interest in Essel Saurya Urja Company of Rajasthan which owns a 750 MW solar park in the state.