Renewable energy company Adani Green Energy (AGEL) generated revenue of ₹17.65 billion (~$212.29 million) from power supply in the third quarter (Q3) of the financial year (FY) 2023-24, a 40% year-over-year (YoY) increase from ₹12.58 billion (~$151.31 million).

The cash profit for Q3 FY 2024 was ₹8.62 billion (~$103.68 million), up 58% YoY from ₹5.46 billion (~$65.67 million).

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) from power supply for the quarter was ₹16.38 billion (~$197.01 million), up 40% compared to ₹11.74 billion (~$141.2 million) in Q3 FY 2023.

The improvement in revenue, EBITDA, and cash profit is primarily driven by the addition of 1,154 MW capacity over the past year, higher energy sale, and the improved capacity utilization factor (CUF).

The company’s CUF for wind assets was 18%, compared to 14% YoY. The CUF for solar assets was 22.1% compared to 23.3% for Q3 FY 2023. The CUF for wind-solar hybrid projects was 34.5% compared to 32.9%.

Electricity sold from wind assets was 507 million kWh, an increase of 69%YoY. Electricity sold from solar assets was 2,457 million kWh, a decrease of 2% YoY. Electricity sold from solar-wind hybrid projects saw a 100% YoY increase to 1,632 million kWh.

9M 2023

AGEL recorded a revenue of ₹57.94 billion (~$696.89 million) from power supply in the first nine months (9M) of FY 2024, a YoY increase of 57% from  ₹36.7 billion (~$441.43 million).

The cash profit for 9M FY 2024 was ₹29.44 billion (~$354.1 million), up 61% YoY from ₹18.27 billion (~$219.75 million).

Adjusted EBITDA from the power supply for the period was ₹54.12 billion (~$650.96 million), up 52% YoY compared to ₹35.7 billion (~$429.4 million).

The company’s CUF for wind assets was 32.2%, compared to 27.1% YoY. The CUF for solar assets remained at 24%. The CUF for wind-solar hybrid projects was 41.5% compared to 34%.

Electricity sold from wind assets was 2,503 million kWh, an increase of 80%YoY. Electricity sold from solar assets was 7,927 million kWh, an increase of 5% YoY. Electricity sold from solar-wind hybrid projects saw a 366% YoY increase to 5,863 million kWh.

The company’s operational generation capacity grew at 16% YoY to 8,478 MW with the greenfield addition of 700 MW wind-solar hybrid, 304 MW wind, and 150 MW solar.

Recently, Adani Green Energy stated it would raise ₹93.5 billion ($1.1 billion) through preferential issuance of warrants to its promoters, which include Ardour Investment Holding and Adani Properties, at a share price of ₹1,480.75 (~$17.80) per share.

Adani Green Energy emerged as the leading utility-scale solar project developer during the first half of 2023, with the most extensive solar project portfolio as of June 2023, according to Mercom’s India Solar Market Leaderboard 1H 2023.