Adani Green Reports 6% Dip In Revenues In Q4, 21% Growth In FY24

Adani Energy Acquires Essar’s Mahan-Sipat Transmission Assets

Adani Green Energy Limited (AGEL) today published its quarterly (Q4) and annual financial results for FY24. In its filing before the Bombay Stock Exchange (BSE), AGEL cited a reduction of 39% in profit (including share of profits from associates and JVs) in the latest quarter compared to its Q4 of FY23.

In its unaudited consolidated financial results, Adani Green reported a total profit of Rs 310 crore in Q4 of FY24. On the other hand, it had reported a total profit of Rs 507 during the Q4 of FY23. While the renewable company reported reduced profit margins in Q4 on a YoY basis, it did report an increase in profit on a quarterly basis.

While the firm reported a total profit of Rs 256 crore in Q3, its Q4 profits increased to Rs 310 crore, reporting an increase of 21 percent. On an annual basis, the balance sheet, however, looked better. The company, which recorded a total profit of Rs 973 crore in FY23 reported a total profit of Rs 1260 crore by the end of FY24. This is an increase of 29% on an annual basis, the financial results of Adani Green revealed. 

Adani Green also reported a decline in its total revenue for Q4 of FY24. While it earned a total revenue of Rs 2,977 crore in Q4 of FY23, it reported a reduced revenue of Rs 2,806, reporting a 5.7% decline in profits on a YoY basis. However, its revenues on a QoQ basis increased by 4.9%. On an annual basis, its revenues increased from Rs 8617 crore to Rs 10,460 crore, reporting a rise of 21.4%. 

In its presentation, AGEL said that its operational capacity increased by 35% YoY to 10.9 GW from 8.086 GW. The company also said its sales of solar energy on a YoY basis increased by 6%. However, its total share of sales of solar power declined from 24.7% in FY23 to 24.5% in FY24. The firm blamed the lower solar irradiation for the same. However, the firm reported an increase in its sale of wind power by upto 71% on a YoY basis. It also reported a 194% increase in the sale of hybrid power from FY23 to FY24.