Adani Green Energy Q4 Results Strong, Net Profit Rises 319 Percent

The Adani Groups green energy development arm, Adani Green Energy has announced a rise of 319 per cent in consolidated net profit to Rs 507 crore for the Q4 quarter ended March 2023. This corresponds to a net profit of Rs 121 crore in the corresponding quarter last fiscal. Other key numbers on the EBITDA front as well as overall revenues also came in with healthy growth, indicating the firm’s ability to stay on track for its near term and long term targets despite the upheavals in the stock markets seen in the last quarter by the group.

Total income rose 88 per cent to Rs 2,988 crore in Q4FY23 as compared to Rs 1,587 crore in Q4FY22.

The operational revenues from power sold stood at Rs 2,130 crore for the quarter vis a vis  Rs 1,128 crore in the corresponding quarter in the last financial year. For the full year in FY23, total revenue from power supply increased 54% YoY to Rs 5,825 crore.

EBITDA for the FY23 rose to  Rs 5,538 crore, up 57% YoY.

The sale of energy has increased by 58 per cent YoY to 14,880 mn units in FY23 primarily backed by strong capacity addition, analytics driven O&M enabling high plant availability and deployment of latest renewable technologies.

“The solar portfolio CUF has improved by 90 bps YoY to 24.7% in FY23 with integration of high-quality SB Energy portfolio having a CUF (Capacity Utilization Factor) of 26.6% in FY23, consistent high plant availability, improved grid availability and improved solar irradiation. For the wind portfolio, the sale of energy has increased significantly backed by strong capacity addition, though, the wind CUF has reduced primarily due to one-off disruption in transmission line (force majeure) for the 150 MW plant at Gujarat, which is now fully restored,” said Adani Green Energy in its filing.

The company continues to lead in capacity additions, adding 2,676 MW renewable capacity to its operational fleet in FY23, which includes 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya Pradesh and 212 MW solar power plants in Rajasthan.

Even as AGEL has delivered largely on its promises, the group’s investment into its manufacturing ventures through ANIL are the ones likely to see a slowdown due to the change in fund raising environment for the group.