Adani Green Energy Q4 Results FY2023, Cash Profit at Rs. 3192 crores for FY2023

On 1st May 2023, Adani Green Energy announced its quarterly results for the last quarter of FY2023.

Adani Green Energy Financial Highlights:

- Revenue from Power Supply increases by 54% YoY to Rs. 5,825 Crores and by 88.83% YoY to Rs. 2130 crores in Q4FY23
- Run-rate EBITDA stands at a strong Rs. 7,505 Crores for FY23 and Rs. 1968 crores for Q4FY23.
- Cash profit increases by 72% YoY to Rs 3,192 Crores and by 142.5% YoY to Rs. 1365 crores for Q4FY23.
- The robust growth in revenues, EBITDA, and cash profit is primarily driven by a capacity addition of 2,676 MW.

Adani Green Energy Business Highlights:

- The sale of energy has increased by 58% YoY to 14,880 million units in FY23 primarily backed by strong capacity addition, analytics-driven O&M enabling high plant availability, and deployment of the latest renewable technologies.
- AGEL has added a massive 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 the integration of a high-quality SB Energy portfolio having a CUF 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 a one-off disruption in the transmission line (force majeure) for the 150 MW plant at Gujarat, which is now fully restored. 
-The newly operationalized solar-wind hybrid portfolio of 2,140 MW deploys the latest technologies like bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced wind turbine generators leading to a high hybrid CUF of 35.5%.
-  The Supreme Court has upheld the favorable order from APTEL for 288 MW solar plants at Kamuthi in Tamil Nadu that has resulted in a one-time revenue upside of Rs 748 Crores (including late payment surcharge) and recurring positive annual impact of about Rs 90 Crores. In FY23, AGEL realized 3.9 Million carbon credits generating revenue of Rs. 157 Crores. 

Commenting on the results, Mr. Gautam Adani, Chairman, of Adani Group said: “Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance. 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.”

Mr Vneet S Jaain, MD & CEO, of Adani Green Energy, said: “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. 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 in the 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.”