Earnings|Adani Green Energy Limited (NSE: ADANIGREEN): Q3FY23 Results Out; Total Income rise 53% YoY

Adani Green Energy Limited (NSE: ADANIGREEN) is an Indian renewable energy company that develops, builds, owns, operates and maintains power plants in the solar and wind energy sectors. It is part of the Adani Group, a conglomerate with interests in various sectors such as energy, infrastructure, logistics, and agribusiness. AGEL has a portfolio of over 14 GW of renewable energy projects, making it one of the largest renewable energy companies in India and the world. The company has a goal of becoming the world’s largest renewable energy company by 2025

Adani Green Energy Ltd, an Indian renewable energy company, reported a 39% YoY increase in Q3FY23 revenue from power supply to Rs 3,695 crore. The company also generated revenue of Rs 153 crore from the sale of 3.8 million carbon credits. Cash profit increased by 41% YoY to Rs 1,827 crore, and the EBITDA from power supply rose by 44% YoY to Rs 3,570 crore, with a high EBITDA margin of 91.7%. The operational capacity increased by 35% YoY to 7,324 MW, and the company is on track to complete around 8,300 MW by the end of FY23. The company’s run-rate EBITDA stands at a strong Rs 7,380 crore with a net debt to run-rate EBITDA of 5.6x as of Dec 2022, which is well within the stipulated covenant of 7.5x for Holdco bond.

However, Adani Green reported a net loss of Rs 127 crore for the quarter ended December 2022, which was against a net loss of Rs 79 crore in the corresponding quarter of the previous fiscal year. The company’s revenue from operations for the sale of goods and related services dipped by 59% YoY to Rs 917 crore. Despite this, the company’s business model remains strong, and Adani Green is making steady progress towards its long-term renewable capacity addition target.

“We are making steady progress in our endeavor to lead the way towards large-scale adoption of affordable clean energy in India and we are on track to achieve our long-term renewable capacity addition target. The relentless efforts of our people have enabled the development of large-scale hybrid capacities, which are not only the first in India but also the largest in the world. These capacities deploy cutting-edge technologies to harness the power of the sun and enable cost-effective power extraction from the wind resources as also they make India future-ready with better stability and integration into the national grid.” said Vneet S Jaain, MD & CEO, Adani Green Energy Ltd.