Adani Green Energy Q3FY24 Results: Net profit 148.5% YoY at ₹256 crores, sales up 40%

 

Financial results for the quarter and nine months ended December 31, 2023, and were published by Adani Green Energy, the renewable energy arm of the Gautam Adani’s Adani Group. Compared to the previous year's corresponding quarter, the company's consolidated net profit increased by 148.54% to ₹256 crore in Q3FY23. The consolidated net profit fell 31% when looking at it sequentially.

 

In the third quarter, the company's consolidated revenue from operations increased by 40.30% year-on-year, reaching 1,765 crores from 1,258 crores in the previous year's quarter.

 

A strong capacity increase of 1,154 MW over the previous year and an enhanced capacity utilisation factor (CUF) contributed to the company's energy sales, which rose by an impressive 59% year-on-year to 16,293 million units, as reported in the financial report.

 

Projects included 304 MW of wind, 150 MW of solar, and 700 MW of solar-wind hybrid, increased the company's operating capacity to 8,478 MW in Q3FY24, a 16% year-over-year increase. According to the company's earnings report, an extra 12,366 MW is now being implemented.

 

With the help of cutting-edge solar modules, horizontal single-axis trackers, wind turbine generators, and reliably high plant and grid availability, its solar-wind hybrid portfolio CUF increased by 750 basis points year-over-year to 41.5% in 9MFY24.

 

AGEL's Strong Financial Performance and Strategic Ventures

 

The company's EBITDA margin from power delivery increased to 92.1% in Q3 from 91.5% in the same quarter the previous year. At the same time, the robust capacity addition led the EBITDA to ₹1,174 in Q3FY24, a 40% year-over-year growth.

 

According to AGEL, its consistently substantial EBITDA margin results from its best-in-class operations and maintenance (O&M) procedures, which allow it to generate more power at a lower cost.

 

The business announced a joint venture with TotalEnergies for a 1,050 MW portfolio, raising $300 million (₹2,497 crore), as one of the major breakthroughs. In addition, Gautam Adani’s Adani Green Energy Limited (AGEL) is anticipated to receive Rs. 2,338 crores from the promoters during the next 18 months, with the remaining amount expected within the following nine months, for a total investment of Rs. 9,350 crores via share warrants.

 

In addition, the business said that it increased the amount of debt finance available via the Construction Financing Framework from USD 1.36 billion to USD 3 billion. The repayment of a USD 750 million Holdco bond, which is due in September 2024, has also been funded by AGEL's reserves.

 

Adani Green Energy's Impressive Financial Performance and Strategic Outlook

 

The company's consolidated sales increased by 57% to ₹3,690 crore in the first nine months of FY24 compared to the previous year. Compared to the net profit of 466 crore recorded in the first nine months of FY23, the consolidated net profit for this time came in at 950 crores, a spike of 104%.

 

"The recently announced equity and debt capital raise has put in place the capital management framework for a well-secured growth path to the targeted 45 GW capacity by 2030," said Mr. Amit Singh, CEO of Adani Green Energy Ltd. "Our ongoing efforts to strengthen our execution capabilities center on strengthening our supply chain via localisation, large-scale digitisation, expanding our personnel, and developing our competencies", he added.

 

"We are working on the world's largest renewable power plant at Khavda in Gujarat and endeavour to set new standards for mega-scale development of renewable energy projects as the world embraces the target of tripling renewable power capacity by 2030," he said. At 02:30 pm, the company's shares were trading at ₹1,719 per share, a 3.32% rise over their Q3 results.

 

Stakeholder Perspectives and Investor Confidence

 

Stakeholders, including investors, analysts, and industry experts, will likely have been impressed by Adani Green Energy's outstanding Q3 FY24 performance. You may learn much about how the market views the company's performance by looking at their opinions, feelings, and responses.

 

One of the most important factors influencing stock performance is investor sentiment. Adani Green Energy's future prospects may be better understood by monitoring the reaction of institutional and individual investors to the company's Q3 results.

 

To get a complete picture of Gautam Adani’s Adani Green Energy's performance, consult with leaders in the renewable energy business and other specialists in the field to get their thoughts. Gain vital perspective and insight by learning how the industry views the company's Q3 performance.

 

Final Thoughts 

 

A 148.5% year-over-year increase in net profit and a 40% increase in revenue during Q3 FY24 demonstrate Adani Green Energy's resiliency and strategic positioning in the renewable energy industry. It uses financial measurements, market dynamics, strategic objectives, and stakeholder views to present a thorough overview of the reasons leading to Adani Green Energy's success.