- Operational Capacity increases by 49% YoY to 8,086 MW, the largest operational renewable portfolio in India
- Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance: Gautam Adani, Chairman, Adani Group
NE BUSINESS BUREAU
AHMEDABAD, MAY 2
Adani Green Energy Ltd, the renewable energy arm of the Adani Group, on Monday reported a whopping 319% surge in consolidated net profit at Rs 507 crore for the quarter ending March 31, 2023 mainly on the back of higher revenues. It reported consolidated net profit of Rs 121 crore in the year-ago period.
The Adani firm’s total income rose 88% to Rs 2,988 crore in Q4FY23 as compared to Rs 1,587 crore in Q4FY22.
In FY23, the firm reported an EBITDA of Rs 5,538 crore, up by 57% YoY, due to “robust growth in revenues, EBITDA and cash profit”. On Friday, Adani Green Energy’s scrip on BSE closed 3.8% higher at Rs 952.
“Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance,” said Gautam Adani, Chairman, Adani Group.
“We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance and capacity development. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future,” Gautam added.
“We have added massive greenfield capacity of 2,676 MW renewable assets this year. This feat is attributed to the relentless efforts of our teams,” said Vneet S Jaain, MD & CEO, Adani Green Energy Ltd. “AGEL’s operational capacity has grown at a CAGR of 33% over the last five years, outpacing overall renewable capacity growth at 15% CAGR in India inthe same period. De-risked project development, analytics driven O&M, disciplined capital management and a strong governance framework continue to be the backbone of our sustained growth. We are proud that we have been able to lead the way towards large scale renewable adoption in India helping the country move closer to its Sustainable Development Goals.”
“The sale of energy has increased by 58% YoY to 14,880 mn units in FY23 primarily backed by strong capacity addition, analytics driven O&M enabling high plant availability and deployment of latest renewable technologies,” the company said.
AGEL has added 2,676 MW renewable capacity to its operational fleet in FY23, which includes 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. AGEL has signed PPAs for 450 MW wind projects and 650 MW solar projects with SECI in FY23 further strengthening the firm project pipeline.
“The solar portfolio CUF has improved by 90 bps YoY to 24.7% in FY23 with integration of high-quality SB Energy portfolio having a CUF (Capacity Utilization Factor) of 26.6% in FY23, consistent high plant availability, improved grid availability and improved solar irradiation. For the wind portfolio, the sale of energy has increased significantly backed by strong capacity addition, though, the wind CUF has reduced primarily due to one-off disruption in transmission line (force majeure) for the 150 MW plant at Gujarat, which is now fully restored,” ṭhe firm said.
Financial Performance – Q4 FY23 & FY23
(Rs. Cr.)
| Particulars | Quarterly performance | Annual performance | ||||
| Q4 FY23 | Q4 FY22 | % change | FY23 | FY22 | % change | |
| Revenue from Power Supply | 2,130 | 1,128 | 89% | 5,825 | 3,783 | 54% |
| EBITDA from Power Supply 2 | 1,968 | 1,059 | 86% | 5,538 | 3,530 | 57% |
| EBITDA from Power Supply (%) | 91.4% | 90.6% | 91.6% | 91.8% | ||
| Cash Profit 3 | 1,365 | 563 | 142% | 3,192 | 1,854 | 72% |
