- Consolidated revenue from operations surges to ₹1,765 crore in Q3 from ₹1,258 crore in the year-ago quarter
- The strong capacity addition drives the company’s EBITDA to ₹1,174 in Q3FY24, a 40% YoY improvement
NE BUSINESS BUREAU
AHMEDABAD, JAN 29
Adani Green Energy Ltd (AGEL), the renewable energy arm of the Adani Group, on Monday announced its consolidated net profit improved by 148.54% to ₹256 crore in Q3FY23 as compared to a net profit of ₹103 crore reported in the same period last year.
Financial Performance – Q3 & 9M FY24
(Rs. in crore)
| Particulars | Quarterly performance | Nine month performance | ||||
| Q3 FY23 | Q3 FY24 | % change | 9M FY23 | 9M FY24 | % change | |
| Revenue from Power Supply | 1,258 | 1,765 | 40% | 3,690 | 5,794 | 57% |
| EBITDA from Power Supply 1 | 1,174 | 1,638 | 40% | 3,570 | 5,412 | 52% |
| EBITDA from Power Supply (%) | 92.1% | 91.5% | 91.8% | 92.0% | ||
| Cash Profit 2 | 546 | 862 | 58% | 1,827 | 2,944 | 61% |
The company’s consolidated revenue from operations surged to ₹1,765 crore in Q3 from ₹1,258 crore in the year-ago quarter, which is an increase of 40.30% YoY.
The company’s sale of energy witnessed a remarkable 59% YoY rise to 16,293 million units, supported by robust capacity addition of 1,154 MW over the past year and an improved capacity utilisation factor (CUF), according to the company’s earnings report.
Capacity addition & operational performance – Q3 & 9M FY24
| Particulars | Quarterly performance | Nine month performance | ||||
| Q3 FY23 | Q3 FY24 | % change | 9M FY23 | 9M FY24 | % change | |
| Operational Capacity | 7,324 | 8,478 | 16% | 7,324 | 8,478 | 16% |
| – Solar | 4,913 | 5,063 | 3% | 4,913 | 5,063 | 3% |
| – Wind | 971 | 1,275 | 31% | 971 | 1,275 | 31% |
| – Solar-Wind Hybrid | 1,440 | 2,140 | 49% | 1,440 | 2,140 | 49% |
| Sale of Energy
(Million units) 3 |
3,621 | 4,596 | 27% | 10,235 | 16,293 | 59% |
| – Solar | 2,507 | 2,457 | -2% | 7,585 | 7,927 | 5% |
| – Wind | 300 | 507 | 69% | 1,392 | 2,503 | 80% |
| – Solar-Wind Hybrid | 814 | 1,632 | 100% | 1,258 | 5,863 | 366% |
| Solar portfolio CUF (%) | 23.3% | 22.1% | 24.0% | 24.0% | ||
| Wind portfolio CUF (%) | 14.0% | 18.0% | 27.1% | 32.2% | ||
| Solar-Wind Hybrid (%) | 32.9% | 34.5% | 34.0% | 41.5% | ||
The company’s operational capacity grew by 16% YoY to 8,478 MW in Q3FY24 with the greenfield addition of 700 MW solar-wind hybrid, 304 MW wind, and 150 MW solar projects. There is an additional 12,366 MW under execution, as per the company’s earnings report.
Its solar-wind hybrid portfolio CUF improved by 750 basis points YoY to 41.5% in 9MFY24, backed by technologically advanced solar modules, horizontal single-axis trackers, and wind turbine generators, as well as consistent high plant and grid availability.
The strong capacity addition drove the company’s EBITDA to ₹1,174 in Q3FY24, a 40% YoY improvement, while the EBITDA margin from the power supply rose to 92.1% in Q3 from 91.5% in the same quarter of last fiscal.
The company stated that the consistent industry-leading EBITDA margin is driven by AGEL’s best-in-class operations and maintenance (O&M) practices, which enable it to achieve higher electricity generation at lower O&M cost.
On the key developments, the company shared that it completed a JV with TotalEnergies for a 1,050 MW portfolio, raising USD 300 million ( ₹2,497 crore). Furthermore, the promoters are set to invest Rs. 9,350 crore in Adani Green Energy Limited (AGEL) through share warrants, with Rs. 2,338 crore already received and the remaining amount expected within the next 18 months.
The company also said it upscaled its debt funding pool under the Construction Financing Framework by USD 1.36 billion, reaching a total of USD 3 billion.
During the first nine months of FY24, the company achieved a 57% increase in consolidated revenue, reaching ₹3,690 crore as compared to the corresponding period last year. The consolidated net profit for this period came in at ₹950 crore, marking a 104% surge in comparison to the net profit of ₹466 crore reported in the first nine months of FY23.
Amit Singh, CEO, of 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.”