The renewable energy company's consolidated net profit zoomed 110.2% to Rs 103 crore in Q3 FY23 from Rs 49 crore reported in Q3 FY22.
Revenue from operations stood at Rs 1,959 crore in the quarter ended 31 December 2022, registering a growth of 40.8% as against Rs 1,391 crore posted in Q3 FY22.
Profit before tax soared 197.6% to Rs 122 crore in Q3 FY23 from Rs 41 crore recorded in the same period last year.
Revenue from Power Supply jumped 29% to Rs 1,260 crore in Q3 FY23 as compared to Rs 973 crore reported in Q3 FY22.
EBITDA from Power Supply grew by 31% year on year to Rs 1,174 crore in the quarter ended 31 December 2022. EBITDA margin of Power Supply improved to 91.9% during the quarter over 91.2% registered in Q3 FY22. Cash profit was at Rs 546 crore in Q3 FY23, up 26% from Rs 432 crore reported in Q3 FY22.
The company said that the robust growth in revenues, EBITDA and cash profit is primarily driven by greenfield commissioning of 1,915 megawatt (MW). Further, the Energy Network Operation Center (ENOC) enables real time monitoring of the firm's entire renewable portfolio with information access to the minutest level and automated alerts. With the analytics driven O&M approach, the plant availability is maximized, enabling higher electricity generation and higher revenues. It also helps curtail O&M costs, in turn enabling high EBITDA margins, it added.
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Vneet S. Jaain, MD & CEO, Adani Green Energy (AGEL), said, The continued strong performance demonstrates the resilience of AGEL's business model supported by a robust capital management program with leverage well aligned with the business model. We appreciate that, in the last few days, this has further been reaffirmed by the rating agencies, equity and credit research analysts and various banks, financial institutions, long term investors and other key stakeholders have also reassured their confidence in AGEL's strong business model.
AGEL's operational capacity surged 35% to 7,324 megawatt (MW) in Q3 FY23 as compared to 5,410 MW recorded in the corresponding quarter previous year.
Sale of energy climbed 45% YoY at 3,621 million units in Q3 FY23, wherein energy sale from the solar segment rose 9% YoY and energy sale from the wind segment jumped 47% YoY.
Solar portfolio capacity utilization factor (CUF) was 23.3% in Q3FY23 as against 21.9% in Q3 FY22. Wind Portfolio CUF stood at 14% in the third quarter as compared with 18.6% reported in the same period a year ago.
The solar CUF and sale of energy have improved with integration of high-quality SB Energy portfolio having a CUF of 26% in 9M FY23, consistent high plant availability, improved grid availability and improved solar irradiation. Sale of Energy for Wind portfolio has increased significantly backed by strong capacity addition, though, the wind CUF has reduced primarily due to one-off disruption in transmission line (force majeure) for 150 MW plant at Gujarat, which is now fully restored.
We are making steady progress in our endeavor to lead the way towards large-scale adoption of affordable clean energy in India and we are on track to achieve our long-term renewable capacity addition target. The relentless efforts of our people have enabled development of large-scale hybrid capacities, which are not only the first in India but also the largest in the world. These capacities deploy cutting-edge technologies to harness the power of the sun and enable cost effective power extraction from the wind resources as also they make India future ready with better stability and integration into the national grid. Vneet Jaain stated.
On 6 February 2023, the Adani Group said in a media release that its promoters have prepaid share-backed loans worth $1,114 million ahead of their maturity in September 2024. The prepayment will release pledge from three group companies - Adani Ports, Adani Green Energy and Adani Transmission.
With the repayment of such amount, 16.82 crore shares of Adani Ports & Special Economic Zone (12% of the promoters' holding); 2.75 crore shares of Adani Green Energy (3% of promoters' holding); and 1.17 crore shares of Adani Transmission (1.4% of promoters' holding) will release in due course.
Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW). The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
Shares of Adani Green Energy declined 1.41% to Rs 831.30 on the BSE.
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