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Adani Green Energy Net Profit Rises 49 %; Solar Portfolio CUF Improves by 110 bps YoY to 24.3%

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Adani Green Energy Net Profit Rises 49 %; Solar Portfolio CUF Improves by 110 bps YoY to 24.3%

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Adani Green Energy Ltd (AGEL), the renewable energy arm of the diversified Adani Group, announced financial results for the quarter and half year ended 30 September 2022. The performance snapshot for the period is as follows:

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Operational Performance – Q2 & H1 FY23:

ParticularsQuarterly performanceHalf Yearly performance
Q2 FY23Q2 FY22% changeH1 FY23H1 FY22% change
Operational Capacity6,7245,41024%6,7245,41024%
– Solar4,7634,7634,7634,763
– Wind97164750%97164750%
– Solar-Wind Hybrid990990
       
Sale of Energy(Mn units) 13,0671,90161%6,6183,95467%
– Solar2,3271,43063%5,0783,08065%
– Wind429471-9%1,09287425%
– Solar-Wind Hybrid311448
       
Solar portfolio CUF (%)22.1%21.4% 24.3%23.2% 
Wind portfolio CUF (%)27.3%42.9% 36.6%40.7% 
Solar-Wind Hybrid (%)34.3% 36.6% 

The Solar CUF and Sale of Energy has improved with integration of high-quality SB Energy portfolio having a CUF of 26.3% in H1 FY23. The reduction in overall Wind portfolio CUF and Sale of Energy is primarily due to one-off disruption in transmission line (force majeure) for 150 MW plant in Gujarat. The impact of this event in Q2 FY23 is expected to be ~ 0.4% of the expected annual generation of the overall operational capacity. Excluding the aforesaid 150 MW plant, the Wind portfolio CUF stands at a strong 41.0% in H1 FY23.

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The newly commissioned solar-wind hybrid plants of 990 MW deploy bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced Wind Turbine Generators leading to a high hybrid CUF. The newly commissioned plants are managed by Adani Group’s intelligent ‘Energy Network Operation Center’ (ENOC) platform, which has proven technological capability and has aided AGEL in achieving superior operational performance for its entire renewable portfolio across diverse locations in India.

Financial Performance – Q2 & H1 FY23:

(Rs. Cr.)

ParticularsQuarterly performanceHalf Yearly performance
Q2 FY23Q2 FY22% changeH1 FY23H1 FY22% change
Revenue from Power Supply1,10783433%2,4351,68245%
       
EBITDA from Power Supply 21,13178744%2,3961,57752%
EBITDA from Power Supply (%)91.4%93.6% 91.6%93.1% 
       
Cash Profit 360140150%1,28185949%

The solid growth in revenues is driven by greenfield commissioning of 1,315 MW and integration of SB Energy’s operating portfolio of 1,700 MW. Further, the state-of-the-art ENOC enables real time monitoring of our entire renewable portfolio with information access to the minutest level and automated alerts. With this 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.

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“We are extremely proud of our teams for enabling the rapid development of India’s first and the world’s largest solar-wind hybrid cluster of 990 MW as well as Madhya Pradesh’s largest wind plant of 325 MW while ensuring cost effectiveness and the highest quality standards. With our focus on delivering the cheapest green electron, we have continued to deploy the latest and most innovative technologies to maximize electricity generation at a lower cost” said Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd. He further said, “The globally well-recognized ESG ratings, that rank us ahead of some of the largest global utilities and RE players, are yet another proof of our commitment to a sustainable future and the highest governance standards at AGEL.”

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