Renewable energy company Adani Green Energy has registered a cash profit of ₹4.01 billion (~$53.51 million) in the second quarter (Q2) of the financial year (FY) 2022, an increase of 61% compared to ₹2.5 billion (~$33.36 million) during the same period last year.

The profit for 1H FY 2022 stood at ₹8.59 billion (~$114.63 million), increasing by 45% compared to ₹5.93 billion (~$79.13 million) in 1H FY 2021.

The company generated ₹8.34 billion (~$111.29 million) as revenue from power supply, an increase of 58% compared to ₹5.3 billion (~$70.73 million) in Q2 FY 2021. The numbers for 1H FY 2022 stood at ₹16.82 billion (~$224.45 million), increasing by 48% compared to ₹11.39 billion (~$151.99 million) during the same period last year.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) from the power supply for Q2 were up by 61% to ₹7.87 billion (~$105.02 million), compared to ₹4.9 billion (~$65.39 million) during the same period last year. For 1H, the EBITDA figures were up by 50% to ₹15.77 billion (~$210.45 million), compared to ₹10.50 billion (~$140.12 million) in the same period last year.

The company’s revenue growth was driven by the robust growth in capacity and improved solar and wind capacity utilization factor (CUF).

The sale of energy increased by 54% to 3,954 million units (MUs) in 1H FY 2022. For Q2, the sale of energy increased by 61% to 1,901 MUs.

Vneet S. Jaain, MD & CEO, Adani Green Energy, said, “The solid solar and wind performance, led by a considerable improvement in CUF, proves that we are on the right track in terms of incorporating the finest O&M practices and adopting the latest technology.”

“Our teams are working relentlessly towards the target of 25 GW operational capacity by 2025, and the recent addition of SB Energy’s 5 GW portfolio has helped us move closer to that ambition,” he said.

Adani Green’s overall renewable portfolio increased to 20,284 MW on account of the completion of the acquisition of SB Energy’s India renewable portfolio of 4,954 MW, which includes 1,700 MW of operational assets for about $3.5 billion (~₹260 billion).

The company was one of the winners in the Solar Energy Corporation of India’s (SECI) auction for 1,200 MW interstate transmission system (ISTS)-connected wind power projects (Tranche-XI). The company received the letter of award to set up 450 MW of wind power project under the tender.

Adani Green also signed power purchase agreements (PPA) with SECI for manufacturing-linked solar projects of 8 GW capacity. The company, through its subsidiaries, has signed PPAs for 867 MW at the tariff of ₹2.54 (~$0.034)/kWh for 25 years. Adani had won a total capacity of 2,000 MW of solar cell and module manufacturing and 8 GW of generation capacity in the auction conducted by SECI last year.

Last month, Adani Green Energy raised $750 million (~₹56.1 billion) by issuing its maiden ListCo senior green bond.