Adani Green Registers 47% YoY Increase in Cash Profits in 9M 2022

Renewable energy company Adani Green Energy (AGEL) has generated ₹26.55 billion (~$355.04 million) as revenue from power supply in the first nine months (9M) of the financial year (FY) 2022, a 56% increase compared to ₹24.74 billion (~$330.83 million) compared to the last year.

The company’s cash profit was ₹12.92 billion (~$172.77 million) in 9M FY 2022, a 47% year-on-year (YoY) increase, backed by a significant capacity addition, improved capacity utilization factor (CUF) and its auction win to sign the world’s largest green power purchase agreement (PPA) with Solar Energy Corporation of India (SECI).

The earnings before interest, taxes, depreciation, and amortization (EBITDA) from the power supply for 9M FY 2022 were up by 56% to ₹24.74 billion (~$330.83 million) compared to the last year.

AGEL’s increase in the sale of energy in 9M FY22 is backed by capacity addition of 2,460 MW and improved solar and wind CUF. The solar CUF improvement in 9M FY22 is supported by the integration of a high-quality SB Energy portfolio, consistent high plant availability of ~100%, and improved grid availability of ~99%.

Quarterly performance

The cash profit for Q3 FY 2022 stood at ₹4.32 billion (~$57.76 million), up by 52% compared to ₹2.85 billion (~$38.11 million) in Q2 FY 2021.

The company generated ₹9.73 billion (~$130.11 million) as revenue from the power supply, an increase of 65% compared to ₹5.91 billion (~$79.03 million) during the same period last year.

For Q3, the EBITDA figures were up by 68% to ₹8.95 billion (~$119.68 million), compared to ₹5.32 billion (~$71.14 million) in the same period last year.

Increased revenues and cost efficiencies support the continued growth in EBITDA from the power supply, and cash profit brought in through analytics-driven operations and maintenance.

The company has signed the UN Energy Compact committing to develop and operate renewable energy generation capacity of 25 GW by 2025 and 45 GW by 2030 and keep the average tariff below the Average Power Purchase Cost (APPC) at the national level.

Adani Green Energy won the first of its kind manufacturing-linked solar projects tender floated by SECI. Adani won the bid to develop 8 GW of projects with a 2 GW manufacturing capacity.

Last month, Adani Green Energy raised $750 million (”’56.1 billion) by issuing its maiden ListCo senior green bond.