Adani Saur Urja (KA) Ltd., the wholly owned subsidiary of Adani Green Energy Ltd., incorporated a step-down subsidiary named Adani Hydro Energy Five Ltd. on Wednesday.

This new step-down subsidiary aims to generate, transmit, and supply renewable energy, aligning with AGEL’s vision of driving clean energy adoption.

According to a company statement, the authorized capital and paid-up capital were both ₹1,00,000.

This development is in close heels to its financial performance when AGEL posted a nearly 39 percent rise in its consolidated net profit to ₹515 crore in the September quarter on the back of higher revenues.

Its consolidated net profit was ₹371 crore in the quarter ended on September 30, 2023, the company said in a BSE filing.

Total income of the company rose to ₹3,376 crore in the quarter from ₹2,589 crore in the same period a year ago.

“Our financial performance continues to be strong, driven by significant greenfield capacity additions and robust operational efficiency,” Amit Singh, CEO of Adani Green Energy Solutions, had said in a statement then.

The company’s operational capacity grew 34 percent in the second quarter to 11,184 megawatts compared to the same period last year.

Operational Achievement in Q2

  • Solar capacity grew by 2,000 MW in Khavda, Gujarat, and 418 MW in Rajasthan.
  • Wind capacity saw an additional 450 MW, including projects in Khavda and Gujarat.
  • Total energy sales surged by 20% to 14,128 million units, reflecting AGEL’s operational efficiency and strategic resource planning.

AGEL achieved a 20 percent rise in energy sales, totaling 14,128 million units in the second quarter, which was in line with this operational growth.

This surge in sales was primarily attributed to the company’s robust capacity additions and operational performance, built on effective resource planning, engineering, and supply chain management strategies.

The company’s cash profits also witnessed a notable rise, increasing by 27 percent to reach ₹2,640 crores during the period under evaluation, further highlighting its financial strength.

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