Adani Green posts big gains, EBITDA up by 57% Year-On-Year

Adani Green Energy Ltd (AGEL), the renewable energy arm of the Adani Group, on Monday, announced financial results for the quarter and fiscal year that ended March 31, 2023. AGEL reported Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of Rs 5,538 crore up 57% year-on-year. Adani Green also added a massive 2,676 MW renewable capacity to its operational fleet in FY23, which includes 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya Pradesh and 212 MW solar power plants in Rajasthan. AGEL has signed PPAs for 450 MW wind projects and 650 MW solar projects with SECI in FY23 further strengthening the firm project pipeline, Adani Group said.

The renewable energy company said the sale of energy has increased by 58% year-on-year to 14,880 mn units in FY23 primarily backed by deployment of the latest renewable technologies.

"The solar portfolio CUF has improved by 90 bps YoY to 24.7% in FY23 with integration of high-quality SB Energy portfolio having a CUF of 26.6% in FY23, consistent high plant availability, improved grid availability and improved solar irradiation," the Adani Group said.

• AGEL adds a massive 2,676 MW renewable capacity to its operational fleet in FY23
• Cash profit increases by 72% YoY to Rs 3,192 crore
• Run-rate EBITDA stands at a strong Rs. 7,505 crore

Similarly, in the wind portfolio, the sale of energy increased significantly backed by strong capacity addition, though, the wind CUF has reduced primarily due to one-off disruption in transmission line (force majeure) for the 150 MW plant at Gujarat, which is now fully restored, the company said. 

On the FY 23 results, Adani Group chairman Gautam Adani said, "Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance."

“We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance and capacity development. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future," he added.

Adani Green Energy Ltd has one of the largest global renewable portfolios with overall portfolio of 20.4 GW including operating, under-construction and awarded projects catering to investment-grade counterparties.