Adani Green Energy PAT rises 149% in Q3, revenue up 40%; stock rises 5%

Adani Green Energy Ltd on Monday reported consolidated net profit of Rs 256 crore in the December 2023 quarter, registering a rose of 148.5 per cent on a year-on-year (YoY) basis. The Adani Group company had clocked a bottomline of Rs 103 crore in the year ago period.

Its revenue from operations surged 40 per cent YoY to Rs 1,765 crore in the third quarter of the ongoing financial year, compared to a revenue from operations at Rs 1,258 crore in the same quarter previous fiscal.

Ebitda for the quarter jumped 40 per cent YoY to Rs 1,638 crore with an Ebitda margin of 92 per cent. Company's cash profit increased 58 per cent YoY to 862 crore, while run-rate Ebitda stood strong at Rs 7,806 crore for the nine month period ended on December 31, 2023.

The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,154 MW over the past year and improved capacity utilization factor (CUF). The consistent industry-leading EBITDA margin is driven by AGEL’s best in class operations and maintenance (O&M) practices enabling it to achieve higher electricity generation at lower O&M cost, said the company.

“With the recently announced equity and debt capital raise, we have put in place the capital management framework for a well-secured growth path to the targeted 45 GW capacity by 2030. We continue to ramp up our execution capability by focusing on a resilient supply chain with emphasis on localization, digitalization at scale, workforce expansion and competency building, said Amit Singh, CEO, Adani Green Energy.

"We are working on the world’s largest renewable power plant at Khavda in Gujarat and endeavor to set new standards for mega scale development of renewable energy projects as the world embraces the target of tripling renewable power capacity by 2030," he added.

For the nine-months ended on December 31, 2023, the company reported a more than 100 per cent jump in the net profit at Rs 950 crore, while revenue from operations was up 57 per cent to Rs 5,794 crore. Net Debt to Run-rate EBITDA at 4.98 times against 5.6 times last year, said the company.

Operational Capacity increased 16 per cent YoY to 8,478 MW while sale of energy increased 59 per cent YoY to 16,293 million units. AGEL’s operational capacity grew at 16 per cent YoY to 8,478 MW with greenfield addition of 700 MW solar-wind hybrid, 304 MW wind and 150 MW solar projects.

Shares of Adani Green Energy rose more than 5 per cent on Monday to Rs 1750, commanding a total market capitalization of close to Rs 2.75 lakh crore. The scrip had settled at Rs 1,664.50 on Thursday.

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