Adani Green Q4 profit drops 39% to ₹310 cr

Net profit of Adani Green Energy Ltd fell 39% year-on-year to ₹310 crore for the quarter ended March 31, 2024, compared with ₹507 crore in the same quarter last year.

For the full fiscal 2023-24, the company’s profit rose 29% to ₹1,260 crore as against ₹973 crore in FY23.

Adani Green’s revenue from operations declined 8% year-on-year to ₹1,941 crore during the fourth quarter of FY24 from ₹2,119 crore in the corresponding quarter last year. Revenue increased 33% to 7,735 crore for FY24.

India’s largest renewable energy developer announced greenfield capacity addition of 2.8 gigawatt in FY24, accounting for 15% of India’s total renewable energy capacity addition. The company’s operational capacity increased 35% year-on-year to 10.9 gigawatt.

Adani Green became the first company in India to cross the 10,000 megawatt renewable energy capacity. The company says its 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually.

The sale of energy increased by 47% to 21,806 million units in FY24 primarily backed by strong capacity addition, consistent solar capacity utilisation factor and improved wind and hybrid CUF.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin stood at 92%

The company is developing the world’s largest renewable energy project of 30,000 MW on barren land at Khavda in Gujarat. Spread across 538 sq km, it is five times the size of Paris. Within just 12 months of breaking ground, Adani Green has operationalised 2,000 MW. The Adani Group company is deploying the latest renewable energy technologies such as n-type bifacial solar modules and India’s largest 5.2 MW wind turbine maximising energy generation and minimising the levelized cost of electricity.

In December last year, the Adani family had pumped ₹9,350 crore into the green energy company in order to deleverage and accelerate capital expenditure.

“Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum. Aligned with the country’s need for accelerated integration of renewables into the grid, we are now focused on delivering energy storage in addition to solar, wind, and hybrid projects. Our goal is to commission at least 5 GW of hydro pumped storage projects by 2030. We remain steadfast in our commitment to deliver affordable clean energy at an unprecedented scale and velocity and have set a higher target of 50 GW by 2030, which will contribute towards India’s non-fossil fuel capacity target of 500 GW,” says Amit Singh, Chief Executive Officer, Adani Green Energy.

On Thursday, Adani Green announced $400 million financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five international banks. It will provide financing for projects that are expected to come online from November 2024 onwards. One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).