Adani Green Energy Ltd reports H1 FY24 results

Revenue up by 66% YoY to Rs. 4,029 Cr

EBITDA up by 58% YoY to Rs. 3,775 Cr

Net Debt to Run-rate EBITDA at 4.99x v/s 5.9x last year

Media Release

Continued robust growth in Revenue, EBITDA and Cash Profit

EDITOR’S SYNOPSIS Operational Performance ·         Operational Capacity increases by 24% YoY to 8,316 MW with addition of 1,150 MW solar-wind Hybrid, 212 MW solar and 230 MW wind power plants over the last one year ·         Sale of energy increases by 78% YoY to 11,760 mn units ·         Solar portfolio CUF stands at 25.2% up by 90 bps, Wind portfolio CUF at 40.2% up by 360 bps, and Solar-wind Hybrid portfolio CUF at 45.4% up by 880 bps YoY Financial Performance ·         Industry-leading EBITDA margin of 92.2% ·         Cash profit increases by 63% YoY to Rs 2,082 Cr ·         Run-rate EBITDA stands at a strong Rs. 7,645 Cr ESG ·         AGEL’s Corporate Governance Score upgraded to 7.4, which is in the highest scoring range relative to global peers, in MSCI’s latest ESG rating update on 29 Sep 2023

Ahmedabad, 30 October 2023: Adani Green Energy Ltd (AGEL), India’s largest and fastest growing pure-play renewable energy company, today announced financial results for the quarter and half year ending 30 September 2023.

The performance snapshot for the period is as follows:

Capacity Addition & Operational Performance – Q2 & H1 FY24:

Particulars	Quarterly performance			Half Yearly performance
	Q2 FY23	Q2 FY24	% change	H1 FY23	H1 FY24	% change
Operational Capacity	6,724	8,316	24%	6,724	8,316	24%
	4,763	4,975	4%	4,763	4,975	4%
	971	1,201	24%	971	1,201	24%
	990	2,140	116%	990	2,140	116%
Sale of Energy (Mn units) 1	3,067	5,737	87%	6,618	11,760	78%
	2,327	2,576	11%	5,078	5,501	8%
	429	1,104	157%	1,092	1,996	83%
	311	2,057	561%	448	4,263	852%
Solar portfolioCUF (%)	22.1%	23.5%		24.3%	25.2%
Wind portfolioCUF (%)	27.3%	41.6%		36.6%	40.2%
Solar-Wind Hybrid (%)	34.3%	43.5%		36.6%	45.4%

Financial Performance – Q2 & H1 FY24:

Particulars	Quarterly performance			Half yearly performance
	Q2 FY23	Q2 FY24	% change	H1 FY23	H1 FY24	% change
Revenue from Power Supply	1,105	1,984	80%	2,432	4,029	66%
EBITDA from Power Supply 3	1,131	1,835	62%	2,396	3,775	58%
EBITDA from Power Supply (%)	91.5%	91.3%		91.7%	92.2%
Cash Profit 4	600	1,031	72%	1,281	2,082	63%

“The performance improvement across the board is the result of our team’s relentless efforts. In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed workforce of 5,000+. At Khavda, we will be installing the most advanced TOPCon solar modules as well as India’s largest and one of the most efficient 5.2 MW wind turbine. These efforts will drive us towards achieving the lowest levelized cost of energy.” said Mr Amit Singh, CEO, Adani Green Energy Ltd. “Looking ahead, we aim to augment automation in our operations and make every decision even more intelligence driven through extensive digitalization and AI/ ML integration. Our commitment to sustainability and the highest level of governance will remain the foundation of our future growth.”

About Adani Green Energy Limited

Adani Green Energy Limited (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall locked-in portfolio of 20.4 GW including operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms. Listed in 2018, AGEL is a listed renewable company helping India meet its COP26 goals.

For more information, visit: www.adanigreenenergy.com

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For further information on this release, please contact:

Roy Paul

Adani Group, Corporate Communication

roy.paul@adani.com

Institutional investors and research analysts may contact:

Viral Raval

Adani Green Energy Ltd, Investor Relations

Tel: +91 79 2555 8581

viral.raval@adani.com

Notes:

1. This includes sale of energy of towards non-capitalized plants (77 mn units in H1 FY23 and 15 mn units in H1 FY24).

• The PPA capacity for the operational solar-wind hybrid portfolio is 2,140 MW wherein the total solar and wind AC capacity aggregates to 2,845 MW. Hence, the total operational AC capacity is higher by 705 MW as compared to the operational PPA capacity.

• EBITDA from Power Supply = Revenue from Power Supply + Carbon credit income (part of Other Operating Income) + prompt payment discount – Employee Benefit Expenses – Other Expenses excluding loss on sale of assets and such one-off expenses.

• Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items + Distribution to TOTAL (part of finance cost as per IndAS) – other non-cash adjustments.