Adani New Industries Q1 revenue up 209% YoY 


Adani New Industries Ltd (ANIL), the new industries business under Adani Enterprises, recorded Q1 FY 2023-24 revenue of INR 1,898 crore (around $229 million), 209% up from INR 615 crore in the corresponding period of FY 2022-23. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 7.5 times year-on-year (YoY) to INR 355 crore.

ANIL is developing an end-to-end green hydrogen eco-system spanning ingot, cell, module, wind turbine, and electrolyzer manufacturing. It has reached a solar module capacity of 4 GW and a cell capacity of 2 GW. Another 2 GW of cell line is set to become operational by September this year. It will be based on TOPCon technology.

In Q1 FY 2023-24, ANIL’s module sales (domestic and export combined) increased by 87% YoY to 614 MW. Exports surged over 19 times to 387 MW. And the business received a financial closure of INR 900 crore, from IREDA, for ingot and wafer manufacturing.


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