Adani Green Energy Ltd (AGEL), the renewable energy arm of Adani Group, has posted a 150% year-on-year (YoY) surge in its consolidated net profit to ₹372 crore in the second quarter ended September 30, 2023, as compared to ₹149 crore in the year ago period. Sequentially, the profit rose 15.5% from 322 crore in July quarter of the current fiscal.
The total income of billionaire Gautam Adani-led company jumped 53.7% to ₹2,589 crore in Q2 FY24, from ₹1,684 crore in the corresponding quarter last fiscal. On quarter-on-quarter, the revenue increased by 8.3% from 2,390 crore in Q1 FY24.
On the operational front, EBITDA rose 58% YoY to ₹3,775 crore, while run-rate EBITDA stood at ₹7,645 crore. The net debt to run-rate EBITDA was 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,” AGEL says in a BSE filing.
The total expenses climbed 43% to ₹2,160 crore in Q2FY24 as compared to ₹1,514 crore in the same period last fiscal.
As per the company, the growth in revenue, EBITDA and cash profit was primarily driven by capacity addition of 1,592 MW over the last one year and improved capacity utilisation factor (CUF).
Amit Singh, CEO, Adani Green Energy, says, “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 levelised cost of energy."
Cash profit from power supply soared 72% YoY to 1,031 crore, while revenue increased by 80% to ₹1,984 crore in Q2 FY24 as compared to the same period last year. The EBITDA from power supply rose 62% YoY to 1,835 crore, while margin dropped marginally to 91.3%.
The release notes that AGEL continues to be the largest operating renewable energy portfolio in the country with an operational capacity of 8,316 MW (with 9,021 MW AC capacity 2).
During the quarter under review, the sale of energy increased by 87% YoY to 5,737 mn units, primarily backed by strong capacity addition and improved CUF across wind and solar-wind hybrid portfolios.
The solar portfolio CUF improved to 23.5% in Q2 FY24, while wind portfolio CUF surged to 41.6%. The solar-wind hybrid portfolio CUF was 43.5%.
Following Q2 results, shares of Adani Green Energy ended 4.95% higher at ₹914.65 on the BSE.
