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, bringing total operational portfolio to 11.2 GW.

• Revenue from operations rose 24% year-over-year to ₹2,528 crore for Q1 FY25, driven by capacity additions and a 22% rise in energy sales to 7,356 million units.

• EBITDA increased 23% year-over-year to ₹2,374 crore, with an industry-leading EBITDA margin of 92.6%.

• Strong ESG performance, ranked highly by FTSE Russell, ISS ESG, and Sustainalytics, with water positive certification for all plants above 200 MW.

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

Financial highlights

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

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

• Cash profit rose 32% year-over-year to ₹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.

• India Ratings upgraded long-term issuer rating to AA- from A+.

Outlook and guidance

• On track to achieve 50 GW renewable capacity by 2030, including at least 5 GW of energy storage, with major projects at Khavda and Rajasthan.

• Targeting 6 GW additional capacity in FY25, with Khavda contributing a major share.

• Projecting 15% of portfolio as merchant and C&I by year-end, with merchant wind prioritized for premium pricing.

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

• Net debt to EBITDA expected to remain near current level of 4, supported by strong free cash flow.