Adani Green Energy Q3 Results FY2023, Cash profit at Rs. 1827 crores

On 7th February,  Adani Green Energy announced its results for the third quarter of FY2023.

Key Highlights:

- The total income was reported at Rs. 2258 crores.
- Revenue from Power Supply increases by 39% YoY to Rs 3,695 Crores for 9MFY23
- Realized 3.8 Million Carbon Credits generating revenue of Rs. 153 Crores
- Cash Profit increases by 41% YoY to Rs 1,827 Crores
- The company reported PAT at Rs. 103 crores.
- Run-rate EBITDA stands at a strong Rs. 7,380 crore with Net Debt to Run-Rate EBITDA of 5.6x as of Dec 2022 well within the stipulated covenant of 7.5x for Holdco bond

Business Highlights:

- The Solar CUF and Sale of Energy have improved with the integration of a high-quality SB Energy portfolio having a CUF of 26.0% in 9M FY23, consistent high plant availability, improved grid availability, and improved solar irradiation.
- Sale of Energy for the Wind portfolio has increased significantly backed by strong capacity addition, though, the Wind CUF has reduced primarily due to a one-off disruption in the transmission line (force majeure) for the 150 MW plant at Gujarat, which is now fully restored.
- The newly commissioned solar-wind hybrid plants of 1,440 MW deploy the latest technologies such as bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced Wind Turbine Generators leading to a high hybrid CUF.
- Commencing its renewable journey with the commissioning of 648 MW in Kamuthi, Tamil Nadu, then the largest single location plant in the world in the year 2016, AGEL’s operating capacity is now set to increase to about 8,300 MW, the largest in India, by end of FY23.
- AGEL’s intelligent Energy Network Operation Center (ENOC) has continued to enable real-time monitoring of all plants across 12 states enabling about 100% plant availability (solar) and industry-leading EBITDA margins of about 92%.
- AGEL has set up a revolving construction facility of USD 1.64 billion with 26 international lenders to ensure the availability of project financing. The facility won an award from Project Finance International (PFI) for its unique revolving structure and alignment with the global green loan framework.
- 97% of AGEL’s rated credit facilities are rated between ‘A’ to ‘AAA’ equivalent credit rating scale (India) and rating affirmations are received from the majority of the rating agencies in the last few days.

Commenting on the results, Mr. Vneet S. Jaain, MD & CEO, of Adani Green Energy Ltd said: “The continued strong performance demonstrates the resilience of AGEL’s business model supported by a robust capital management program with leverage well aligned with the business model. We appreciate that, in the last few days, this has further been reaffirmed by the rating agencies, equity and credit research analysts and various banks, financial institutions, long-term investors and other key stakeholders have also reassured their confidence in AGEL’s strong business model. I am also proud of the continued progress towards our ESG commitment and we are determined to continue our journey forward in this direction.”