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Revenue
₹2,162 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Green reported strong operational performance in Q1 FY24, with operational capacity up 43% YoY to 8,316 MW and sale of energy rising 70% to 6,023 million units. Revenue from power supply grew 55% to ₹2,099 crore, while EBITDA from power supply increased 53% to ₹1,938 crore, maintaining an industry-leading margin of 92.5%. Cash profit rose 55% to ₹1,051 crore. The company's locked-in portfolio exceeds 20 GW, providing clear visibility toward the 45 GW target by 2030. Management emphasized execution focus, with 2.8-3 GW capacity addition planned for FY24. Key risks include wind CUF volatility (Q1 wind CUF fell to 38.7% due to lower wind speeds and Cyclone Biparjoy) and potential module price fluctuations, though the company benefits from supplier relationships and cost pass-through mechanisms.
Colored figures show movement against the previous available record.
Guidance to track
- Target to achieve 45 GW operational capacity by 2030 through solar, wind, and hybrid solutions.
- Planned capacity addition for the current financial year, with financial closure for most projects already achieved.
- Capital cost for solar projects excluding basic customs duty is expected to be in this range.
- All-in capital cost for wind projects, including turbine and balance of system.
Risks flagged
- Wind CUF declined to 38.7% from 47% YoY due to lower wind speeds and Cyclone Biparjoy, impacting generation.
- While the company gets preferential pricing, discounts are smaller when market prices are low; future module price direction is uncertain.
- Management acknowledged that supplier and contractor ecosystem is near upper limits, requiring proactive vendor development.
- The 5.2 MW turbine from group company is key for Khavra; any delays in commercial launch could impact project timelines.
Key quotes
- Our run rate EBITDA with this 8,316 megawatt capacity stands at ₹7,645 crore. With net debt of ₹14,800 crores by June end, net debt to run rate EBITDA is at 5.3x.
- We are really razor bent on our target of delivering 45 gigawatt in excess of 45 gigawatt by 2030 through the use of Solar, Wind and Solar-Wind Hybrid Solutions as major contributors.
- Our relationship is something which gives us something which is better than the market. In times when the market is stressed in terms of very high prices, we do get preference, which is more outsized.
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