Adani Green Energy, under the stewardship of Gautam Adani and CEO Amit Singh, has reported a substantial 149% year-on-year (YoY) consolidated net profit growth for Q2 FY24, reaching Rs. 371 crore ($50 million). This robust growth comes on the back of a 54% surge in total revenue to Rs. 2,589 crore ($350 million), driven by an impressive 87% rise in energy sales to 5,737 million units.

The company’s EBITDA increased by 62% to Rs 1,835 crore for the reporting quarter, maintaining an industry-leading EBITDA margin. Additionally, cash profit saw a significant leap of 72% to Rs 1,031 crore in Q2 FY24 from Rs 600 crore a year earlier.

The substantial increase in revenue and profits can be attributed to the addition of a 212 MW solar capacity in Rajasthan and a 230 MW wind capacity in Gujarat. These additions resulted in a capacity enhancement of 1,592 MW and improved CUF (capacity utilization factor), with a notable rise of 140 basis points in Rajasthan and a substantial increase of 1,430 basis points in Gujarat.

CEO Amit Singh credited the company’s robust growth to its best-in-class operations and maintenance (O&M) practices, which facilitated higher electricity generation at lower O&M costs. The company’s commitment to sustainability is reflected in its ongoing project in Khavda, Gujarat, where over 5,000 workers are deployed to build the world’s largest renewable energy cluster. The project utilizes advanced TOPCon solar modules and India’s largest and most efficient 5.2 MW wind turbines to achieve the lowest levelized cost of energy.

Following the announcement of the Q2 results, shares of Adani Green Energy on NSE trading rose over 5%, a significant rebound after a previous three-month drop of 19%. This rise contrasts with the Sensex benchmark, which fell by 4% during the same period.