Adani Green Energy Ltd posts INR 950 crore profit for 9M FY2024

Adani Green Energy Ltd (AGEL) announced this week its financial results for the nine months ending Dec. 31, 2023. The company reported a revenue of INR 5,794 crore for 9M FY 2024, up 57% YoY. Net profit (profit after tax) for this period grew to INR 950 crore against INR 466 crore in 9M FY 2023.

EBITDA was up 52% YoY to INR 5,412 crore with industry-leading EBITDA margin of 92%. Cash profit increased 61% YoY to INR 2,944 crore.

“The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,154 MW over the past year and improved capacity utilization factor (CUF),” stated AGEL.

Operational capacity increased by 16% YoY to 8,478 MW (5,063 MW solar, 2140 MW hybrid, and 1,275 MW wind) with greenfield addition of 1,154 MW in 9M FY 2024. The projects commissioned during the nine-month period included 700 MW solar-wind hybrid power plants, 304 MW wind capacity in Gujarat, and 150 MW solar power plant in Rajasthan. Sale of energy increased 59% YoY to 16,293 million units backed by robust capacity addition and improved CUF performance.

Among other highlights in 9M FY 2024, AGEL also completed the power offtake tie-up for the entire 8 GW of solar power generation capacity secured under SECI’s manufacturing-linked solar tender.