Adani Green Energy’s FY24 EBITDA jumped 30 pc to ₹7,222 cr

Revised 2030 RE target: 50 gw. Added 2.8 gw of greenfield capacity strong run-rate EBITDA at ₹10,462 crore Other highlights: 33 percent revenue growth, 92 percent EBITDA margin, and 35 percent increase in operational capacity

Adani Green Energy, India’s largest and fastest-growing pure-play renewable energy company, announced financial results for the quarter and year ending March 31, 2024. AGEL achieved a remarkable 30 percent increase in FY24 EBITDA, reaching ₹7,222 crore. With a revised 2030 renewable energy target of 50 gw and the addition of 2.8 gw of greenfield capacity, AGEL emerges as a leading force in India’s renewable energy sector, boasting 33 percent revenue growth, 92 percent EBITDA margin, and 35 percent surge in operational capacity.

Financial Performance FY24 

(₹ in crore)

Particulars	Excluding one-time revenues			Reported Financials
	FY23	FY24	Per cent change	FY23	FY24	Per cent change
Revenue from Power Supply	5,199	7,600	46 per cent	5,809	7,735	33 per cent
EBITDA from Power Supply 1	4,928	7,087	44 per cent	5,538	7,222	30 per cent
EBITDA from Power Supply (Per cent)				91.6 per cent	91.8 per cent
Cash Profit 2	2,259	3,498	55 per cent	3,192	3,986	25 per cent

Particulars	Excluding one-time revenues			Reported Financials
	Q4 FY23	Q4 FY24	Per cent change	Q4 FY23	Q4 FY24	Per cent change
Revenue from Power Supply	1,575	1,941	23 per cent	2,119	1,941	-8 per cent
EBITDA from Power Supply 1	1,424	1,811	27 per cent	1,968	1,811	-8 per cent
EBITDA from Power Supply				91.4 per cent	91.3 pr cent
Cash Profit 2	555	1,034	86 per cent	1,365	1,042	-24 per cent

Note: The above tables present financial performance with & without one-time revenues on some operating projects. AGEL received substantial amounts as a past-period tariff differential & late payment surcharge as a result of tariff dispute resolution with some customers, as informed in various past-period disclosures.

· The robust growth in revenue, EBITDA & cash profit is primarily driven by the capacity addition of 2,848 mw over last year, a consistent capacity utilisation factor (CUF) for solar portfolio and improved CUF for the wind & solar-wind hybrid portfolios.

· The run-rate EBITDA stands at a strong ₹10,462 crore, with net debt to run-rate EBITDA at 4.0x as of March 2024 as compared to 5.4x last year.

Amit Singh, Chief Executive Officer, Adani Green Energy, said, “I am immensely proud of the team for successfully deploying the first 2 gw of the 30 gw of renewable capacity under construction at Khavda in just 12 months of breaking ground. 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 & 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 & 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.” 

CAPACITY ADDITION & OPERATIONAL PERFORMANCE, Q4 & FY24

Particulars	Quarterly performance			Annual performance
	Q4 FY23	Q4 FY24	Percentage change	FY23	FY24	Percentage change
Operational Capacity	8,086	10,934	35 per cent	8,086	10,934	35 per cent
–         Solar	4,975	7,393	49 per cent	4,975	7,393	49 per cent
–         Wind	971	1,401	44 per cent	971	1,401	44 per cent
–         Solar-Wind Hybrid	2,140	2,140	–	2,140	2,140	–
Sale of Energy(Million units) 3	4,642	5,457	18 per cent	14,880	21,806	47 per cent