Adani Green Energy Ltd Reports Impressive Quarter And Nine-Month Performance For FY24

Arun Kumar Das

Jan 29, 2024, 03:46 PM | Updated 03:52 PM IST

Representative image
Representative image

Adani Green Energy Ltd (AGEL), India’s largest and fastest growing pure-play renewable energy company, on Monday (29 January) announced financial results for the quarter and nine months ending 31 December 2023.

The robust growth in revenue, earnings before interest, taxes, depreciation, and Amortisation (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."

Singh further said, "We are working on the world’s largest renewable power plant at Khavda in Gujarat and endeavor 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 power purchase agreement (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’s operational capacity grew at 16 per cent year on year (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 FY24 primarily backed by strong capacity addition and improved capacity utilisation on factor.

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