Adani Green Energy Ltd announces Q1 FY23 Results
- Operational Capacity increases by 65% YoY to 5,800 MW
- Commissioned India’s first Solar-Wind Hybrid project of 390MW at Jaisalmer, Rajasthan
- Sale of energy increases by 73% YoY to 3,550 mn units
- AGEL receives ESG score of 66/ 100, the highest in Indian Power sector, in CRISIL Sustainability Yearbook 2022
Ahmedabad, August 02, 2022: Adani Green Energy Ltd (AGEL), the renewable energy arm of the diversified Adani Group, today announced financial results for the quarter ended June 30, 2022. The performance snapshot for the period is as follows:
Operational Performance – Q1 FY23:
|Q1 FY23||Q1 FY22||% change|
|– Solar-Wind Hybrid||390||–||NA|
|Sale of Energy (Mn units) 1||3,550||2,054||73%|
|– Solar-Wind Hybrid||134||–||NA|
|Solar portfolio CUF (%)||26.5%||25.0%|
|Wind portfolio CUF (%)||47.0%||38.5%|
|Solar-Wind Hybrid (%)||43.4%||–|
- Improvement in Wind CUF is backed by technologically advanced WTGs, improved plant availability now at 96% and improved wind speed.
High Solar-Wind Hybrid CUF is backed by technologically advanced solar modules and WTGs, high plant availability of ~ 100% and high grid availability of ~ 100%.
Financial Performance – Q1 FY23:
|Q1 FY23||Q1 FY22||% Change|
|Revenue from Power Supply||1,328||848||57%|
|EBITDA from Power Supply 2||1,265||789||60%|
|EBITDA from Power Supply (%)||92%||92%|
|Cash Profit 3||680||460||48%|
- Robust growth in revenue and EBITDA from power supply is backed by capacity addition, improved solar and wind CUF and high hybrid CUF.
- Consistent EBITDA margin backed by high solar, wind and hybrid CUF and cost efficiencies brought in through real time centralized monitoring through Energy Network Operation Center.
“With deployment of the 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 that have enabled commissioning of India’s first solar – wind hybrid capacity of 390 MW at Jaisalmer, Rajasthan 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. He further said, “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.”
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 portfolio of 20.4 GW including operating, under-construction, awarded and assets under acquisition 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 today is a USD 46 billion market cap company helping India meet its COP21 goals.
- This includes sale of energy of towards non-capitalized plants (Nil in Q1 FY23 and 108 mn units in Q1 FY22).
- EBITDA from Power Supply = Revenue from Power Supply + Carbon credit income (part of Other Operating Income) + prompt payment discount – Employee Benefit Expenses excluding overseas expenses – Other Expenses excluding expenses pertaining to EPC/ sale of goods & loss on sale of assets.
- Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items + Distribution to TOTAL (part of finance cost as per IndAS).