Adani Green Energy Limited — Q2 FY25
Adani Green Energy delivered a robust Q2 FY25 with revenue rising 20% YoY to INR 4,836 crore and EBITDA up 20% YoY to INR 4,518 crore, driven by capacity additions and operation...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Timing of commissioning 2 GW and remaining 4 GW of 6 GW capacity.
Asked by Sabri Hazarika, Emkay Global Financial Services
Management gave a vague timeline with a +/- two-week caveat, not a firm date.
no specific date givencaveat about deviation
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Question
So we are expecting it to be commissioned towards the back end of March or somewhere between July to Q4 of this financial year?
Amit Singh, CEO
Yeah, I think these capacities are expected to be commissioned towards the end of the quarter. I mean, these are the construction estimates, which we have usually carry, so they have some deviation, plus or minus two weeks.
Evasive
High priority
Pricing and tenure of the Google C&I deal.
Asked by Sabri Hazarika, Emkay Global Financial Services
Management declined to disclose pricing or tenure, citing confidentiality.
confidentialno numbers given
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Question
can you give us some idea on the pricing and the tenure of this deal?
Raj Kumar Jain, Head of Business Development
the pricing is something which is confidential, but it is significantly higher than what you would get in normal long-term discount retailers.
Partial answer
Medium priority
Guidance on minority interest and share of profits from associates/JVs.
Asked by Sabri Hazarika, Emkay Global Financial Services
Explained drivers but did not provide specific forward guidance on minority interest.
no forward guidanceexplained past but not future
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Question
can you give us some guidance on these two line items going ahead, how it looks like turn out to be?
Saurabh Shah, CFO
Share of profits increases basically... because of our 26% stake in Mundra Solar Energy Limited... On the NCI, the number is because of the operational capacities that are there in Total, which are doing well.
Answered
Medium priority
Run rate for minority interest going forward.
Asked by Sabri Hazarika, Emkay Global Financial Services
Management confirmed the analyst's suggested run rate.
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Question
So INR 240-INR 250 crore could be the run rate we can for the time being assume every quarter?
Saurabh Shah, CFO
Yeah, and then accelerate it, correct. Yeah.
Answered
High priority
Attributable EBITDA and debt for 11 GW capacity.
Asked by Puneet, HSBC India
Provided specific EBITDA run rate number.
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Question
If you can give some sense of attributable EBITDA and attributable debt for your 11 GW capacity.
Saurabh Shah, CFO
From an attributable EBITDA perspective, it is going to be in the run rate range of about for this year. We are looking at a run rate of about INR 10,800 crores on the run rate side.
Answered
Medium priority
Reason for low execution in first half.
Asked by Puneet, HSBC India
Explained the reason (extended monsoon) and said it was budgeted.
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Question
I see in last first half, you haven't executed much, I think 200 MW, 300 MW. Any particular reason?
Amit Singh, CEO
the monsoon period, you know, extended by a month, which kind of took away the active working period in Kerala. But that was kind of budgeted in our overall plan, but definitely it put a bit of pressure on our execution.
Answered
High priority
Share of short-term power market revenue in Q2.
Asked by Nikhil Nigania, Bernstein Private Limited
Provided the exact merchant revenue figure.
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Question
Last week, actually, 30% of revenue. If you could throw some color on what share was it in the current quarter?
Saurabh Shah, CFO
The actual, in total, the merchant revenue was INR 1,070 crores.
Answered
Medium priority
Clarification on future pipeline composition (PSP and FDRE).
Asked by Nikhil Nigania, Bernstein Private Limited
Confirmed the analyst's assumption.
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Question
is it fair to assume that about 8 GW-10 GW is the PSP kind, and 5 GW from FDRE on top of that, or has there been any change on that?
Amit Singh, CEO
No, absolutely. That's the right way to look at it as well, Nikhil.
Answered
Medium priority
Reason for increase in other financial liability to INR 2,060 crores.
Asked by Nikhil Nigania, Bernstein Private Limited
Clearly attributed the increase to CapEx liability for construction.
Read the exchange
Question
There's a big other financial liability number, which we could see go up to INR 60 crores- INR 2,060 crores this quarter. Could you please clarify what is that element?
Saurabh Shah, CFO
This is primarily on account of the CapEx related liability. It's entirely related to the construction.
Answered
High priority
Merchant realizations and volume for Q2.
Asked by Ketan Jain, Avendus Spark
Provided specific merchant realization numbers for solar and wind.
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Question
I wonder if you could share me, merchant realizations and merchant market volume, for [audio distortion].
Amit Singh, CEO
for the solar, I think it has been around, for Q2, it's around 2.59, and Q1 was 3.11. And for the wind, it was a very impressive, 5.81 for Q1 and 5.06 for Q2.
Answered
Medium priority
Views on battery price trend and impact on BESS vs PSP.
Asked by Nikhil Abhyankar, UTI Mutual Fund
Gave a clear opinion that both are needed and PSP is cheaper.
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Question
Do you think that if there's a downward trend in the battery prices, it means it continues, say, for the next one, two years, BESS will be the preferred choice over PSP, and PSP won't be required at all?
Amit Singh, CEO
No, I think you should not look at it like this. I think India requires both. ... PSP can be almost half the price of a battery system.
Evasive
High priority
How funding happens for projects without long-term PPAs.
Asked by Bharanidhar Vijayakumar, Avendus Spark
Did not explain how lenders accept merchant risk; gave general confidence statement.
no specific funding structure givenvague reassurance
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Question
how would the funding happen for these projects, especially from the debt side? Because I believe that financial institutions will enforce or ask for a long-term PPA to fund.
Amit Singh, CEO
all the banking institutions and, you know, we work with. They are very happy with our track record of delivery. ... they are very much willing and encouraging us to finance.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Merchant revenue was INR 1,070 crores in Q2. | ₹1,070 cr | ₹3,005 cr | Understated vs filing |
| Run rate EBITDA for 11.2 GW is INR 10,800 crores. | ₹10,800 cr | ₹4,518 cr | Overstated vs filing |
| Attributable EBITDA to JV partner: INR 2,450 crores. | ₹2,450 cr | ₹4,518 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.