Adani Green Energy reports EBITDA of Rs. 7,222 crore, up 30% YoY, in FY24
- RE target for 2030 revised upwards to 50 GW from 45 GW
- Greenfield capacity addition of 2.8 GW in FY24, representing 15% of India’s total renewable energy capacity addition
- Run-rate EBITDA stands at a strong Rs. 10,462 crore; Net Debt to Run-rate EBITDA at 4.0x v/s 5.4x last year
Financial & Operational Performance
- Revenue increases 33% YoY to 7,735 crore
- Industry-leading EBITDA margin of 92%
- Cash profit increases 25% YoY to Rs. 3,986 crore
- Operational Capacity increases 35% YoY to 10.9 GW
- Deployed 2 GW of 30 GW under construction at Khavda, Gujarat, world’s largest RE project
- Targeted addition of 5 GW+ Hydro Pumped Storage capacity by 2030; kicked off the first project of 500 MW in Andhra Pradesh
- Sale of energy increases 47% YoY to 21,806 million units
Other recent milestones
- Refinanced RG1 bond with fresh issuance of USD 409 mn, oversubscribed by 6.5 times
- ‘Energy Revolution: The Adani Green Energy Gallery’ opened at the Science Museum in London, UK
- Rated ‘A-’ in CDP Climate Change 2023 assessment displaying environmental leadership
- Rated ‘A’ in the CDP supplier engagement rating 2023
- Ranked 1st in Asia and among Top 5 companies in the RE sector globally by ISS ESG
Bengaluru: Adani Green Energy Ltd (AGEL), India’s largest and fastest growing pure-play renewable energy company, today, announced financial results for the quarter and year ending 31 March 2024.
FINANCIAL PERFORMANCE – FY24:
(Rs. in crore)
|
Particulars
|
Excluding one-time
revenues
|
Reported Financials
|
|
FY23
|
FY24
|
% change
|
FY23
|
FY24
|
% change
|
|
|
|
|
|
|
|
|
|
Revenue from Power Supply
|
5,199
|
7,600
|
46%
|
5,809
|
7,735
|
33%
|
|
|
|
|
|
|
|
|
|
EBITDA from Power Supply 1
|
4,928
|
7,087
|
44%
|
5,538
|
7,222
|
30%
|
|
EBITDA from Power Supply (%)
|
|
|
|
91.6%
|
91.8%
|
|
|
|
|
|
|
|
|
|
|
Cash Profit 2
|
2,259
|
3,498
|
55%
|
3,192
|
3,986
|
25%
|
FINANCIAL PERFORMANCE – Q4 FY24:
|
Particulars
|
Excluding one-time
revenues
|
Reported Financials
|
|
Q4 FY23
|
Q4 FY24
|
% change
|
Q4 FY23
|
Q4 FY24
|
% change
|
|
|
|
|
|
|
|
|
|
Revenue from Power Supply
|
1,575
|
1,941
|
23%
|
2,119
|
1,941
|
-8%
|
|
|
|
|
|
|
|
|
|
EBITDA from Power Supply 1
|
1,424
|
1,811
|
27%
|
1,968
|
1,811
|
-8%
|
|
EBITDA from Power Supply (%)
|
|
|
|
91.4%
|
91.3%
|
|
|
|
|
|
|
|
|
|
|
Cash Profit 2
|
555
|
1,034
|
86%
|
1,365
|
1,042
|
-24%
|
Note: The above tables present financial performance with and without one-time revenues pertaining to some operating projects. AGEL received substantial amounts as past period tariff differential and late payment surcharge as a result of tariff dispute resolution with some customers as informed in various past periodic disclosures.
- The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 2,848 MW over the last year, consistent capacity utilization factor (CUF) for solar portfolio and improved CUF for wind and solar-wind hybrid portfolio.
- The Run-rate EBITDA stands at a strong Rs. 10,462 crore with Net Debt to Run-rate EBITDA at 4.0x as of March 2024 as compared to 5.4x last year.
Mr. Amit Singh, Chief Executive Officer, Adani Green Energy Ltd, said, “I am immensely proud of the team for successfully deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum. Aligned with the country’s need for accelerated integration of renewables into the grid, we are now focused on delivering energy storage in addition to solar, wind, and hybrid projects. Our goal is to commission at least 5 GW of hydro pumped storage projects by 2030. We remain steadfast in our commitment to deliver affordable clean energy at an unprecedented scale and velocity and have set a higher target of 50 GW by 2030, which will contribute towards India’s non-fossil fuel capacity target of 500 GW.”
CAPACITY ADDITION & OPERATIONAL PERFORMANCE – Q4 & FY24:
- AGEL’s operational capacity grew at 35% YoY to 10,934 MW with greenfield addition of 2,848 MW renewable capacity including 2,418 MW solar and 430 MW wind projects. With this. AGEL became the first company in India to cross the 10,000 MW renewable energy capacity. AGEL’s 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually.
- AGEL is developing the world’s largest renewable energy project of 30,000 MW on barren land at Khavda in Gujarat. Spread across 538 sq km, it is five times the size of Paris. Within just 12 months of breaking ground, AGEL has operationalized 2,000 MW. AGEL is deploying the latest renewable energy technologies such as n-type bifacial solar modules and India’s largest 5.2 MW wind turbine maximizing energy generation and minimizing the levelized cost of electricity. AGEL is setting a precedent for how innovative technology, execution capabilities, digitization, a robust supply chain network, and long-term infrastructure financing, combined with sustainable practices, can drive the clean energy transition and decarbonization on a giga scale.
- The sale of energy increased by 47% YoY to 21,806 million units in FY24 primarily backed by strong capacity addition, consistent solar CUF and improved wind and hybrid CUF.
- The solar portfolio CUF remained consistent at 24.5% in FY24 with improved plant and grid availability while the solar irradiation was relatively lower.
- The wind portfolio CUF improved by 420 bps YoY to 29.4% in FY24 with improved plant availability, grid availability and wind speed.
- The solar-wind hybrid portfolio CUF improved by 520 bps YoY to 40.7% in FY24 backed by higher CUF profile projects commissioned in the second half of FY23 as well as improved plant and grid availability.