Adani Green Energy Ltd powers forward with stellar H1 FY24 results

Ahmedabad (Gujarat) [India], October 30 (ANI): Adani Green Energy Ltd (AGEL), India’s largest and fastest-growing pure-play renewable energy company, has reported strong financial results for the half year ending September 30, 2023.

According to a press release by Adani, revenue has increased by a substantial 66 per cent year-on-year to reach Rs 4,029 Crores, reflecting AGEL’s remarkable growth in the renewable energy sector.

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) has shown impressive growth, surging by 58 per cent year-on-year to reach Rs 3,775 Crores.

Operational Capacity has increased by a noteworthy 24 per cent year-on-year, reaching 8,316 MW. This growth is attributed to the addition of 1,150 MW of solar-wind Hybrid, 212 MW of solar, and 230 MW of wind power plants over the last year.

Sale of energy has surged by 78 per cent year-on-year to reach a significant 11,760 million units.

AGEL has achieved an industry-leading EBITDA margin of 92.2 per cent, showcasing its efficient operations within the renewable energy sector.

Cash profit has increased substantially by 63 per cent year-on-year, reaching Rs 2,082 Crores. The Run-rate EBITDA stands strong at Rs 7,645 Crores.

AGEL’s Corporate Governance Score has been upgraded to 7.4, which is in the highest scoring range relative to global peers, as per MSCI’s latest ESG rating update on September 29.

Amit Singh, CEO of Adani Green Energy Ltd, expressed his satisfaction with the performance and provided insights into the company’s future goals, saying, “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.”

He further added, “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.”