Adani Green’s Q4 Revenue Grows 89% on Higher Energy Sales, Capacity Add

The company added 2.6 GW renewable capacity in FY 2022-23


Adani Green Energy’s (AGEL) revenue grew by 89% year-over-year (YoY) to ₹21.3 billion (~$261 million) for the fourth quarter (Q4) of the financial year (FY) 2022-2023 on the back of higher energy sales and renewable capacity addition.

The company sold 4,642 MU of energy during the last quarter of the financial year, up 56% YoY. The sales include 2,872 MU of solar, followed by 428 MU of wind and 1,342 MU of solar-wind hybrid.

The company said its cash profit for the quarter was up 142% YoY to ₹13.7 billion (~$167 million).

The company’s total operational capacity by the end of Q4 stood at 8,086 MW, up 49% from 5,410 MW YoY.

Adani Green’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for Q4 increased by 86% YoY to ₹19.6 billion (~$241 million).

Full Year

Adani Green’s revenue grew by 54% YoY to ₹58.2 billion (~$712 million) for FY 2022-23, driven by a 2.6 GW increase in renewable capacity during the year.

The company’s cash profit came in at ₹31.3 billion (~$382 million), up 72% YoY.

The higher capacity addition during FY 2023 fuelled AGEL’s EBITDA to ₹55.3 billion (~$677 million), up by 57% YoY.

The highest capacity added was of solar-wind hybrid plants in Rajasthan, totaling 2.14 GW, followed by 325 MW of wind capacity added in Madhya Pradesh and 212 MW of solar operationalized in Rajasthan.


Adani Green sold 14,880 million units (MU) of energy in FY 2023, up 58% YoY. The company said that the increase in sales was driven by strong capacity addition, analytics-driven operation and maintenance enabling high plant availability, and deployment of new renewable technologies.

The company sold 10,457 million units (MU) of solar energy during FY 2023, up by 29% YoY, while the sale of wind energy increased by 37% YoY to 1,820 MU.

The solar-wind hybrid energy sales stood at 2,603 MU.

AGEL also signed power purchase agreements in the year for 450 MW wind projects and 650 MW solar projects with the Solar Energy Corporation of India (SECI), which the company said significantly boosted its projects pipeline.

The capacity utilization factor (CUF) for solar improved by 90 basis points (bps) to 24.7%, while the CUF stood at 35.5% for wind-solar hybrid projects. The improvement in solar CUF resulted from the acquisition of SB Energy’s portfolio, which had a CUF of 26.6% in FY 2023, along with higher plant availability, improved grid availability, and higher solar irradiation.

Chairman of Adani Group, Gautam Adani, said, “Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future.”

Adani Green Energy posted a net profit of ₹1.03 billion (~$12.4 million) for the third quarter of FY 23, a surge of 110% YoY.