Adani Green Energy Q3 Results- Operational Capacity Up 35%, EBITDA 44%

Highlights :

  • The renewable developer arm of the Adani Group, AGEL has reported a strong set of numbers with strong profit growth.
  • Q3FY23 net profit jumped to Rs 103 crore as against Rs 49 crore last year.
Adani Green Energy Q3 Results- Operational Capacity Up 35%, EBITDA 44%

Embattled Adani group firm, Adani Green Energy Limited has reported its results for the Q3, Fy23. The firm, with a target of 25 GW of renewable assets by 2025, has reported a strong financial Performance, with revenue from power supply increasing by 39% YoY to Rs 3,695 Cr.

The firm continued to lead in generation of carbon credits in India, with revenues of Rs 153 Cr from the same.

  • Cash Profit increased by 41% YoY to Rs 1,827 Cr, even as EBITDA stands at a strong Rs. 7,380 crore with Net Debt to Run-Rate EBITDA of 5.6x as of Dec 2022. The numbers are encouraging, as these debt levels are within the stipulated covenant of 7.5x for holdco bond.

The key Numbers, Q3 2023

In Fy22, Adani Renewables recorded a growth story that saw a fivefold jump. Its EBITDA stood at 92%. Adani Transmission arm reported threefold growth with EBITDA at 92%.

As far as its renewable assets are concerned, 7,324 MW are operational, 9,877 MW is under execution, 3,233 MW has neared construction and 20,434 MW is its locked-in growth (solar at 15,543 MW and wind at 2,151 MW).

Of the operation capacity, solar 4913 MW, with wind at 971 MW.

Looking ahead towards 2030, the firm looks at threefold locked-in growth. The growth targeted is sixfold the present figure. It said it is on track to reach 8300 MW, the largest renewable portfolio in India by the end of FY23 in March this year.

Among major partnerships forged by it, AGEL has also signed a UN Energy Compact which looks at the development and operation of  renewable energy generation capacity of 25 GW by 2025 and 45 GW by 2030 and to keep average tariff below average power purchase cost at national level.

Capacity Addition YoY 9M FY 2023 vs 9M FY 2022

Total operational capacity has witnessed an increase by 35% YoY to 7,324 MW from 5410 MW in 9M FY 2022.

The various contributors to this growth story include the commissioning of a 1,440 MW solar–wind hybrid plants in Rajasthan, India’s first and world’s largest, a 325 MW wind power plant, the largest in Madhya Pradesh and 150 MW solar power plant in Rajasthan.

YoY Sale of Energy 

Operating financials for AGEL

The sale of energy in the said period has seen an increase by 59% to 10,235 mn units from the previous 6,456 mn units accounted for by robust capacity addition.

Sale of energy has grown by 41% on the back of increase in effective operating capacity with SB Energy, (which was acquired by AGEL in 2021) whose operational portfolio is 1,700 MW; performance integrated from Q3 FY22 and 150 MW commissioned in Rajasthan in Nov 2022. 140 bps improvement in CUF has added further to this increase.

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