Last Updated on November 1, 2023 by BFSLTeam BFSLTeam
Table of Content
Introduction
Adani Green Energy Limited (AGEL) is one of India’s largest renewable energy companies and has its headquarters in Ahmedabad, India. The company is owned by the Adani Group and has a current project portfolio of 20,434 MW. It also operates Kamuthi Solar Power Project, which is one of the largest solar PV plants globally. The company was incorporated in January 2016 under the Companies Act 2013.
Adani Green Energy Limited released its unaudited financial results for the quarter and half year ending September 30, 2023. The company performed remarkably during the period under review, registering a net profit growth of 149%. Here is a snapshot of its financial performance during Q2 FY24.
Additional Read: Q2 Results Dashboard
Key Financial Metrics
Q2 FY24 Performance Highlights (Consolidated)
- Adani Green Energy Ltd. registered an incredible 148.99% YoY growth in its net profit at ₹371 Cr, up from ₹149 Cr in the corresponding quarter last year.
- AGEL’s revenue from operations for Q2 FY24 rose 79.55% to ₹1,984 Cr, compared to ₹1,105 Cr during the same period last year.
- The company’s total income increased by 53.7% YoY to ₹2,589 Cr during the second quarter, as against ₹1,684 Cr during Q2 FY23.
- In terms of energy sales, the company reported an 87% increase from last year to 5,737 million units.
Additional Read: Adani Green Share Price
H1 FY24 Performance Highlights
- During the first six months of the fiscal year, Adani Green Energy’s revenue from operations surged 66% YoY to ₹4,029 Cr from ₹2,432 during Q2 FY23.
- Its total income increased from ₹3,384 Cr in H1 FY23 to ₹4,979 Cr during the period under review.
- The company’s EBITDA rose 58% YoY to ₹3,775 Cr.
- In terms of operational performance, the operational capacity increased by 24% year-on-year to 8,316 MW, with additions of 1,150 MW solar-wind hybrid, 212 MW solar, and 230 MW wind power plants in the last 12 months.
- In terms of energy sales, Adani Green Energy registered a 78% YoY increase to 11,760 million units.
- The company also clocked an industry-leading EBITDA margin of 92.2% during H1 FY24.
- Cash profit also surged 63% year-on-year to ₹2,082 Cr.
During H1 of the fiscal year, the company’s solar portfolio CUF clocked 25.2%, up by 90 bps. Meanwhile, the wind portfolio CUF clocked 40.25, up by 360 bps. The solar-wind hybrid portfolio CUF stood at 45.4%, up by 880 bps year-on-year.
Management Commentary
Mr. Amit Singh, the CEO of Adani Green Energy Limited, made the following announcements.
Key Announcements
- The company is aiming to create the largest renewable energy cluster globally in Khavda, Gujarat. AGEL announced it would install the most advanced Tunnel oxide passivated contact solar modules and the country’s largest and most efficient 5.2 MW wind turbines at Khavda.
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 MW | 8,316 MW | 24% | 6,724 MW | 8,316 MW | 24% |
| Solar | 4,763 MW | 4,975 MW | 4% | 4,763 MW | 4,975 MW | 4% |
| Wind | 971 MW | 1,201 MW | 24% | 971 MW | 1,201 MW | 24% |
| Solar-Wind Hybrid | 990 MW | 2,140 MW | 116% | 990 MW | 2,140 MW | 116% |
| Particulars | Quarterly performance | Half Yearly performance | ||||
| Q2 FY23 | Q2 FY24 | % change | H1 FY23 | H1 FY24 | % change | |
| Sale of Energy (Million units)* | 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 (%) | 22.10% | 23.50% | – | 24.30% | 25.20% | – |
| Wind portfolio CUF (%) | 27.30% | 41.60% | – | 36.60% | 40.20% | – |
| Solar-Wind Hybrid (%) | 34.30% | 43.50% | – | 36.60% | 45.40% | – |
* This number also takes into account the energy towards non-capitalised plants (77 million units during H1 FY23 and 15 million units during H1 FY24).
Additional Read: Adani Enterprises Overview
Financial Performance – Q2 & H1 FY24 (Consolidated)
| Particulars | Quarterly performance | Half Yearly performance | ||||
| Q2 FY23 | Q2 FY24 | % change | H1 FY23 | H1 FY24 | % change | |
| Revenue from Power Supply | ₹1,105 Cr | ₹1,984 Cr | 80% | ₹2,432 Cr | ₹4,029 Cr | 66% |
| Total Income | ₹1,684 Cr | ₹2,589 Cr | 53.74% | ₹3,384 Cr | ₹4,979 Cr | 47.13% |
| EBITDA from Power Supply | ₹1,131 Cr | ₹1,835 Cr | 62% | ₹2,396 Cr | ₹3,775 Cr | 58% |
| EBITDA from Power Supply (%) | 91.50% | 91.30% | – | 91.70% | 92.20% | – |
| Profit for the Period | ₹149 Cr | ₹371 Cr | 148.99% | ₹363 Cr | ₹694 Cr | 91.2% |
| Cash Profit | ₹600 Cr | ₹1,031 Cr | 72% | ₹1,281 Cr | ₹2,082 Cr | 63% |
Adani Green Energy Limited: Statement of Assets and Liabilities
| Particulars | Q2 FY 2023-24 |
| Total Non-current Assets | ₹62,691 Cr |
| Total Current Assets | ₹8,197 Cr |
| Total Assets | ₹71,479 Cr |
| Total Equity | ₹7,979 Cr |
| Total Non-current Liabilities | ₹46,722 Cr |
| Total Current Liabilities | ₹16,324 Cr |
| Total Liabilities | ₹63,500 Cr |
| Total Equity and Liabilities | ₹71,479 Cr |
Stock Performance
AGEL announced its financial results for the second quarter of the financial year on October 30th. On the same day, the company’s shares opened at ₹875.95 and rose 4.95% to close at ₹914.65 apiece on BSE.
About the Company
Adani Green Energy Limited was founded in 2015 and was incorporated in January 2016 under the Companies Act 2013. The company constructs, operates, and oversees utility-scale grid-connected solar and wind farm projects. Moreover, the electricity is supplied to state and central government entities and government-backed enterprises. A part of the Adani Group, AGEL has secured long-term PPAs of 25 years with central and state government entities, expanding its presence across 12 states nationwide. The company boasts a portfolio comprising 54 operational projects and 12 projects under construction, thus driving the country on its renewable energy journey.
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