Adani Green Energy Ltd (AGEL), India’s leading pure-play renewable energy company, has unveiled its impressive financial results for the quarter and nine months ending on December 31, 2023. The company’s stellar performance underscores its position as the largest and fastest-growing player in the renewable energy sector in India. In addition to outstanding financial figures, AGEL has achieved significant milestones, solidifying its commitment to sustainable energy solutions.
Financial & Operational Performance:
1. EBITDA Growth: AGEL reported a remarkable 52% year-on-year increase in EBITDA, reaching Rs. 5,412 crore, showcasing a remarkable EBITDA margin of 92%. This robust performance is a testament to the company’s operational efficiency and strategic financial management.
2. Cash Profit Surge: The company witnessed a substantial 61% YoY growth in cash profit, totaling Rs. 2,944 crore, further emphasizing AGEL’s financial strength and resilience in the dynamic energy market.
3. Operational Capacity Expansion: AGEL’s operational capacity soared by 16% YoY, reaching an impressive 8,478 MW. This growth highlights the company’s commitment to expanding its renewable energy portfolio and contributing to India’s green energy transition.
4. Energy Sales Soar: AGEL reported a substantial 59% YoY increase in the sale of energy, reaching 16,293 million units. This surge underscores the rising demand for clean energy solutions and AGEL’s ability to meet and exceed market expectations.
Key Recent Milestones:
1. Strategic Partnership with TotalEnergies: AGEL completed a joint venture with TotalEnergies for a 1,050 MW portfolio, raising USD 300 million (Rs. 2,497 crore). This collaboration further strengthens AGEL’s global standing and enhances its capacity to deliver sustainable energy solutions.
2. Promoter Investment: AGEL’s promoters have demonstrated their confidence in the company’s growth potential by committing to invest Rs. 9,350 crore equity in AGEL through share warrants. With Rs. 2,338 crore already received, the remaining amount is expected in the next 18 months, signifying a strong financial backing for AGEL’s future endeavors.
3. Debt Financing Upscaling: AGEL successfully upscaled its debt funding pool under the Construction Financing Framework by USD 1.36 billion, reaching a total of USD 3 billion. This move provides AGEL with additional financial resources to support its ongoing and upcoming projects.
4. Holdco Bond Redemption: AGEL achieved a significant financial milestone by completing the funding of reserves for the redemption of a USD 750 million Holdco bond due in September 2024. This proactive measure enhances the company’s financial stability and instills confidence among investors.
5. ESG Recognition: AGEL’s commitment to environmental, social, and governance (ESG) practices has been acknowledged by ISS ESG, ranking the company 1st in Asia and among the top 3 globally in the Renewable Energy sector. This recognition underscores AGEL’s dedication to sustainable business practices.
Adani Green Energy Ltd’s robust financial performance and achievement of key milestones in Q3 2023 position the company as a frontrunner in India’s renewable energy landscape. AGEL’s strategic partnerships, financial backing, and commitment to sustainability exemplify its pivotal role in driving the transition towards clean and sustainable energy solutions in India and beyond.
