Adani Green Energy, a subsidiary of Indian conglomerate Adani Group, has posted a consolidated profit of Rs3.71bn ($44.4m) for the second quarter of fiscal year 2024 (Q2 FY24), constituting 148.9% growth compared with Rs1.49bn in the same period of 2022.

The company’s total income for the July–September 2023 quarter stood at Rs25.8bn, a 53.7% increase from Rs16.8bn a year ago.

Total company expenses rose by 42.6% to Rs 21.6bn from Rs15.1bn.

Adani stated that its operational capacity as of 30 September 2023 was 8.3GW versus 6.7GW capacity in the previous year.

As of March 2023, the company’s operational capacity was 8.08GW.

Sale of energy was 5.74 billion units in Q2 FY24, an 87% surge from 3.07 billion units in 2022.

Solar energy increased 11% from 2.33 billion units to 2.58 billion units, wind energy jumped 157% from 429 million units to 1.1 billion units, and solar-wind hybrid energy soared 561% year-on-year to 2.06 billion units.

Adani Green Energy CEO Amit Singh stated: “The performance improvement across the board is the result of our team’s relentless efforts. In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed a workforce of 5,000 plus. At Khavda, we will be installing the most advanced TOPCon solar modules as well as India’s largest and one of the most efficient 5.2MW wind turbines. These efforts will drive us towards achieving the lowest levelised cost of energy.

“Looking ahead, we aim to augment automation in our operations and make every decision even more intelligence-driven through extensive digitalisation and AI/ML [artificial intelligence/machine learning] integration. Our commitment to sustainability and the highest level of governance will remain the foundation of our future growth.”