This company of Gautam Adani earned Rs 474 crore in just 3 months, its business is...

Another company of billionaire Gautam Adani reported a huge rise in its profit in the December quarter. It is a renewable energy company called Adani Green Energy, which reported up 85 per cent profit of Rs 474 crore in Q3 (October - December). The company's consolidated net profit was on the back of higher revenues from power supply.

The company had logged a net profit of Rs 256 crore in the year-ago period, according to a BSE filing. Revenue from power supply rose to Rs 1,993 crore in the quarter from Rs 1,765 crore in the same period a year ago. The market cap of the company is Rs 1.62 lakh crore, as of January 23.

"We are steadily developing the world's largest RE plant in Khavda, Gujarat as well as large-scale plants in Rajasthan and other sites, supported by well-aligned transmission planning." "Our updated strategy now includes largescale deployment of Battery Energy Storage Systems (BESS), given significant cost declines in last few quarters," CEO Amit Singh said in a statement.

BESS can be deployed relatively quickly and will be crucial in grid integration, supporting rapid renewable growth and complementing the company's existing solar, wind and hydro pumped storage projects, Singh said.

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Operational capacity of the company increased by 37 per cent YoY (year-on-year) to 11,609 MW with new addition of 3,131 MW power plants. AGEL contributed 15 per cent to the nationwide utility-scale solar and 12 per cent to wind installations in calender year 2024. Sale of energy increased 23 per cent YoY at 20,108 million units in April- December 2024, backed by robust capacity addition, AGEL stated.

(With inputs from PTI)