Adani Green’s Profits Up 50% YoY in Q2 FY23 on the Back of Higher Sale of Power

The company registered revenue of ₹11.07 billion during the quarter


Adani Green Energy (AGEL) posted cash profits of ₹6.01 billion (~$73.98 million) in the second quarter (Q2) of the financial year (FY) 2023, a 50% increase over ₹4.01 billion (~$49.36 million) in the same period last year. The company attributed the increase in profits to the rise in the sale of power.

The company sold 3,067 MU of solar energy during the quarter, an increase of 61% year-over-year (YoY). It earned a revenue of ₹11.07 billion (~$136.27 million) from the sale of energy in Q2 FY 2023, a 33% increase YoY.

The revenue growth is driven by the greenfield commissioning of 1,315 MW and the integration of SB Energy’s operating portfolio of 1,700 MW.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) from the power supply for Q2 was ₹11.31 billion (~$139.23 million), a YoY increase of 44% from ₹7.87 billion (~$96.88 million).

The operational capacity increased by 24% YoY to 6,724 MW in Q2.

The solar portfolio capacity utilization factor (CUF) stood at 22.1% compared to 21.4% in the same period last year. The wind portfolio declined to 27.3% from 42.7% last year.

The company stated that the solar CUF and sale of energy had improved with the integration of  SB Energy’s portfolio, having a CUF of 26.3%. The reduction in overall wind portfolio CUF and the sale of energy was primarily due to disruption in the transmission line (force majeure) for the 150 MW plant in Gujarat.

Speaking on the results, Vneet S Jaain, MD and CEO of Adani Green, said, “We are proud of our teams for enabling the rapid development of India’s first and the world’s largest solar-wind hybrid cluster of 990 MW and Madhya Pradesh’s largest wind project of 325 MW while ensuring cost-effectiveness and the highest quality standards. With our focus on delivering the cheapest green electron, we have continued to deploy the latest and most effective technologies to maximize electricity generation at a lower cost. The globally recognized ESG ratings ranked us ahead of some of the largest global utilities and renewable energy players, which is proof of our commitment to a sustainable future and the highest governance standards at Adani Green.”

1H FY 2023

For the first half (1H) of FY 23, Adani Green Energy posted a cash profit of ₹12.81 billion (~$157.69 million), an increase of 49% YoY.

The company’s revenue from power supply grew 45% YoY to ₹24.35 billion (~$299.75 million).

The EBITDA from the power supply was ₹23.96 billion (~$294.95 million), a 52% YoY increase.

Adani Green sold 6,618 MU of solar energy in 1H FY 23, an increase of 67% YoY.

The company stated that it had received a favorable order from the Appellate Tribunal for Electricity (APTEL) for 288 MW solar plants at Kamuthi, Tamil Nadu, that would result in a one-time revenue upside of ₹5.68 billion (~$69.92 million) and a recurring positive annual impact of ~ ₹900 million (~$11.08 million).

In September this year, Adani Green commissioned a 600 MW interstate transmission system connected wind-solar hybrid power project in Jaisalmer, Rajasthan.

The company had generated revenue of ₹13.28 billion (~$168.72 million) from the sale of energy in Q1 FY 2023, a 57% YoY increase over ₹8.48 billion (~$107.73 million) in the same period last year.