Profit before tax surged 142.94%YoY to Rs 413 crore in Q2 FY24.

Revenue from power supply jumped 80% to Rs 1,984 crore as compared with Rs 1,105 crore posted in Q2 FY23.

EBITDA from Power Supply in the September quarter was at Rs 1,131 crore, registering a growth of 62% YoY. EBITDA margin of Power Supply improved to 91.5% in Q2 FY24 over 91.3% registered in Q2 FY23. Cash profit was at Rs 600 crore in Q2 FY24, up 72% from Rs 1,031 crore reported in Q2 FY23.

The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,592 MW over the last one year and improved CUF. The consistent industry-leading EBITDA margin is driven by AGEL’s best-in-class O&M practices enabling it to achieve higher electricity generation at lower O&M cost.

The run-rate EBITDA stands at a strong Rs 7,645 crore with net debt to run-rate EBITDA at 4.99x as of September 2023 as compared to 5.9x last year. The ratio continues to be well within the stipulated covenant of 7.5x for hold co bond.

AGEL's operational capacity increased 24% to 8,316 megawatt (MW) in Q2 FY24 as compared to 6,724 MW recorded in the corresponding quarter previous year. The company said that it continues to own the largest operating renewable energy portfolio in the country.

Sale of energy soared 87% YoY at 5,737 million units in Q2 FY24.

The solar portfolio capacity utilization factor (CUF) has improved to 23.5% in Q2 FY24 as against 22.1% in Q2 FY23.Wind portfolio CUF expanded 41.6% in Q2 FY24 as against 27.3% in Q2 FY23. Solar-wind hybrid was 43.5% in Q2 FY24 as compared with Rs 34.3% in Q2 FY23.

On half-year basis, the company's net profit jumped 91.18% to Rs 694 crore in H1FY24 as compared with Rs 363 crore in H1 FY23.

Revenue from power supply increased 65.67% YoY to Rs 4,029 crore in H1 FY24.

The sale of energy has increased by 78% YoY to 11,760 mn units in H1 FY24 primarily backed by strong capacity addition and improved CUF across solar, wind and hybrid portfolios.

The solar portfolio CUF has improved by 90 bps YoY to 25.2% in H1 FY24 with improved plant availability and improved solar irradiation.

The wind portfolio CUF has improved by 360 bps YoY to 40.2% in H1. The solar-wind hybrid portfolio CUF has improved by 880 bps YoY to 45.4% in H1 FY24 backed by technologically advanced solar modules, horizontal single-axis trackers and wind turbine generators as well as consistent high plant and grid availability.

Amit Singh, CEO, Adani Green Energy, said, “In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed workforce of more than 5,000. At Khavda, we will be installing the most advanced TOPC on solar modules as well as India’s largest and one of the most efficient 5.2 MW wind turbine. These efforts will drive us towards achieving the lowest levelized cost of energy.

Looking ahead, we aim to augment automation in our operations and make every decision even more intelligence driven through extensive digitalization and AI/ ML integration.”

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.