Adani Green Energy posted a stellar 72% increase in cash profit at ₹1,031 crore during the July-September quarter, up from ₹600 crore in the corresponding previous period, the company said in a regulatory filing.

Share Market Live

NSE

The renewable energy company's consolidated net profit came at ₹371 crore in the second quarter, up 149% from ₹149 crore in the year-ago period.

Revenue from power supply was up 80% year-on-year at ₹1,984 crore against ₹1,105 crore in the July-September quarter of last fiscal.

EBITDA or earnings before interest, taxes, depreciation and amortization from power supply for the reporting quarter surged 62% YoY to ₹1,835 crore, compared to ₹1,131 crore a year ago. The operating margins from power supply stood at 91.3% as against 91.5% in the year-ago period.

"The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,592 MW over the last one year and improved CUF. The consistent industry-leading EBITDA margin is driven by AGEL’s best-in-class O&M practices enabling it to achieve higher electricity generation at lower O&M cost," the company said.

The run-rate EBITDA stands at a strong ₹7,645 crore with net debt to run-rate EBITDA at 4.99 times as of September 2023 as compared to 5.9 times last year. The ratio continues to be well within the stipulated covenant of 7.5 times for holdco bond, it said.

"In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed workforce of 5,000+. At Khavda, we will be installing the most advanced TOPCon solar modules as well as India’s largest and one of the most efficient 5.2 MW wind turbine. These efforts will drive us towards achieving the lowest levelised cost of energy," said Amit Singh, CEO of Adani Green Energy.

"Looking ahead, we aim to augment automation in our operations and make every decision even more intelligence driven through extensive digitalization and AI/ ML integration. Our commitment to sustainability and the highest level of governance will remain the foundation of our future growth,” Singh added.

Shares of Adani Green Energy gained nearly 5% to trade at ₹912 apiece on the NSE. The stock of Adani Green has declined 6% in the past three months, as against a 2% drop in the Sensex benchmark.

First Published:Oct 30, 2023 2:32 PM IST