Adani Green Energy Ltd announces Q1 FY23 results
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Adani Green Energy Ltd (AGEL), the renewable energy arm of Adani Group, on Tuesday announced its financial results for the quarter ended June 30.
The company's operational capacity increased by 65 per cent YoY to 5,800 MW. It also commissioned India's first solar-wind hybrid project of 390MW at Jaisalmer in Rajasthan.
The sale of energy increased by 73 per cent YoY to 3,550 mn units. AGEL received ESG score of 66/100, the highest in Indian power sector, in CRISIL Sustainability Yearbook 2022.
Its solar portfolio CUF improved by 150 bps YoY to 26.5 per cent. Wind portfolio CUF improved by 850 bps YoY to 47.0 per cent, the highest ever reported wind CUF by AGEL.
Revenue from power supply increased by 57 per cent YoY to Rs 1,328 crore. EBITDA from power supply increased by 60 per cent YoY to Rs 1,265 crore with consistent EBITDA margin of 92 per cent.
The company's Cash profit increased by 48 per cent YoY to Rs 680 crore. Investment of $500 mn was received from Abu Dhabi based International Holding Company PJSC (IHC) as primary capital in AGEL. This helped deleverage the balance sheet and strengthen the credit rating profile, thereby helping reduce the cost of capital and support future growth, the company said.
"With the deployment of latest technologies and analytics driven O&M, AGEL's solar and wind portfolio performance has continued to improve. We are further proud of our teams which have enabled commissioning of India's first solar-wind hybrid capacity of 390 MW at Jaisalmer, with more such projects in pipeline. We will continue to deploy the latest technologies to enable higher and cost-efficient RE power generation with flexible integration with the grid," said Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.
"Simultaneously, we are striving to increase our ESG efforts with which our commitment to light up a sustainable future is only growing stronger. We will continue our journey towards strengthening the governance standards that we began with revision in the board committee charters in favour of more independent director representation and formation of new committees," he added.
