Adani Green Energy Ltd on Tuesday reported its fiscal third-quarter consolidated net profit jumped 110% on-year to Rs 103 crore, on a total income jump of 53.5% on-year to Rs 2,258 crore. Earlier today, Adani Green Energy stock was trading volatile, swinging between gains and losses ahead of the results announcement. Its shares closed 5% down at Rs 843.20.
Total expenses rose 44% to Rs 2067 crore in the December 22 quarter from Rs 1,430 in the same period previous year. The company’s revenue from power supply increased by 39% on-year to Rs 3,695 crore. The realized 3.8 million carbon credits generating revenue came in at Rs 153 crore. Cash profit increased by 41% on-year to Rs 1,827 crore. Run-rate EBITDA stood at Rs 7,380 crore with net debt to run-rate EBITDA of 5.6x as of Dec 2022. The growth in revenues, EBITDA and Cash Profit is primarily driven by greenfield commissioning of 1,915 MW.
“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,” said Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.
Meanwhile, Adani Group on Monday said, that it will prepay loans backed by pledged shares across group companies Adani Green, Adani Transmission, and Adani Ports. Adani Green said that the group promoters have posted as much as $1.1 billion of amount towards prepayment of the share-backed facility ahead of its maturity of September 2024. Adani group has released 12% of the promoter holding in Adani Ports; 3% of promoter holding in Adani Green; and 1.4% of promoter holding in Adani Transmission.