Adani Green Energy Q3: Net Profit Zooms 110% To Rs 103 Crore, Revenue Up 41%

Adani Green Energy on Tuesday said that the company’s consolidated revenue from operations was up 41 per cent year-on-year in Q3 to Rs 1,973 crore.

Adani Green Energy’s operating performance has taken a hit in the December quarter

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Adani Green Energy Limited (AGEL), a part of Adani Group, on Tuesday posted a consolidated net profit of Rs 103 crore for the quarter ending on December 31, 2022, up 110 per cent from Rs 49 crore in the corresponding period a year ago. This came on the back of a significant rise in the share of profit from joint ventures and associates, which was Rs 44 crore compared to Rs 1 crore in Q3 of  FY22.

Adani Green Energy, in an exchange filing on Tuesday, said that the company’s consolidated revenue from operations was up 41 per cent year-on-year in the third quarter to Rs 1,973 crore from Rs 1,400 crore in the year-ago period. 

“The continued strong performance demonstrates the resilience of our business model supported by a robust capital management program with leverage well aligned with the business model. We appreciate that, in the last few days, this has further been reaffirmed by the rating agencies, equity and credit research analysts and various banks, financial institutions and long term investors," said Vneet S. Jaain, MD and CEO of Adani Green Energy Ltd.

Following an explosive report by US short-seller Hindenburg Research, which accused Adani Group of stock manipulation and accounting fraud, the company's shares have dropped by 55 per cent, according to a report by Money Control. Following the promoters' prepayment of some loans to release shares, the pledged position in the company has decreased from 4.36 per cent to 1.36 per cent.

Adani Green Energy’s operating performance has taken a hit as depreciation expenses and other income increased in the December quarter. The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) fell 18.2 per cent year on year to Rs 853 crore. EBITDA margin fell 43.2 per cent from 74.5 per cent in the year-ago period.

As per the filing, the firm’s solar portfolio CUF (Capacity Utilisation Factor) stood at 24 per cent, improving 140 basis points year on year. Newly commissioned Hybrid portfolio CUF was at 34 per cent while wind portfolio CUF fell 610 basis points year on year to 27.1 per cent, due to a one-off disruption in a Gujarat transmission line.

The company also informed that it is on track to reach 8,300 MW commissioned capacity by end of FY23. About 97 per cent of the company's rated credit facilities are rated between ‘A’ to ‘AAA’ equivalent credit scale, it said.