Consolidated net sales (including other operating income) of Adani Green Energy for the quarter ended Mar 2023 has increased 77.82% to Rs 2598 crore.  Sale of energy was up 56% to 2872 million units primarily backed by strong capacity addition, analytics driven O&M enabling high plant availability and deployment of latest renewable technologies.

Operating profit margin has jumped from 66.53% to 87.14%, leading to 132.92% rise in operating profit to Rs 2,264.00 crore.  Purchase of finished goods cost fell from 21.22% to 16.90%.   Employee cost decreased from 0.62% to 0.42%.   Other expenses fell from 11.64% to 4.46%.   Exchange brokerage and commission rose from 4.11% to 11.78%.   

Other income rose 209.52% to Rs 390 crore.  PBIDT rose 141.71% to Rs 2654 crore.  Provision for interest rose 100.60% to Rs 1338 crore.  Loan funds rose to Rs 54,223.00 crore as of 31 March 2023 from Rs 52,832.00 crore as of 31 March 2022.  Inventories rose to Rs 52.00 crore as of 31 March 2023 from Rs 17.00 crore as of 31 March 2022.  Sundry debtors were higher at Rs 2,206.00 crore as of 31 March 2023 compared to Rs 1,809.00 crore as of 31 March 2022.  Cash and bank balance rose to Rs 1,984.00 crore as of 31 March 2023 from Rs 1,593.00 crore as of 31 March 2022.  Investments rose to Rs 1,149.00 crore as of 31 March 2023 from Rs 574.00 crore as of 31 March 2022 .  

PBDT rose 205.34% to Rs 1316 crore.  Provision for depreciation rose 43.07% to Rs 392 crore.  Fixed assets increased to Rs 53,548.00 crore as of 31 March 2023 from Rs 48,268.00 crore as of 31 March 2022.  Intangible assets declined from Rs 83.00 crore to Rs 79.00 crore.  

Profit before tax grew 488.54% to Rs 924.00 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were decreased to Rs -125.00 crore.  Provision for tax was expense of Rs 307 crore, compared to Rs 21 crore.  Effective tax rate was 37.71% compared to 14.79%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 319.01% to Rs 507.00 crore.  

 
Full year results analysis

Net sales (including other operating income) of Adani Green Energy has increased 51.80% to Rs 7792 crore.  

Operating profit margin has declined from 68.95% to 63.28%, leading to 39.33% rise in operating profit to Rs 4,931.00 crore.  Purchase of finished goods cost fell from 25.05% to 22.43%.   Employee cost decreased from 0.66% to 0.51%.   Other expenses rose from 5.34% to 13.77%.   Exchange brokerage and commission rose from 0.56% to 7.17%.   

Other income rose 102.65% to Rs 841 crore.  PBIDT rose 45.98% to Rs 5772 crore.  Provision for interest rose 11.23% to Rs 2911 crore.  Loan funds rose to Rs 54,223.00 crore as of 31 March 2023 from Rs 52,832.00 crore as of 31 March 2022.  Inventories rose to Rs 52.00 crore as of 31 March 2023 from Rs 17.00 crore as of 31 March 2022.  Sundry debtors were higher at Rs 2,206.00 crore as of 31 March 2023 compared to Rs 1,809.00 crore as of 31 March 2022.  Cash and bank balance rose to Rs 1,984.00 crore as of 31 March 2023 from Rs 1,593.00 crore as of 31 March 2022.  Investments rose to Rs 1,149.00 crore as of 31 March 2023 from Rs 574.00 crore as of 31 March 2022 .  

PBDT rose 113.99% to Rs 2861 crore.  Provision for depreciation rose 53.12% to Rs 1300 crore.  Fixed assets increased to Rs 53,548.00 crore as of 31 March 2023 from Rs 48,268.00 crore as of 31 March 2022.  Intangible assets declined from Rs 83.00 crore to Rs 79.00 crore.  

Profit before tax grew 219.88% to Rs 1,561.00 crore.  Share of profit/loss was 5,800% higher at Rs 59 crore.  Provision for tax was expense of Rs 453 crore, compared to Rs 64 crore.  Effective tax rate was 31.77% compared to 11.57%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 98.98% to Rs 973.00 crore.  

Key business highlights

AGEL has added a massive 2,676 MW renewable capacity to its operational fleet in FY23, which includes 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya Pradesh and 212 MW solar power plants in Rajasthan. AGEL has signed PPAs for 450 MW wind projects and 650 MW solar projects with SECI in FY23 further strengthening the firm project pipeline.

The solar portfolio CUF has improved by 90 bps YoY to 24.7% in FY23 with integration of high-quality SB Energy portfolio having a CUF of 26.6% in FY23, consistent high plant availability, improved grid availability and improved solar irradiation. For the wind portfolio, the sale of energy has increased significantly backed by strong capacity addition, though, the wind CUF has reduced primarily due to one-off disruption in transmission line (force majeure) for the 150 MW plant at Gujarat, which is now fully restored.

The newly operationalized solar-wind hybrid portfolio of 2,140 MW deploys latest technologies like bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced wind turbine generators leading to a high hybrid CUF of 35.5%.

Management comment

“Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance,” said Mr Gautam Adani, Chairman, Adani Group. “We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance and capacity development. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future.”

“We have added massive greenfield capacity of 2,676 MW renewable assets this year. This feat is attributed to the relentless efforts of our teams,” said Mr Vneet S Jaain, MD & CEO, Adani Green Energy Ltd. “AGEL`s operational capacity has grown at a CAGR of 33% over the last five years, outpacing overall renewable capacity growth at ~ 15% CAGR in India in the same period. De-risked project development, analytics driven O&M, disciplined capital management and a strong governance framework continue to be the backbone of our sustained growth. We are proud that we have been able to lead the way towards large scale renewable adoption in India helping the country move closer to its Sustainable Development Goals.”

Other developments

Equity capital increased from Rs 1,564.00 crore as of 31 March 2022 to Rs 1,584.00 crore as of 31 March 2023.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 57.26% as of 31 March 2023 ,compared to 61.27% as of 31 March 2022 .  Promoters pledged stake was 3.50% as of 31 March 2023 ,compared to 0.96% as of 31 March 2022 .  

Cash flow from operating activities increased to Rs 7,265.00 crore for year ended March 2023 from Rs 3,127.00 crore for year ended March 2022.  Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 3,376.00 crore, compared to Rs 14,859.00 crore during the year ended March 2022.