Adani Green Energy Ltd (AGEL) on Friday reported a 70 per cent drop in consolidated profits for the quarter ended March 31.

The Adani group firm posted a net profit of ₹150 crore (attributable to equity holders) compared with ₹508 crore in the corresponding period of the previous year. Total income declined to ₹2,806 crore from ₹2,977 crore in the year-ago quarter. During the period, total expenses climbed to ₹2,379 crore from ₹2,053 crore in the January-March 2023 period.

For the fiscal year, while total income rose to ₹10,460 crore from ₹8617 crore, revenues came in at ₹7,735 crore against ₹5,809 crore a year ago, a gain of 33 per cent.

AGEL said in a statement that it has raised the renewable energy (RE) target for 2030 to 50 GW from 45 GW. During the fiscal, it added greenfield capacity of 2.8 GW, which represented 15 per cent of India’s total renewable energy capacity addition.

“Aligned with the country’s need for accelerated integration of renewables into the grid, we are now focused on delivering energy storage in addition to solar, wind, and hybrid projects. Our goal is to commission at least 5 GW of hydro pumped storage projects by 2030,’’ Amit Singh, chief executive officer, AGEL, said.

Ceat profit declines

Tyre maker Ceat has reported a 23 per cent decline in its consolidated net profit to ₹102 crore for the fourth quarter ended March 2024. It had posted a net profit of ₹132 crore in the January-March quarter of 2022-23.

Revenue from operations rose to ₹2,992 crore in the period under review from ₹2,875 crore in the year-ago period.

The drop in net profits led to its shares ending 2.90 per cent lower at ₹2,544 on the BSE. For the fiscal ended March, the company posted a net profit of ₹635 crore compared with ₹182 crore in 2022-23. Ceat’s board of directors have recommended a final dividend of 30 per share for the fiscal year, subject to approval from its shareholders.