On January 29, 2024, Adani Green Energy Limited (BSE, NSE: ADANIGREEN) announced its Q3 2023-24 results, delivering robust operational and financial growth for Q3 FY24 and 9M FY24, with Revenue up by 57% YoY, to ₹5,794 crore.
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Adani Green Energy Q3 Results Result Takeaways:
Adani Green Energy Limited has released 9M FY24 results with an emphasis on Q3 results where applicable. Here are the main highlights of the posted by the Company:
- EBITDA was up 52% YoY to ₹5,412 Cr (9M). On a QoQ basis, the EBITDA was up by 40%, for Q3 FY24 versus Q3 FY23. The Company has the distinction of having an industry-leading EBITDA Margin of 92%.
- The Company’s Cash Profit increased by 61% YoY to ₹2,944 Cr. On a QoQ basis, the Cash Profit was up by 58% for Q3 FY24 against Q3 FY23.
- The Company’s Run-rate EBITDA stands at a strong ₹7,806 Cr for 9M FY24.
- The Company’s Operational Capacity increased by 16% YoY to 8,478 MW, for 9M FY24)
- The Company’s Sales of Energy rose by 59% YoY, to 16,293 million units, for 9M FY24.
- The Company’s healthy Revenue growth, strong EBITDA, plus Cash Profit are mainly led by the capacity addition of 1,154 MW over the past year and an improved capacity utilization factor (CUF). The industry-leading EBITDA margin, largely consistent, is driven by the Company’s best-in-class operational capabilities and maintenance (O&M) practices, allowing it to achieve higher generation of electricity at lower O&M cost.
Additional Read: Q3 Results Dashboard
Adani Green Energy – Achieving Milestones
The Company published certain milestones it achieved recently. These are highlighted below:
- The Company has completed a JV with TotalEnergies for a 1,050 MW portfolio, resulting in the raising of USD 300 million (₹2,497 Cr).
- The decision has been taken for the promoters of the Company to invest ₹9,350 Cr equity in AGEL via share warrants with ₹2,338 Cr already received by the Company and the remaining amount to be received within 18 months.
- The Company has upscaled its Debt funding pool under a Construction Financing Framework, from USD 1.36 billion to USD 3 billion.
- The Company has completed the funding of reserves for the redemption of USD 750 million worth of Holdco bonds due in September 2024.
- The ISS ESG ranks Adani Green Energy Limited as the 1st in Asia & among the top 3 international enterprises in the Renewable Energy Sector in its latest ESG evaluation.
Highlights from the Management
The CEO of Adani Green Energy Limited had some details of the results to offer, and these are shared below:
- With the recent announcement of the equity and debt capital raise, the Company has put a capital management framework in place for a secured growth path, leading to the Company’s targeted 45 GW capacity by 2030.
- Along with the continuous ramp-up of digital systems, the Company is on track to set up the world’s largest renewable power plant at Khavda, Gujarat, attempting to contribute to mega-scale renewable energy projects aligned with global objectives of tripling such energy capacity by 2030.
Q3 & 9M FY24 – Capacity Addition & Operational Performance
The Company’s success in operations and growth is largely on the back of the additions of capacity and its operational performance capabilities. These are mentioned below:
- The Company has finished work on the PPA tie-up for the whole 8,000 MW manufacturing-related solar tender issued by the Solar Energy Corporation of India (SECI) with the remaining part of 1,799 MW tied up recently. With this, the Company has a portfolio of 19,834 MW driven by signed PPAs. The final locked-in growth portfolio is at 20,844 MW, including a merchant portfolio comprising 1,010 MW.
- The Company has been ranked the world’s 2nd largest Solar PV developer with a total solar capacity of 18.1 GW in Mercom Capital Group’s recent Global Annual report.
- The Company’s Operational Capacity grew by 16% YoY, to 8,478 MW, with the addition of the greenfield 700 MW solar-wind hybrid, the 304 MW wind, and 150 MW solar projects.
- The Company’s Energy sales rose by 59% YoY, to 16,293 million units in 9M FY24, mainly backed by robust capacity addition and improvements in CUF.
- Stability marked the Solar business CUF, remaining at 24.0% in 9M FY24, as there was an improvement in plant availability.
- The wind business CUF improved by 510 bps YoY, to 32.2% in 9M FY24 with greater wind speed, improved availability of plants, and a significant enhancement in grid availability.
- The Solar-wind hybrid business segment CUF went up by 750 bps YoY, to 41.5% in 9M FY24 led by technologically advanced horizontal single-axis trackers, solar modules, and wind turbine generators plus consistent high grid and plant availability.
Financial Results at a Glance
Here is a glimpse of the financial results of Q3 (figures in ₹ Cr as expressed by the Company’s Q3 and 9M results, except where indicated otherwise):
| Metrics | Q3 FY 2022-23 | Q3 FY 2023-24 | % Change | 9M FY23 | 9M FY24 | % Change |
| Revenue from Power Supply | 1,258 | 1,765 | 40% | 3,690 | 5,794 | 57% |
| EBITDA from Power Supply | 1,174 | 1,638 | 40% | 3,570 | 5,412 | 52% |
| Adjusted EBITDA from Power Supply % | 92.1% | 91.5% | 91.8% | 92.0% | ||
| Cash Profit | 546 | 862 | 58% | 1,827 | 2,944 | 61% |
Additional Check: Adani Green Energy Share Price
Q3 FY24 Result Summary
AGEL or Adani Green Energy Limited is India’s largest and the world’s top renewable energy company today. Its key operations involve the enabling of the transition to clean energy. AGEL is in the business of developing, owning, and operating utility-scale grid-connected wind, solar, and hybrid renewable power plants. The Company boasts a locked-in growth trajectory reaching an impressive 20.8 Gigawatt (GW) and presently holds an operating renewable portfolio of 8.4 GW, standing as the largest in India, spanning 12 states as well as offsetting more than 48 million tonnes of CO2 emissions. Credited with the development of many landmark energy power plants sourcing renewable energy, the most recent being the largest one in the world with a wind-solar hybrid power mass of 2,140 Megawatt (MW) in Jaisalmer, Rajasthan, the Company has established a target to achieve 45 GW by 2030 in alignment with India’s goals for decarbonization.
With each passing period of the Company’s operations, whether a quarter or 9M period, the Company is in constant pursuit of leveraging technology to decrease LOCE or the Levelized Cost of Energy, with the aim of the large-scale adoption of cost-effective clean energy. In its Q3 FY24 and 9M FY24 results, the Company has yet again proved to be the leader in its sector, with a consistent EBITDA margin, leading the industry, backed by AGEL’s high-standard O&M via ENOC permitting the higher generation of power at a lower O&M cost. In the third quarter and nine months of FY24, the Company has also achieved significant avoidance of carbon emissions. The Company’s operating portfolio has the certifications of ‘Water Positive for plants of more than 200 MW capacity’, ‘Single-use plastic free’, and ‘zero waste-to-landfill’, standing as the Company’s testament to the promise towards sustainability for all.
Source: AGEL Investor Presentation on BSE
