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Revenue
₹3,005 Cr
verified against source
Revenue YoY
20%
reported change
EBITDA
₹4,518 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 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 operational excellence. Cash profits surged 27% YoY to INR 2,640 crore. The company added 2.9 GW of greenfield capacity over the past year, reaching 11.2 GW operating capacity. Key developments include the Khavda project (20 GW) with 2 GW solar operational, a 5 GW PPA with MSEDCL, and a first data center PPA with Google. Management reiterated the 6 GW capacity addition target for FY25, with one-third expected this quarter. Merchant realizations were strong, especially wind at INR 5.43/kWh. Battery storage cost declines present new opportunities. Risk: extended monsoon caused minor construction delays, but within planned buffers.
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Guidance to track
- Management committed to adding 6 GW of renewable capacity in FY25, with one-third expected in Q3 and remainder by year-end.
- After adding 6 GW, the company expects a run-rate EBITDA in excess of INR 16,000 crore on an installed base of 17 GW.
- Beyond FY25, the company plans a minimum run-rate of 6 GW per year for capacity additions.
- The 61 MW PPA with Google is expected to start supplying power in calendar Q3 2025.
Risks flagged
- Monsoon extended by about a month, causing some delay in capacity addition, though within the 10% variation built into the construction S-curve.
- While management claims de-risking for 50 GW, analysts questioned evacuation readiness for 7-8 GW; management acknowledged reliance on sister company and Power Grid projects.
- Minority interest increased sequentially from INR 182 crore to INR 239 crore, impacting PAT attributable to shareholders, which fell from INR 372 crore to INR 276 crore YoY.
- Merchant realizations for solar were subdued in Q2 (INR 2.59/kWh) due to high hydropower availability; recovery expected but not guaranteed.
Key quotes
- Our revenue and power supply rose by 20% year-on-year to INR 4,836 crore, backed by a robust capacity addition over the year.
- We are committed to our 6 GW capacity addition this year, and our teams are working extensively to deliver the same.
- This is our first step towards decarbonizing the industry, enabling energy-intensive operations like data centers to fulfill their power requirements with cost-effective and clean energy solutions.
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