Adani Green Energy on Monday posted second quarter profit at Rs 371 crore, up 149 per cent as against Rs 149 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 2220 crore, up 40.2 per cent in comparison to Rs 1584 crore during the second quarter of FY23. The company EBITDA stood at Rs 1699 crore, up 96.2 per cent on-year. While the total income during the quarter was recorded at Rs 2589 crore, total expenditure incurred during the quarter ended September 2023 was at Rs 2160 crore.
Cash profit, the company said, increased by 63 per cent on-year to Rs 2082 crore and run-rate EBITDA stood at a strong Rs 7645 crore. AGEL’s Corporate Governance Score upgraded to 7.4, which is in the highest scoring range relative to global peers, in MSCI’s latest ESG rating update on 29 Sep 2023, it said.
“With an operational capacity of 8,316 MW (with 9,021 MW AC capacity), AGEL continues to own the largest operating renewable energy portfolio in the country,” it said. The sale of energy has also increased by 78 per cent YoY to 11,760 mn units in H1 FY24 primarily backed by strong capacity addition and improved CUF across solar, wind and hybrid Portfolios. The solar portfolio CUF has improved by 90 bps YoY to 25.2 per cent in H1FY24 with improved plant availability and improved solar irradiation. The wind portfolio CUF has improved by 360 bps YoY to 40.2 per cent in H1FY24 with consistent wind speed and significant improvement in grid availability. The solar-wind hybrid portfolio CUF has improved by 880 bps YoY to 45.4 per cent in H1FY24 backed by technologically advanced solar modules, horizontal single-axis trackers and wind turbine generators as well as consistent high plant and grid availability.
“The robust growth in revenue, EBITDA 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,” Adani Green said in a statement.
“The performance improvement across the board is the result of our team’s relentless efforts. In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed a workforce of 5,000+. At Khavda, we will be installing the most advanced TOPCon solar modules as well as India’s largest and one of the most efficient 5.2 MW wind turbines. These efforts will drive us towards achieving the lowest levelized cost of energy,” said Amit Singh, CEO, Adani Green Energy Ltd.
“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,” Amit Singh added.