- RE target for 2030 revised upwards to 50 GW from 45 GW
- Greenfield capacity addition of 2.8 GW in FY24, representing 15% of India’s total renewable energy capacity addition
- Run-rate EBITDA stands at a strong Rs. 10,462 crore; Net Debt to Run-rate EBITDA at 4.0x v/s 5.4x last year
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Financial & Operational Performance -
- Revenue increases 33% YoY to 7,735 crore
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- Industry-leading EBITDA margin of 92%
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- Cash profit increases 25% YoY to Rs. 3,986 crore
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- Operational Capacity increases 35% YoY to 10.9 GW
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- Deployed 2 GW of 30 GW under construction at Khavda, Gujarat, world’s largest RE project
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- Targeted addition of 5 GW+ Hydro Pumped Storage capacity by 2030; kicked off the first project of 500 MW in Andhra Pradesh
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- Sale of energy increases 47% YoY to 21,806 million units
Other recent milestones
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- Refinanced RG1 bond with fresh issuance of USD 409 mn, oversubscribed by 6.5 times
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- ‘Energy Revolution: The Adani Green Energy Gallery’ opened at the Science Museum in London, UK
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- Rated ‘A-’ in CDP Climate Change 2023 assessment displaying environmental leadership
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- Rated ‘A’ in the CDP supplier engagement rating 2023
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- Ranked 1st in Asia and among Top 5 companies in the RE sector globally by ISS ESG
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- FINANCIAL PERFORMANCE – FY24:
Particulars Excluding one-time revenues Reported Financials FY23 FY24 % change FY23 FY24 % change Revenue from Power Supply 5,199 7,600 46% 5,809 7,735 33% EBITDA from Power Supply 1 4,928 7,087 44% 5,538 7,222 30% EBITDA from Power Supply (%) 91.6% 91.8% Cash Profit 2 2,259 3,498 55% 3,192 3,986 25% FINANCIAL PERFORMANCE – Q4 FY24
Particulars Excluding one-time revenues Reported Financials Q4 FY23 Q4 FY24 % change Q4 FY23 Q4 FY24 % change Revenue from Power Supply 1,575 1,941 23% 2,119 1,941 -8% EBITDA from Power Supply 1 1,424 1,811 27% 1,968 1,811 -8% EBITDA from Power Supply (%) 91.4% 91.3% Cash Profit 2 555 1,034 86% 1,365 1,042 -24% Note: The above tables present financial performance with and without one-time revenues pertaining to some operating projects. AGEL received substantial amounts as past period tariff differential and late payment surcharge as a result of tariff dispute resolution with some customers as informed in various past periodic disclosures.
- The Run-rate EBITDA stands at a strong Rs. 10,462 crore with Net Debt to Run-rate EBITDA at 4.0x as of March 2024 as compared to 5.4x last year.
Mr. Amit Singh, Chief Executive Officer, Adani Green Energy Ltd, said, “I am immensely proud of the team for successfully deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum. Aligned with the country’s need for accelerated integration of renewables into the grid, we are now focused on delivering energy storage in addition to solar, wind, and hybrid projects. Our goal is to commission at least 5 GW of hydro pumped storage projects by 2030. We remain steadfast in our commitment to deliver affordable clean energy at an unprecedented scale and velocity and have set a higher target of 50 GW by 2030, which will contribute towards India’s non-fossil fuel capacity target of 500 GW.”
The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 2,848 MW over the last year, consistent capacity utilization factor (CUF) for solar portfolio and improved CUF for wind and solar-wind hybrid portfolio.
