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Revenue
₹2,220 Cr
verified against source
Revenue YoY
66%
reported change
EBITDA
₹3,775 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Green Energy reported a strong H1 FY2024 with revenue from power supply up 66% YoY to INR 4,029 crore and EBITDA up 58% to INR 3,775 crore, driven by a 78% increase in energy sales to 11,760 million units. The solar portfolio CUF improved 90 bps to 25.2%, while wind CUF rose 360 bps to 40.2%. Management reiterated its 45 GW target by 2030 and guided for 2.8-3 GW capacity addition in FY2024, with most commissioning in H2. The TotalEnergies JV for 1,050 MW (equity investment) and advanced refinancing discussions for RG-One bonds support the growth plan. Key risk: execution delays in Khavda or module supply constraints could impact the aggressive H2 commissioning schedule.
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Guidance to track
- Management guided for 2.8 to 3 GW capacity addition in FY2024, with most commissioning in the second half. Funding is fully secured.
- Adani Green reiterated its target to reach 45 GW of renewable capacity by 2030, with a mix of solar, wind, pumped hydro, and batteries.
- Management expects to refinance the $500 million RG-One bond through USD PP market at an effective cost similar to current AGEL Holdco cost of ~9.6%, with no material increase.
- Management expects to take a final investment decision (FID) on a pumped storage project before the end of FY2024, with construction cycle of 27-33 months.
Risks flagged
- With only 200 MW added in H1, the company needs to commission ~2.6 GW in H2 to meet its 2.8-3 GW target. Any delays in Khavda or module supply could cause slippage.
- An analyst raised concerns about using Chinese modules (non-ALMM) for projects with SCOD near March 2024. Management clarified that current projects are exempt, but future projects may face restrictions.
- While recent module price declines benefit returns, management noted that prices are volatile and a $0.01 change impacts IRR by 1-1.2%. A sudden price spike could affect project economics.
- The $750 million Holdco bond maturing in FY2025 is expected to be repaid from a group liquidity pool, but any disruption in group-level liquidity could create refinancing pressure.
Key quotes
- Our revenue from power supply has increased by 66% year-on-year to INR 4,029 crore, with corresponding total income standing at INR 4,979 crore.
- We are very confident of our team's ability to deliver on those plans.
- We don't believe that signing vanilla PPAs will bring us the best returns. So we will be carefully monitoring the market, and we'll participate where we essentially make sure that we high grade our portfolio and get the best returns for our shareholders.
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