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Adani Green Energy announced on February 7 that its consolidated net profit increased by 110 percent to Rs 103 crore for the quarter ending December 31, 2022, from Rs 49 crore the previous year. The bottom line improved significantly as the proportion of profit from joint ventures and associates increased to Rs 44 crore for the quarter, up from Rs 1 crore in Q3 FY22.
Adani Green Energy stated in an exchange statement that its consolidated income from operations increased 41 percent year on year to Rs 1,973 crore, up from Rs 1,400 crore the previous year.
However, the renewables branch of the beleaguered Adani Group conglomerate warned that its operating performance suffered as depreciation charges and other income surged in the quarter. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined 18.2 percent year on year to Rs 853 crore. The EBITDA margin fell to 43.2 percent from 74.5 percent the previous year.
Since the publication of the Hindenburg Research report on January 24, the company’s shares have dropped by 55%. The promoters reduced their pledged investment in the firm from 4.36 percent to 1.36 percent after prepaying certain loans to free up shares.
According to the market report, the solar portfolio CUF (capacity utilisation factor) was 24 percent, up 140 basis points year on year. Due to a one-time breakdown in a Gujarat transmission line, the newly commissioned hybrid portfolio CUF fell 610 basis points year on year to 27.1 percent.
“The continued strong performance demonstrates the resilience of our business model supported by a robust capital management program with leverage well aligned with the business model. We appreciate that, in the last few days, this has further been reaffirmed by the rating agencies, equity and credit research analysts and various banks, financial institutions and long term investors,” said Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.
The business stated in its quarterly press release that it is on target to have 8,300 MW of commissioned capacity, the most in India, by the end of FY23. According to the corporation, about 97 percent of its rated credit facilities are rated between “A” and “AAA” on the comparable credit scale.