Shares of Adani Green Energy Ltd, the renewable energy arm of the Adani Group, were locked in an upper circuit of 5 percent on Tuesday before cooling off after the company's revenue for the March quarter increased by nearly 80 percent year-on-year.

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Revenue for the period stood at Rs 2,598 crore from Rs 1,461 crore during the same period last year. Net profit crossed the Rs 500 crore mark, coming in at Rs 507 crore, from Rs 121 crore last year.

Operating profit or EBITDA (earnings before interest, tax, depreciation and amortisation), from power supply more than doubled year-on-year to Rs 2,264 crore from Rs 972 crore in the year-ago-period.

EBITDA margin also improved to 87.14 percent from 66.53 percent in the quarter ended last March.

The company said that growth in revenue, EBITDA and cash profit was primarily driven by robust capacity addition.

Adani Green added 2,676 MW renewable capacity to its operational fleet in financial year 2023, taking it to a total of 8,086 MW, a growth of 49 percent year-on-year. This is the largest operational renewable portfolio for any company in India.

This included a 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya Pradesh and 212 MW solar power plants in Rajasthan.

Sale of energy in financial year 2023 rose 58 percent from last year to 14,880 million units.

Additionally, the board has appointed Amit Singh as the CEO of the company, while current MD & CEO Vneet Jaain will move to becoming a Managing Director.

Shares of Adani Green were locked in an upper circuit of five percent but are currently trading nearly 3 percent higher at Rs 978.05.