Adani Green Energy (ADANIGREEN) Q1 24/25 earnings summary

Executive summary

• Operational capacity rose 31% year-over-year to 10.9 GW, with 2.6 GW greenfield additions and India's largest 5.2 MW wind turbine at Khavda, bringing total operational portfolio to 11.2 GW as of July 2024.

• Energy sales increased 22% year-over-year to 7,356 million units in Q1 FY25, supported by robust capacity growth.

• Focus on advanced robotics, local supply chain, and skilled workforce to accelerate execution and operational efficiency.

• Strong ESG performance, ranked highly by FTSE Russell, ISS ESG, and Sustainalytics, with water positive certification for all plants above 200 MW.

• India Ratings upgraded long-term issuer rating to AA- from A+ with a stable outlook.

Financial highlights

• Q1 FY25 revenue from power supply rose 24% year-over-year to ₹2,528 crore.

• EBITDA from power supply increased 23% to ₹2,374 crore, with a margin of 92.6%.

• Cash profit up 32% to ₹1,390 crore; energy sales up 22% to 7,356 million units.

• Net profit attributable to equity holders was ₹446 crore, up from ₹150 crore in the previous quarter.

• Total income for the quarter was ₹3,122 crore, with profit before tax and exceptional items at ₹675 crore.

Outlook and guidance

• On track to achieve 50 GW renewable capacity by 2030, including 5 GW of energy storage, with major projects underway at Khavda and Rajasthan.

• Targeting 6 GW additional capacity in FY25, with majority solar and 700 MW wind planned, Khavda contributing a major share.

• Projecting 15% of portfolio as merchant and C&I by year-end, with merchant wind prioritized for premium pricing.

• No further equity raise planned; growth to be funded by promoter warrants, internal cash flows, and a $3.4 billion revolving construction facility.

• Net debt to EBITDA expected to remain near current level of 4, supported by strong free cash flow.