Adani Green Energy Q3 Results: Profit Surges 148% On Higher Sales, Margin

Adani Green Energy Ltd.'s third-quarter profit jumped on higher power sales and operating margin.

The net profit of billionaire Gautam Adani-led renewable energy firm rose 148% year-on-year to Rs 256 crore in the quarter ended December 2023, according to an exchange filing.

Adani Green Energy Q3 Highlights (Consolidated, YoY):

• Revenue from operations rose 17.25% to Rs 2,311 crore.

• Operating profit or Ebitda rose 49.3% to Rs 1,742 crore.

• Ebitda margin widened 16.17 percentage points to 75.37% versus 59.2%.

The strong growth in revenue, Ebitda and cash profit were primarily driven by capacity addition of 1,154 MW over the past year and improved capacity utilisation factor, the company said.

The operating margin was driven by better operations and maintenance practices that led the company to achieve higher electricity generation at lower operations and maintenance cost.

Sale of energy in the nine months to December 2023 rose by 59% YoY to 16,293 million units primarily backed by strong capacity addition and improved CUF.

The solar portfolio CUF remained stable at 24% in nine months of fiscal 2024 with improved plant availability.

The wind portfolio CUF rose by 510 bps YoY to 32.2% in 9MFY24 with improved wind speed, improved plant availability and significant improvement in grid availability.

The solar-wind hybrid portfolio CUF rose by 750 basis points YoY to 41.5% in 9M FY24 backed by technologically advanced solar modules, horizontal single-axis trackers and wind turbine generators as well as consistent high plant and grid availability, the company said.

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. “

The company continues to ramp up its execution capability by focusing on a resilient supply chain with emphasis on localisation, digitalisation at scale, workforce expansion and competency building, Singh said.

The company is working on the world’s largest renewable power plant at Khavda in Gujarat and endeavors to create a mega scale development of renewable energy projects as the world targets to triple the renewable power capacity by 2030.

Shares of Adani Green Energy were trading 3.57% higher compared to 1.8% increase in the benchmark Sensex.