Adani Green Posts 31% Revenue Growth YoY in Q3 FY 2021 as Solar Sales, Capacity Soar

Adani Green Energy Limited (AGEL) reported a 61% rise in total income in Q3 2021 compared to the same quarter the previous year. During the quarter, AGEL earned ₹8.43 billion (~$1.16 billion), compared to ₹5.23 billion (~$71.7 billion) in the same period a year earlier.

The company posted a 33-fold increase in its cash profits in the third quarter (Q3) of the financial year (FY) 2021 compared to the same quarter in the previous year (Q3 2020).

The company’s cash profits stood at ₹2.85 billion (~$39.1 million), compared to just ₹90 million (~$1.2 million) in the same period last year.

Revenue from the power supply for the quarter increased by 31% compared to Q3 2020 with capacity addition of 530 MW and improved Solar capacity utilization factor (CUF).


The company’s solar CUF rose to 20.8% in Q3 2021 from 20%. However, its wind power CUF fell to 18.9% from 20.9% due to lower wind speeds. AGEL cited a 27% increase in the sale of its solar energy on the back of rapid capacity addition and accelerated commissioning of projects as reasons for its strong performance.

During the quarter, revenue from the power supply was up 31% to ₹5.91 billion (~$81.1 million) from ₹4.52 billion (~$62 million) in Q3 2020.

The Ahmedabad-based renewable project developer also said there was a 74% increase in its earnings before income, tax, depreciation, and amortization (EBITDA), which stood at ₹6.38 billion (~$87.5 million) at the end of Q3 2021, up from ₹3.67 billion (~$50.3 million) in the same quarter a year prior. It attributed the rise in EBITDA to improved revenue and consistent operation and maintenance costs despite increased capacity.

“AGEL has also continued its rapid capacity building despite the ongoing pandemic adding 700 MW in YTD FY21 with the commissioning of 475 MW and 225 MW added through inorganic opportunities. This has been possible with our thrust on three years of advance resource planning ensuring commissioning of plants ahead of schedule, and we will continue to rapidly move towards our goal to commission 25 GW by 2025,” said Vneet S. Jaain, Managing Director and Chief Executive Officer, CEO, AGEL.

In the first nine months (9M) of FY 2021, the company registered a 28% increase in total income at ₹24.39 billion (~$334.6 million), up from ₹19.1 billion (~$262 million) in 9M 2020. Revenue from power supply stood at ₹17.29 billion (~$237.2 million) – up 18% from ₹14.64 billion (~$200.8 million) in 9M 2020.

Its EBITDA rose to ₹19.17 billion (~$262.9 million) in 9M 2021 from ₹13.23 billion (~$181.5 million) in 9M 2020 – a 45% rise. Cash profits stood at ₹8.77 billion (~$120.3 million) during the first nine months of 2021 from ₹3.6 billion (~$49.4 million) in 9M 2020.

AGEL said its operational capacity now stood at 3,245 MW while its total capacity rose to 14,815 MW.

Adani Green was rated as the top solar developer in the world based on its operational, under construction, and awarded projects, according to Mercom’s Global Large-Scale Solar PV Developers Report.

In January, Mercom reported that Total, a French oil and gas major, had acquired a 20% minority interest in AGEL from Adani Group with an investment worth $2.5 billion.