Adani Green Energy Limited (AGEL) has unveiled robust financial results for the quarter and half-year ending on September 30, 2023, reaffirming its status as India's leading player in the renewable energy sector. With a substantial operational capacity of 8,316 MW, including 9,021 MW AC capacity, AGEL maintains the largest operating renewable energy portfolio in the country.
A standout achievement in AGEL's performance is the remarkable 78% year-on-year surge in energy sales, totaling 11,760 million units in the first half of fiscal year 2024. This substantial growth can be attributed to vigorous capacity additions and improved Capacity Utilization Factors (CUF) across its solar, wind, and hybrid energy portfolios.
AGEL's solar portfolio demonstrated a notable 90 basis point year-on-year improvement in CUF, reaching 25.2% in the first half of FY24. This enhancement is attributed to improved plant availability and enhanced solar irradiation. Similarly, the wind portfolio exhibited a significant CUF improvement of 360 basis points year-on-year, reaching 40.2% during the same period. This progress was fueled by consistent wind speeds and enhanced grid availability.
Most prominently, AGEL's solar-wind hybrid portfolio showcased remarkable growth, with CUF soaring by 880 basis points year-on-year, attaining 45.4% in the first half of FY24. This substantial improvement was underpinned by advanced solar modules, horizontal single-axis trackers, and efficient wind turbine generators, alongside consistently high plant and grid availability.
The company's impressive revenue growth, EBITDA, and cash profits can be largely attributed to the addition of 1,592 MW of capacity over the past year and the improvement in CUF. AGEL continues to uphold its industry-leading EBITDA margin, underpinned by exemplary Operations and Maintenance (O&M) practices, enabling higher electricity generation at reduced O&M costs.
AGEL's Run-rate EBITDA currently stands at a robust Rs. 7,645 crores, accompanied by a Net Debt to Run-rate EBITDA ratio of 4.99x as of September 2023, a notable improvement from the previous year's 5.9x. This ratio comfortably remains within the covenant limit of 7.5x for the holding company's bonds.
