Adani Green Energy Q1 Results: Strong Revenue Growth, Profit Stumbles

Adani Green Energy Limited has announced it’s results for Q1, FY 23. The firm has reported net sales at Rs 1,701.00 crore in June 2022, up 57% from Rs. 1079 crore in June 2021. On a QoQ basis, vis a vis March 2022, sales have moved up from Rs 1587 crores in March, just over 7% growth. With some of the highest margins in the business, net profit grew at Rs 214 crore as compared to Rs 219 crores in the corresponding quarter last year, degrew by over 2 percent, even as it grew over 76% on the March 2022 figure of Rs 121 crores.

The firm, seen as the key renewable energy development arm of the Adani group, has a declared target of 25 GW of renewable portfolio by 2025 and 45 GW by 2030, which is well within reach going by its existing portfolio and confirmed pipeline deals.

Currently it has an operational portfolio of just over 5800 MW, with an additional 20.4 GW of locked in deals, of which close to 15.5 GW plus is Solar. With the rest accounted by Wind and Hybrid projects. The company, in an investor presentation in June this year claimed that it had land resources tied up for growth up to 40 GW & land identified for the next 10 GW. O&M of its existing plants is done by it’s own in-house team.

During the quarter, the most notable new project from the firm was the 390 MW Hybrid project at Jaisalmer, in Rajasthan.

Sale of energy increased by 73 per cent YoY to 3,550 mn units. Adani Green Energy Limited (AGEL) received ESG score of 66/100, the highest in Indian power sector, in CRISIL Sustainability Yearbook 2022.

Its solar portfolio CUF improved by 150 bps YoY to 26.5 per cent. Wind portfolio CUF improved by 850 bps YoY to 47.0 per cent, the highest ever reported wind CUF by AGEL.

Revenue from power supply increased by 57 per cent YoY to Rs 1,328 crore. EBITDA from power supply increased by 60 per cent YoY to Rs 1,265 crore with consistent EBITDA margin of 92 per cent.