Adani Green Energy Ltd (AGEL), India’s largest and fastest growing pure-play renewable energy company, on Monday announced financial results for the quarter and nine months ending 31 December 2023.
Financial Highlights Q3 & 9M FY24
Adani Green Energy has reported robust quarterly and nine-month performances, with a significant growth in key financial indicators. In Q3 FY24, the revenue from power supply surged by 40 per cent, reaching Rs 1,765 crore, compared to Rs 1,258 crore in Q3 FY23. The nine-month performance was equally positive, with a 57 per cent increase in revenue from power supply, reaching Rs 5,794 crore, compared to Rs 3,690 crore in the corresponding period of the previous fiscal year.
The EBITDA from power supply, a crucial measure of operational profitability, exhibited a parallel growth trajectory. In Q3FY24, the EBITDA from power supply stood at Rs 1,638 crore, reflecting a 40 per cent increase from Rs 1,174 crore in Q3FY23. Over the nine-month period, EBITDA from power supply reached Rs 5,412 crore, marking a substantial 52 per cent growth from Rs 3,570 crore in 9M FY23. The EBITDA margin remained strong, with percentages of 91.5 per cent and 92 perc cent in Q3FY24 and 9M FY24, respectively.
Furthermore, the cash profit reported a growth, surging by 58 per cent in Q3FY24 to Rs 862 crore, compared to Rs 546 crore in the same quarter of the previous fiscal year. Over the nine months ending December 2023, the cash profit reached Rs 2,944 crore, showcasing a growth of 61 per cent increase from Rs 1,827 crore in 9M FY23.
Amit Singh, CEO, Adani Green Energy Ltd, said, “With the recently announced equity and debt capital raise, we have put in place the capital management framework for a well-secured growth path to the targeted 45 GW capacity by 2030. We continue to ramp up our execution capability by focusing on a resilient supply chain with emphasis on localization, digitalization at scale, workforce expansion and competency building. We are working on the world’s largest renewable power plant at Khavda in Gujarat and endeavor to set new standards for mega scale development of renewable energy projects as the world embraces the target of tripling renewable power capacity by 2030.”
Capacity Addition and Operational performance
In third quarter (Q3) of fiscal year 2023 (FY23) with that of fiscal year 2024 (FY24), the operational capacity has seen a substantial increase from 7,324 to 8,478, marking a 16 per cent growth. Within this capacity, the solar segment has expanded from 4,913 to 5,063, a 3 per cent increase, while the wind segment has experienced significant growth, jumping from 971 to 1,275, indicating a 31 per cent expansion. The Solar-Wind Hybrid capacity has seen an impressive surge, rising from 1,440 to 2,140, marking a substantial 49 per cent growth.
In terms of the sale of energy, Adani Green Energy has recorded an crease from 3,621 million units in Q3 FY23 to 4,596 million units in Q3 FY24, a substantial 27 per cent growth. However, within this, the solar segment has seen a slight decrease from 2,507 to 2,457 million units, representing a 2 per cent decline. Conversely, the wind segment has exhibited a remarkable 69% growth, increasing from 300 to 507 million units, while the Solar-Wind Hybrid segment has witnessed an outstanding 100 per cent growth, soaring from 814 to 1,632 million units.
The Capacity Utilization Factors (CUF) for the solar portfolio have slightly decreased from 23.3 per cent while the wind portfolio has seen a significant increase from 14 per cent to 18.0 per cent. The Solar-Wind Hybrid portfolio's CUF has also shown growth, rising from 32.9 per cent to 34.5 per cent.
