Adani New Industries Q2 Revenue Down Marginally at ₹6.13 Billion

Listen to this article

Adani New Industries (ANIL) Ecosystem, a wholly-owned subsidiary of Adani Enterprises, posted revenue of ₹6.13 billion (~$74.77 million) in the second quarter (Q2) of the financial year (FY) 2023, a decline of 0.6% year-over-year (YoY).

The subsidiary, which manufactures solar modules and assembles wind turbines, said lower sales of solar modules impacted its revenue. The company sold 206 MW modules in the July-September quarter, down 28% YoY.

Earnings before interest, taxes, depreciation, and amortization (EBITDA)  stood at ₹520 million (~$6.34 million) in Q2, a 40% drop YoY. The company said that EBITDA was impacted by lower volume and higher raw material costs.

The company’s existing 1.5 GW solar cell plant is being upgraded to 2 GW with TOPCon cell technology, which is expected to start commercial operation by June 2023.


Adani New Industries also announced that the 2 GW module line began commercial operation in July this year. A new cell line will go on stream by the end of the fiscal year 2023.

The company said it has a module order book of 1.5 GW.

ANIL has installed the country’s largest wind turbine prototype of 5.2 MW at Mundra, which is currently undergoing testing and certification.

1H 2023

 The company registered a revenue of ₹12.27 billion (~$149.67 million) in the first half (1H) of the FY 2023, decreasing by 1% YoY.

EBITDA for the subsidiary stood at ₹930 million (~$11.34 million), which fell by 95.6% YoY.

The subsidiary sold 466 MW of solar modules in 1H FY 2023 compared with 538 MW YoY.

In July this year, French oil and gas major TotalEnergies announced that it signed an agreement with Adani Enterprises to acquire a 25% interest in ANIL to produce and commercialize green hydrogen in India.

Earlier, the Adani Group had announced that it would invest $20 billion in renewable energy generation and component manufacturing over the next ten years and produce the world’s cheapest green electron. Adani Group’s plans include tripling its renewable power generation capacity over the next four years, green hydrogen production, powering all data centers with renewable energy, and turning its ports into net carbon zero by 2025.