Adani Green Energy Q3 Results FY2024, Net profit at Rs.256 crores

On 29th January, Adani Green Energy announced its quarterly results.

Key Highlights:

- Revenue from Power supply stood at Rs.1765 crores
- EBITDA stood at Rs.1638 crores with an EBITDA Margin of 91.5% for Q3FY24.
- The company reported Cash Profit at Rs. 862 crores.
- Profit after Tax was reported at Rs.256 crores

 
Business Highlights:   

- With the recent tying up of the remaining 1,799 MW, AGEL has completed the PPA tie up for the whole 8,000 MW manufacturing-linked solar tender issued by Solar Energy Corporation of India (SECI). With this, AGEL now has 19,834 MW in its portfolio, all supported by signed PPAs. With a merchant portfolio of 1,010 MW, the total locked-in growth portfolio is 20,844 MW.
- According to Mercom Capital Group's most recent Global Annual report, AGEL is the second-largest solar PV developer in the world, with a remarkable total solar capacity of 18.1 GW (as of the date of review).
- AGEL's operating capacity increased by 16% YoY to 8,478 MW because of the greenfield addition of 304 MW of wind, 150 MW of solar, and 700 MW of hybrid solar-wind projects.
- In 9M FY24, energy sales surged by 59% YoY to 16,293 million units, mainly supported by robust capacity expansion and enhanced CUF.
- In 9M FY24, the solar portfolio CUF was steady at 24.0% thanks to increased plant availability.
- In 9MFY24, the wind portfolio CUF increased by 510 basis points YoY to 32.2% due to increased wind speed, increased plant availability, and notable improvements in grid availability.
- The 9M FY24 solar-wind hybrid portfolio CUF increased by 750 bps YoY to 41.5% thanks to enhanced solar modules, wind turbine generators, and horizontal single-axis trackers. It was further supported by steady high plant and grid availability.
- AGEL has received USD 300 million (Rs. 2,497 crore) towards the completion of the transfer of a 1,050 MW renewable portfolio (of which 300 MW are operational and the remaining 750 MW are under execution) to a 50:50 JV between AGEL and TotalEnergies. This strengthens the business's strategic partnership with TotalEnergies.

Commenting on the results, Mr. 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 an 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.”