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Revenue
₹2,311 Cr
verified against source
Revenue YoY
57%
reported change
EBITDA
₹5,412 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 strong operational and financial performance for 9M FY24, with revenue from power supply up 57% to INR 5,794 crore and EBITDA up 52% to INR 5,412 crore, maintaining an industry-leading EBITDA margin of 92%. The company's operational capacity grew 16% to 8.4 GW, and sale of energy increased 59% to 16,293 million units, driven by improved capacity factors and greenfield additions. Management reiterated its 45 GW target by 2030, backed by a locked-in portfolio of 20.8 GW and a capital management framework including a INR 9,350 crore promoter warrant issue and a $3 billion construction financing facility. Key growth drivers include the Khavda mega project, hybrid capacity additions, and pumped storage expansion. Risks include execution delays due to transmission and supply chain constraints, and potential ALMM policy impacts on module costs.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for at least 2 GW capacity addition in the next quarter (Q4 FY24), with a target of 2-2.5 GW.
- The company aims to scale execution capacity to north of 5 GW from next fiscal year, up from the current ~2.5 GW.
- Management confirmed that pumped storage project implementation will begin in the next financial year, with one project in advanced stages.
- Merchant capacity is expected to grow to low teens (as a percentage of total portfolio) by 2030, from current 3-5%.
Risks flagged
- Transmission evacuation readiness and supply chain constraints for long-lead items could delay capacity additions.
- Implementation of ALMM from April 2024 may restrict procurement from China, potentially increasing module costs for new projects.
- Pumped storage projects have long gestation periods (5 years) and require clearances; past industry stalling poses a risk.
- While lower module prices improve returns, sustainability of current low prices is uncertain, impacting project economics.
Key quotes
- We have now completely placed in place cash-based funding for $1,050 million GoldCo, redemption of which is due in December 2024.
- We are very close to doing one project. And I think that's something which we will be able to come out very soon and give you the details.
- We have to match our existing locking portfolio with our execution pace and capacity. So today, as we had earlier guided, our execution capacity is in the near about of 2.5 GW. We are working hard to grow that capacity to north of 5 GW from next year.
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