Adani Green Energy (ADANIGREEN) Q1 24/25 earnings summary

Executive summary

• Operational capacity increased 31% year-over-year to 10.9 GW, with 2.6 GW greenfield additions, including 250 MW wind at Khavda, raising the total operational portfolio to 11.2 GW.

• Energy sales rose 22% year-over-year to 7,356 million units in Q1 FY25.

• Focus on advanced robotics, local supply chain, and skilled workforce to accelerate project execution.

• India Ratings upgraded long-term issuer rating to AA- from A+; ranked highly in ESG assessments by FTSE Russell, ISS ESG, and Sustainalytics.

• Net profit attributable to equity holders was ₹446 crore, up from ₹150 crore in the previous quarter.

Financial highlights

• Revenue from power supply rose 24% year-over-year to INR 2,528 crore in Q1 FY25.

• EBITDA from power supply increased 23% to INR 2,374 crore, with a margin of 92.6%.

• Cash profit grew 32% to INR 1,390 crore; energy sales up 22% to 7,356 million units.

• Total income for the quarter was ₹3,122 crore, with profit before tax and exceptional items at ₹675 crore.

• Exceptional items of ₹47 crore were recognized, mainly provisions for liquidated damages and asset revaluation.

Outlook and guidance

• Committed to achieving 50 GW renewable capacity by 2030, including 5 GW of pumped hydro storage, with major projects underway at Khavda and Rajasthan.

• Targeting 6 GW additional capacity in FY25, with majority solar and 700 MW wind planned.

• Projecting 15% of portfolio as merchant and C&I by 2030; aiming for 33% CUF at Khavda.

• No further equity raise planned; growth to be funded by promoter warrants and internal cash flows.

• Fully secured growth path to 50 GW operational capacity by 2030, with a CAGR of 29% targeted.