AGEL Reports Strong Growth in Q3 FY24, Targets 45 GW Capacity by 2030

Adani Green Energy Ltd (AGEL) has announced robust financial results for the quarter and nine months ending 31 December 2023.

In Q3 FY24, AGEL reported a substantial 40 percent surge in revenue from power supply, reaching INR 1,765 crore, compared to INR 1,258 crore in Q3 FY23. The nine-month performance was equally positive, with a remarkable 57 percent increase in revenue from power supply, reaching INR 5,794 crore.

The EBITDA from power supply, a crucial measure of operational profitability, showed parallel growth. In Q3 FY24, it stood at INR 1,638 crore, reflecting a 40 percent increase from INR 1,174 crore in Q3 FY23. 

Over the nine-month period, EBITDA from power supply reached INR 5,412 crore, marking a substantial 52 percent growth from INR 3,570 crore in 9M FY23. The EBITDA margin remained strong, with percentages of 91.5 percent and 92 percent in Q3 FY24 and 9M FY24, respectively.

Furthermore, the cash profit reported a growth of 58 percent in Q3 FY24 to INR 862 crore, compared to INR 546 crore in the same quarter of the previous fiscal year. Over the nine months ending December 2023, the cash profit reached INR 2,944 crore, showcasing a growth of 61 percent increase from INR 1,827 crore in 9M FY23.

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 localization, digitalization at scale, workforce expansion and competency building. 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.”

In terms of capacity addition and operational performance, the operational capacity increased by 16 percent from 7,324 to 8,478 in Q3 FY24. The solar segment expanded by 3 percent, the wind segment grew by 31 percent, and the Solar-Wind Hybrid capacity saw an impressive 49 percent growth.

The sale of energy recorded a substantial 27 percent growth, reaching 4,596 million units in Q3 FY24. While the solar segment saw a slight decline, the wind segment exhibited a remarkable 69 percent growth, and the Solar-Wind Hybrid segment witnessed an outstanding 100 percent growth.

The Capacity Utilization Factors (CUF) for the solar portfolio slightly decreased, while the wind portfolio saw a significant increase, and the Solar-Wind Hybrid portfolio's CUF showed growth.

AGEL's financial results showcase a robust performance, reflecting the company's commitment to sustainable and profitable growth in the renewable energy sector.