Profit before tax zoomed 135.59%YoY to Rs 139 crore in Q3 FY24.

Revenue from power supply jumped 40% to Rs 1,765 crore in Q3 FY24 as compared with Rs 1,258 crore posted in Q3 FY23.

EBITDA of power supply in the December quarter of FY24 was at Rs 1,638 crore, registering a growth of 40% YoY. EBITDA margin of power supply decreased to 91.5% in Q3 FY24 from 92.1% recorded in Q3 FY23. Cash profit was at Rs 862 crore in Q3 FY24, up 58% from Rs 546 crore reported in Q3 FY23.

The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,154 MW over the last one year and improved CUF performance. EBITDA margin driven by AGEL’s best-in-class O&M through ENOC enabling higher electricity generation at lower O&M cost.

The run-rate EBITDA stood at a strong of Rs 7,806 crore with Net Debt to run-rate EBITDA at 4.98x as of December 2023 as compared to 5.6x last year.

AGEL's operational capacity increased 16% to 8,478 megawatt (MW) in Q3 FY24 as compared to 7,324 MW recorded in the corresponding quarter previous year. Sale of energy jumped 27% YoY at 4,596 million units in Q2 FY24.

The solar portfolio capacity utilization factor (CUF) has declined to 22.1% in Q3 FY24 as against 23.3% in Q3 FY23.Wind portfolio CUF expanded 18% in Q3 FY24 as against 14% in Q3 FY23. Solar-wind hybrid was 34.5% in Q3 FY24 as compared with Rs 32.9% in Q2 FY23.

Amit Singh, CEO, Adani Green Energy, said, “With the recently announced equity and debt capital raise, we have put in place the capital management framework for a wellsecured growth path to the targeted 45 GW capacity by 2030. We continue to ramp up our execution capability by focusing on a resilient supply chain with emphasis on localization, digitalization at scale, workforce expansion and competency building.

We are working on the world’s largest renewable power plant at Khavda in Gujarat and endeavor to set new standards for mega scale development of renewable energy projects as the world embraces the target of tripling renewable power capacity by 2030.”

Meanwhile, the company announced that it has completed the funding of the reserves for the $750 million 4.375 notes due 09 September 2024 (Holdco Notes) with the receipt of the funds under the preferential allotment of Rs 9,350 crore ($1,125 million) to the promoters of AGEL.

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.