Adani Green Energy Q2 FY24 results: Profit zooms 149% to Rs 371 crore; revenue up 80%

Adani Green Energy Ltd on Monday reported a stellar growth in its second-quarter (Q2) consolidated net profit during the financial year 2023-24 (FY24). The company's profit came at Rs 371 crore in Q2 FY24, up 148.99 per cent from Rs 149 crore in the year-ago period. Adani Green's revenue from operations surged 79.55 per cent to Rs 1,984 crore in the September 2023 quarter as against Rs 1,105 crore in the corresponding period last year.

The company said its operational capacity increased by 24 per cent year-on-year (YoY) to 8,316 MW with addition of 1,150 MW solarwind Hybrid, 212 MW solar and 230 MW wind power plants over the last one year. Sale of energy was up by 78 per cent YoY to 11,760 million units, it added.

Solar portfolio CUF stood at 25.2 per cent up by 90 basis points (bps), wind portfolio CUF at 40.2 per cent up by 360 bps, and solar-wind hybrid portfolio CUF came at 45.4 per cent up by 880 bps YoY.

"The robust growth in revenue, EBITDA (Earnings before interest, taxes, depreciation and amortization) and cash profit is primarily driven by capacity addition of 1,592 MW over the last one year and improved CUF. The consistent industry-leading EBITDA margin is driven by AGEL's best-in-class O&M practices enabling it to achieve higher electricity generation at lower O&M cost," it stated

"The run-rate EBITDA stands at a strong Rs 7,645 crore with net debt to run-rate EBITDA at 4.99x as of September 2023 as compared to 5.9x last year. The ratio continues to be well within the stipulated covenant of 7.5x for holdco bond," it further said.

Amit Singh, CEO at Adani Green Energy, said, "Looking ahead, we aim to augment automation in our operations and make every decision even more intelligence driven through extensive digitalization and AI/ ML integration. Our commitment to sustainability and the highest level of governance will remain the foundation of our future growth."

The company counts Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and some state Discoms as its key customers.

Shares of Adani Green Energy settled with 4.95 per cent gains at Rs 914.65 today.

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