Adani Green Q1 Results: Consolidated PAT Rises 51% YoY To Rs 323 Crore On Strong Topline

Adani Green Energy posted 50.93% growth in consolidated net profit to Rs 323 crore for the quarter ending June 30, 2023, compared to a net profit of Rs 214 crore a year ago same quarter. Also, the topline front picked up with revenue from operations coming at Rs 2,059 crore in Q1FY24, recording a growth of 55.05% from Rs 1,328 crore in Q1FY23. Sequentially, the company posted a decline in both the bottomline and revenue front.

The Adani Group-backed company's PAT and revenue in Q1FY24 dipped by 36.29% and 3.33% from Rs 507 crore and Rs 2,130 crore garnered in March 2023 quarter.

On the financial performance, Amit Singh, CEO, of Adani Green Energy said, "Path towards a sustainable future lies in embracing cleaner and greener sources of energy. We are committed to producing low-cost green electrons through a continued focus on operational excellence and technology innovation combined with use of Digital and Artificial Intelligence based solutions. Our team's unwavering dedication has been instrumental in achieving consistent strong financial and operational milestones."

In the quarter, the company's operational capacity increased by 43% YoY to 8,316 MW with the addition of 1,750 MW solar-wind Hybrid, 212 MW solar and 554 MW wind power plants over the last one year. While the sale of energy increases by 70% YoY to 6,023 mn units. Further, the solar portfolio CUF stands at 26.9%, the Wind portfolio CUF at 38.7% and the Solar-wind Hybrid portfolio CUF at 47.2%.

EBITDA from power supply stood at Rs 1,938 crore, rising by 53% as against Rs 1,265 crore in Q1 of FY23.

In its statement, Adani Green said, "The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 2,516 MW over the last one year. 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."

Also, the run-rate EBITDA stands at a strong Rs. 7,645 Cr with Net Debt to Run-rate EBITDA at 5.3x as of June 2023. The ratio continues to be well within the stipulated covenant of 7.5x for the holdco bond.

It added the deployment of long-term capital has resulted in the operationalization of significant capacities last year in turn resulting in higher EBITDA and hence lower leverage levels in line with AGEL's prudent capital management approach.

Singh added, "We aim to grow our renewable power capacity to 45 GW by 2030 through Solar, Wind and Solar-Wind hybrid solutions as major contributors. To enable integration of renewables in the grid, round-the-clock solutions with long-term clean storage structures such as pumped hydro will be a critical part of our solution mix, contributing to a greener future and underscore our dedication to combating climate change challenges."

Adani Green's share price on BSE ended at Rs 1093.10 apiece, marginally up from the previous closing. The company's market value is over Rs 1.73 lakh crore.