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Revenue
₹2,527 Cr
verified against source
Revenue YoY
33%
reported change
EBITDA
₹7,222 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 Q4 FY24 with revenue from power supply up 33% YoY to INR 7,735 crore and EBITDA up 30% to INR 7,222 crore, maintaining an industry-leading EBITDA margin of 92%. The company added 2,848 MW of greenfield capacity in FY24, a 35% YoY increase, and operationalized 2 GW at the Khavda project within 12 months. Management guided for at least 6,000 MW of capacity addition in FY25 and revised the 2030 target to 50 GW, fully funded. The net debt to run-rate EBITDA improved to 4x from 5.4x. Key strategic initiatives include developing 5 GW of pumped hydro storage by 2030 and increasing merchant/C&I exposure to ~10% of the portfolio. Risks include potential module supply constraints from ALMM regulations and execution challenges in pumped hydro projects.
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Guidance to track
- Management guided for greenfield capacity addition of at least 6,000 MW in FY25, with a run-rate of 6,000-8,000 MW per year going forward.
- Revised the 2030 renewable energy capacity target from 45 GW to 50 GW, with 100% funding locked in from debt and equity.
- Targeting at least 5 GW of pumped hydro storage capacity by 2030, with first 500 MW project in Andhra Pradesh under construction and expected commissioning by FY27.
- Management indicated that merchant and C&I capacity will be about 10% of the portfolio mix, up from current ~5%.
Risks flagged
- ALMM regulations may restrict module imports, but management stated all FY25 requirements are fully locked in and de-risked.
- Pumped hydro is a complex infrastructure project with longer timelines (3-3.5 years) and higher capital costs (INR 4.5-5 crore/MW).
- Increased merchant exposure to 10% exposes the portfolio to spot price fluctuations, though management sees strong demand tailwinds.
- While management claims 100% transmission tie-ups for the pipeline, any delays in grid connectivity could impact project commissioning.
Key quotes
- We are developing the world's largest single-location renewable energy plant of 30,000 MW in Khavda. This project will set a blueprint for ultra large-scale renewable energy development globally.
- We are in a very unique position to have the ability to build projects without necessarily need of specific contracts, to have the financial capability to build, looking forward to the contracts, not build only after contract sign base.
- We are targeting at Adani Green an addition of at least 5 gigawatts of pumped hydro storage capacity by 2030, and have already kicked off construction work for the first 500-megawatt project in Andhra Pradesh.
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