Revenue from operations climbed 81.65% year on year to Rs 2,583 crore during the quarter.

Profit before tax soared to Rs 799 crore in the fourth quarter of FY23 from Rs 142 crore registered in Q4 FY22.

Revenue from Power Supply surged 89% to Rs 2,130 crore in Q4 FY23 as against Rs 1,128 crore posted in the same period a year ago.

EBITDA from Power Supply soared 86% year on year to Rs 1,968 crore in the quarter ended 31 March 2023. EBITDA margin of Power Supply improved to 91.9% in Q4 FY23 over 90.6% registered in Q4 FY22. Cash profit was at Rs 1,365 crore in Q4 FY23, up 142% from Rs 563 crore reported in Q4 FY22.

The company said that the the robust growth in revenues, EBITDA and cash profit is primarily driven by capacity addition of 2,676 megawatt (MW). Also, the Supreme Court has upheld the favorable order from APTEL for 288 MW solar plants at Kamuthi in Tamil Nadu that has resulted in one-time revenue upside of Rs 748 crore (including late payment surcharge) and recurring positive annual impact of around Rs 90 crore. In FY23, AGEL has realized 3.9 million carbon credits generating revenue of Rs 157 crore.

The run-rate EBITDA stood at Rs 7,505 crore with net debt to run-rate EBITDA of 5.4x as of March 2023 well within stipulated covenant of 7.5x for holdco bond.

Further, the Energy Network Operation Center (ENOC) enables real time monitoring of company's entire renewable portfolio with information access to the minutest level and automated alerts. With the analytics driven O&M approach, the plant availability is maximized, enabling higher electricity generation and higher revenues. It also helps curtail O&M costs, in turn enabling high EBITDA margins, it added.

AGEL's operational capacity surged 49% to 8,086 MW in Q4 FY23 as compared to 5,410 MW recorded in the corresponding quarter previous year.

Sale of energy climbed 56% YoY at 4,642 million units in Q4 FY23, wherein energy sale from the solar segment rose 6% YoY and energy sale from the wind segment jumped 69% YoY.

Solar portfolio capacity utilization factor (CUF) was 26.8% in Q4 FY23 as against 26.4% in Q4 FY22. Wind Portfolio CUF stood at 20.4% in the fourth quarter as compared with 23.6% reported in the same period a year ago.

In the year ended March 2023, the company's net profit soared 99.18% to Rs 974 crore on 49.71% jump in revenue to Rs 7,592 crore.

The sale of energy has increased by 58% YoY to 14,880 million units in FY23 primarily backed by strong capacity addition, analytics driven O&M enabling high plant availability and deployment of latest renewable technologies.

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%, the company stated.

Gautam Adani, chairman of Adani Group, said, “Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance. 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.”

Vneet S Jaain, MD & CEO of Adani Green Energy, said, “We have added massive greenfield capacity of 2,676 MW renewable assets this year.AGEL's operational capacity has grown at a CAGR of 33% over the last five years, outpacing overall renewable capacity growth at about 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.”

Meanwhile, the company's board, based on the recommendation of the Nomination & Remuneration Committee, has appointed Amit Singh as the chief executive officer and key managerial personnel of the Company, effective from 11 May 2023.

Further, the firm said that the designation of Vneet S. Jaain has been changed from managing director & chief executive officer to managing director, effective from 11 May 2023.

Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW) including operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.