Adani Green Energy Ltd reports H1 FY24 results
Revenue up by 66% YoY to Rs. 4,029 Cr
EBITDA up by 58% YoY to Rs. 3,775 Cr
Net Debt to Run-rate EBITDA at 4.99x v/s 5.9x last year
Continued robust growth in Revenue, EBITDA and Cash Profit
EDITOR’S SYNOPSIS
Operational Performance
• Operational Capacity increased by 24% YoY to 8,316 MW with the addition of 1,150 MW solar-wind Hybrid, 212 MW solar and 230 MW wind power plants over the last year
• Sale of energy increases by 78% YoY to 11,760 mn units
• Solar portfolio CUF stands at 25.2% up by 90 bps, Wind portfolio CUF at 40.2% up by 360 bps, and Solar-wind Hybrid portfolio CUF at 45.4% up by 880 bps YoY
Financial Performance
• Industry-leading EBITDA margin of 92.2%
• Cash profit increases by 63% YoY to Rs 2,082 Cr
• Run-rate EBITDA stands at a strong Rs. 7,645 Cr
ESG
• AGEL’s Corporate Governance Score upgraded to 7.4, which is in the highest scoring range relative to global peers, in MSCI’s latest ESG rating update on 29 Sep 2023
Ahmedabad, 30 October 2023: Adani Green Energy Ltd (AGEL), India’s largest and fastest growing pure-play renewable energy company, today announced financial results for the quarter and half year ending 30 September 2023.
The performance snapshot for the period is as follows:
Capacity Addition & Operational Performance – Q2 & H1 FY24:
| Particulars | Quarterly performance | Half Yearly performance | ||||
| Q2 FY23 | Q2 FY24 | % change | H1 FY23 | H1 FY24 | % change | |
| Operational Capacity | 6,724 | 8,316 | 24% | 6,724 | 8,316 | 24% |
| – Solar | 4,763 | 4,975 | 4% | 4,763 | 4,975 | 4% |
| – Wind | 971 | 1,201 | 24% | 971 | 1,201 | 24% |
| – Solar-Wind Hybrid | 990 | 2,140 | 116% | 990 | 2,140 | 116% |
| Sale of Energy
(Mn units) 1 |
3,067 | 5,737 | 87% | 6,618 | 11,760 | 78% |
| – Solar | 2,327 | 2,576 | 11% | 5,078 | 5,501 | 8% |
| – Wind | 429 | 1,104 | 157% | 1,092 | 1,996 | 83% |
| – Solar-Wind Hybrid | 311 | 2,057 | 561% | 448 | 4,263 | 852% |
| Solar portfolio CUF (%) | 22.1% | 23.5% | 24.3% | 25.2% | ||
| Wind portfolio CUF (%) | 27.3% | 41.6% | 36.6% | 40.2% | ||
| Solar-Wind Hybrid (%) | 34.3% | 43.5% | 36.6% | 45.4% | ||
- With an operational capacity of 8,316 MW (with 9,021 MW AC capacity 2), AGEL continues to own the largest operating renewable energy portfolio in the country.
- The sale of energy has increased by 78% YoY to 11,760 mn units in H1 FY24 primarily backed by strong capacity addition and improved CUF across solar, wind and hybrid portfolios.
- The solar portfolio CUF has improved by 90 bps YoY to 25.2% in H1 FY24 with improved plant availability and improved solar irradiation.
- The wind portfolio CUF has improved by 360 bps YoY to 40.2% in H1 FY24 with consistent wind speed and significant improvement in grid availability.
- The solar-wind hybrid portfolio CUF has improved by 880 bps YoY to 45.4% in H1 FY24 backed by technologically advanced solar modules, horizontal single-axis trackers and wind turbine generators as well as consistent high plant and grid availability.
Financial Performance – Q2 & H1 FY24:
| Particulars | Quarterly performance | Half-yearly performance | ||||
| Q2 FY23 | Q2 FY24 | % change | H1 FY23 | H1 FY24 | % change | |
| Revenue from Power Supply | 1,105 | 1,984 | 80% | 2,432 | 4,029 | 66% |
| EBITDA from Power Supply 3 | 1,131 | 1,835 | 62% | 2,396 | 3,775 | 58% |
| EBITDA from Power Supply (%) | 91.5% | 91.3% | 91.7% | 92.2% | ||
| Cash Profit 4 | 600 | 1,031 | 72% | 1,281 | 2,082 | 63% |
- The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,592 MW over the last one year and improved CUF. The consistent industry-leading EBITDA margin is driven by AGEL’s best-in-class O&M practices enabling it to achieve higher electricity generation at lower O&M cost.
- The Run-rate EBITDA stands at a strong Rs. 7,645 Cr with Net Debt to Run-rate EBITDA at 4.99x as of September 2023 as compared to 5.9x last year. The ratio continues to be well within the stipulated covenant of 7.5x for holdco bond.
“The performance improvement across the board is the result of our team’s relentless efforts. In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed workforce of 5,000+. At Khavda, we will be installing the most advanced TOPCon solar modules as well as India’s largest and one of the most efficient 5.2 MW wind turbine. These efforts will drive us towards achieving the lowest levelized cost of energy.” said Mr Amit Singh, CEO, Adani Green Energy Ltd. “Looking ahead, we aim to augment automation in our operations and make every decision even more intelligence driven through extensive digitalization and AI/ ML integration. Our commitment to sustainability and the highest level of governance will remain the foundation of our future growth.”