Adani Green Energy (ADANIGREEN) Q2 24/25 earnings summary

Executive summary

• Operational capacity expanded 34% year-over-year to 11,184 MW, with 2,868 MW greenfield additions and energy sales up 20% to 14,128 million units in H1 FY25.

• Revenue and power supply increased 20% year-over-year to ₹4,836 crore, driven by capacity growth and operational excellence.

• EBITDA from power supply rose 20% year-over-year to ₹4,518 crore, with a 92.2% margin; cash profit surged 27% to ₹2,640 crore.

• Secured a 5 GW, 25-year PPA with MSEDCL and signed a 61 MW C&I agreement for Google’s data center.

• Fully redeemed USD 750 million Holdco bond, supporting systematic deleveraging.

Financial highlights

• Q2 FY25 revenue from power supply: ₹2,309 crore, up 16% year-over-year; H1 FY25: ₹4,836 crore, up 20%.

• EBITDA from power supply for H1 FY25: ₹4,518 crore (92.2% margin), up from ₹3,775 crore in H1 FY24.

• Cash profit for H1 FY25: ₹2,640 crore, up from ₹2,082 crore in H1 FY24.

• Net income attributable to equity holders for H1 FY25: ₹722 crore; basic EPS for H1 FY25: ₹4.19.

• Net debt to run-rate EBITDA improved to 4.8x from 5.3x year-over-year.

Outlook and guidance

• Targeting 50 GW renewable energy capacity by 2030, including at least 5 GW of energy storage.

• Targeting 6 GW of new renewable capacity addition in FY25, with one-third to be commissioned in the current quarter and the rest by year-end.

• Post-commissioning, run rate EBITDA expected to exceed ₹16,000 crore on a 17 GW installed base.

• Plans to expand merchant and C&I exposure to 15% by 2030.

• Committed to a minimum 6 GW annual capacity addition going forward.