Adani Green Reports 55% Spike In Revenue From Power Supply In Q1 Fy24

Adani Green Energy Limited, the green energy developer arm of the Adani Group, has reported it’s results for the June quarter (Q1) of Fy-23-24.

Revenue from Power Supply up by 55% YoY to Rs. 2,059 Cr in Q1 Fy24, versus Rs 1328 crores in Q1 Fy23.

Operational Capacity increases by 43% YoY to 8,316 MW with addition of 1,750 MW solar-wind Hybrid, 212 MW solar and 554 MW wind power plants over the last one year

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Cash profit increased by 55% YoY to Rs 1,051 Cr, with run-rate EBITDA at a strong Rs. 7,645 Cr with Net Debt to Run-rate EBITDA at 5.3x as of June 2023.

The firm reported overall turnover of Rs 2404 crores in the quarter, a 41% jump over Rs 1701 crores in the same quarter last year. However, on a sequential basis, turnover was down almost 20% over the previous quarter, when it had recorded topline of Rs 2987 crores.

Profit after tax was reported at Rs 323 crores, a 50% jump over the corresponding quarter of FY22-23, when it had reported Rs 214 crores in profits after tax. Sequentially again there was a drop of 37% versus the Rs 507 crores declared in the March quarter.

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Sale of Energy increased by 70% YoY at 6,023 mn units in Q1 FY24 vs. 3,550 mn units in Q1 FY23.

On a locked in renewable portfolio of over 20434 MW , the firm reported 8316 MW of operational portfolio, 10219 MW of under construction portfolio, and 1899 MW near construction. Solar dominates the overall portfolio with a share of 15543 MW for now.

Key operational highlights include Revenue from Power Supply up by 55% YoY at Rs. 2,059 cr,  EBITDA from Power Supply 1
increases by 53% YoY to Rs. 1,938 Cr with a high EBITDA margin of 92.5%
Run-rate EBITDA stands at a strong Rs. 7,645 Cr with Net Debt to Runrate EBITDA at 5.3x as of June 2023. During the quarter, the firm also received a favorable order from TNERC for 47 MW operating solar project at Kamuthi, Tamil Nadu that would result in one time upside of Rs. 103 crore and recurring annual upside of ~ Rs. 14 crore.
Realized 0.4 Mn Carbon Credits generating Carbon Credit income of Rs. 8 cr.

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Even as solar CUF improved to  26.9% with 40 bps improvement YoY, Wind portfolio CUF at 38.7% was recorded  with a 830 bps reduction YoY. The reduction is primarily due to relatively lower wind speed, which was higher last year

The firm’s strong operational performance will be reassuring to its investors, even as it looks set to breach or get close to the 10 GW mark in operational capacity by the end of the current Fy 24 financial year or early into the next year.