Adani Green Delivers Stellar Q3 Results-Profit Up 148% on 40% Turnover Jump

Adani Green Energy Limited has announced its financial results for Q3 and nine months ending December 31, 2023. The firm, which is the green energy project developer from the Adani Group, saw consolidated net profit improve by 148.54% to Rs 256 crore in Q3FY23 as compared to Rs 103 crore reported in the same period last year. However, on a QoQ basis with Q2, consolidated net profit has dropped by 31%.

Consolidated revenue from operations surged to Rs 1,765 crore in Q3 from Rs 1,258 crore in the year-ago quarter, an increase of 40.30% YoY.

Rising revenues were powered by a  59% YoY rise in the sale of energy to 16,293 million units.

During the quarter, the company’s operational capacity grew by 16% YoY to 8,478 MW in Q3FY24 with the greenfield addition of 700 MW solar-wind hybrid, 304 MW wind, and 150 MW solar projects.  See full details in the nine month summary of the company for Fy24.

The company has already announced the completion of a JV with TotalEnergies for a 1,050 MW portfolio, raising USD 300 million ( Rs 2,497 crore). Furthermore, the promoters are set to invest Rs. 9,350 crore in Adani Green Energy Limited (AGEL) through share warrants, with Rs. 2,338 crore already received and the remaining amount expected within the next 18 months.

All that has helped AGEL provide a cash-backed plan for repayment of USD 750 million Holdco bond, which is due in September 2024.
During the first nine months of FY24, the company achieved a 57% increase in consolidated revenue, reaching Rs 3,690 crore as compared to the corresponding period last year. The consolidated net profit for this period came in at Rs 950 crore, marking a 104% surge in comparison to the net profit of ₹466 crore reported in the first nine months of FY23.

AGEL has further sealed its largest project financing of USD 1.36 billion senior debt facility as part of its Construction Financing Framework to enhance the funding pool to USD 3 billion. Definitive agreements have been executed with leading international banks, with all of them being existing lenders and instrumental in establishing AGEL’s Construction Financing Framework in March 2021. The green loan facility will not only enable the development of AGEL’s next milestone of developing the world’s largest renewable energy plant at Khavda in Gujarat but also help in its overall target of 45 GW by 2030