Electric Utilities company Adani Green Energy announced FY24 results:
Financial Highlights:
- Revenue increases 33% YoY to Rs 7,735 crore
- Industry-leading EBITDA margin of 92%
- Cash profit increases 25% YoY to Rs 3,986 crore
- Operational Capacity increases 35% YoY to 10.9 GW
- Deployed 2 GW of 30 GW under construction at Khavda, Gujarat, world’s largest RE project
- Targeted addition of 5 GW Hydro Pumped Storage capacity by 2030; kicked off the first project of 500 MW in Andhra Pradesh
- Sale of energy increases 47% YoY to 21,806 million units
- The Run-rate EBITDA stands at a strong Rs 10,462 crore with Net Debt to Run-rate EBITDA at 4.0x as of March 2024 as compared to 5.4x last year.
Amit Singh, Chief Executive Officer, Adani Green Energy, said, “I am immensely proud of the team for successfully deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum. Aligned with the country’s need for accelerated integration of renewables into the grid, we are now focused on delivering energy storage in addition to solar, wind, and hybrid projects. Our goal is to commission at least 5 GW of hydro pumped storage projects by 2030. We remain steadfast in our commitment to deliver affordable clean energy at an unprecedented scale and velocity and have set a higher target of 50 GW by 2030, which will contribute towards India’s nonfossil fuel capacity target of 500 GW.”