Adani Green Energy Q3 Results: Company Logs Robust Growth In Revenue, EBITDA

Adani Green Energy has completed the PPA tie up for the entire 8,000 MW manufacturing-linked solar tender issued by Solar Energy Corporation of India with remaining 1,799 MW recently tied up

Adani Green Energy Ltd (AGEL), one of India’s largest and fastest growing pure-play renewable energy firm, on Monday announced its third quarter results month ended December 31, 2023. According to the company release, Adani Green Energy’s robust growth in revenue, EBITDA, and cash profit is primarily driven by capacity addition of 1,154 MW over the past year and improved capacity utilisation factor (CUF).

The consistent industry-leading EBITDA margin is driven by AGEL’s best-in-class operations and maintenance (O&M) practices enabling it to achieve higher electricity generation at lower O&M cost. The run-rate EBITDA stands at a strong Rs 7,806 crore with net debt to run-rate EBITDA at 4.98x as of December 2023 as compared to 5.6x last year.

Amit Singh, CEO, 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 emphasis on localisation, digitalisation at scale, workforce expansion and competency building. We are working on the world’s largest renewable power plant at Khavda in Gujarat and endeavour 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."

AGEL has completed the PPA tie up for the entire 8,000 MW manufacturing-linked solar tender issued by Solar Energy Corporation of India (SECI) with remaining 1,799 MW recently tied up. With this, AGEL has a portfolio of 19,834 MW backed by signed PPAs. The total locked-in growth portfolio stands at 20,844 MW including a merchant portfolio of 1,010 MW.

AGEL has been ranked the second-largest Solar PV developer in the world with an impressive total solar capacity of 18.1 GW (as of the date of review) in Mercom Capital Group’s latest Global Annual report.

AGEL’s operational capacity grew at 16 per cent YoY to 8,478 MW with greenfield addition of 700 MW solar-wind hybrid, 304 MW wind and 150 MW solar projects. The sale of energy increased by 59 per cent YoY to 16,293 million units in 9MFY24, primarily backed by strong capacity addition and improved CUF.

The solar portfolio CUF remained stable at 24.0 per cent in 9MFY24 with improved plant availability. The wind portfolio CUF improved by 510 bps YoY to 32.2 per cent in 9MFY24 with improved wind speed, improved plant availability and significant improvement in grid availability.

The solar-wind hybrid portfolio CUF improved by 750 bps YoY to 41.5 per cent in 9MFY24 backed by technologically advanced solar modules, horizontal single-axis trackers and wind turbine generators as well as consistent high plant and grid availability.