Adani Green’s Q2 Revenue Up 80% on Higher Energy Sales, Capacity Additions
The company sold 5,737 million units of energy during the quarter
Renewable energy company Adani Green Energy (AGEL) has generated a revenue of ₹19.84 billion (~$238.3 million) from the sale of energy in the second quarter (Q2) of the financial year (FY) 2024, an 80% year-over-year (YoY) increase from ₹11.05 billion (~$132.7 million).
The company’s cash profit for Q2 FY24 stood at ₹10.31 billion (~$123.8 million), an increase of 72% YoY.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) from the power supply for the July-September period was ₹18.35 billion (~$220.4 million), a YoY increase of 62%.
The robust growth in revenue, EBITDA, and cash profit was primarily driven by a capacity addition of 1,592 MW of renewables over the last year.
AGEL has a total operational renewable capacity of 8,316 MW. It added 1,150 MW solar-wind hybrid, 212 MW solar, and 230 MW wind power projects over the last year.
During the quarter, the company saw an 87% YoY increase in energy sales, reaching 5,737 million units (MU). Substantial capacity additions drove this growth.
Adani generated ₹40.29 billion (~$483.9 million) from the sale of energy in the first half (1H) FY24, a 66% YoY from ₹24.32 billion (~$292.1 million).
The company’s cash profit for the first six months of FY24 stood at ₹20.82 billion (~$250 million), an increase of 63% YoY.
The EBITDA from the sale of power was ₹37.75 billion (~$453.4 million), a YoY increase of 58%.
AGEL’s solar portfolio demonstrated an improved capacity utilization factor (CUF) of 25.2%, a 90 basis points increase compared to the same period last year. This improvement can be attributed to consistently high project availability and enhanced solar irradiation.
Wind portfolio demonstrated an improved CUF of 40.2%, a 360 basis points increase compared to the same period last year. This improvement can be attributed to consistently high project availability and enhanced solar irradiation.
AGEL’s solar-wind hybrid portfolio recorded a CUF of 45.4%, a 880 basis points increase. This growth was supported by implementing new projects featuring technologically advanced solar modules (including bifacial modules and horizontal single-axis trackers) and wind turbines, as well as high project and grid availability and improved solar irradiation.
The sale of energy increased by 78% YoY to 11,760 MU’s in 1H backed by strong capacity addition and improved CUF across solar, wind and hybrid portfolios.
Adani Green Energy emerged as the leading utility-scale solar project developer during the first half of 2023, with the most extensive solar project portfolio as of June 2023, according to Mercom’s India Solar Market Leaderboard 1H 2023.
In September, TotalEnergies announced it would invest $300 million to form a new 50:50 joint venture with Adani Green Energy. The joint venture will comprise 1,050 MW of renewable assets, including 300 MW of operational assets, 500 MW of assets under construction, and 250 MW of assets under development with a blend of solar and wind power.