Ahmedabad (Gujarat) [India], 3 May : AGEL has announced its financial results for the fiscal year ending 31 March, reporting an increase in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of Rs 7,222 crore, marking a 30 per cent year-on-year (YoY) growth in FY24.
The revenue surged by 33 per cent YoY to Rs 7,735 crore, driven by a robust operational performance.
The company achieved an industry-leading EBITDA margin of 92 per cent, showcasing its strong financial health. Cash profit also saw a substantial increase of 25 per cent YoY to Rs 3,986 crore.
AGEL's operational capacity witnessed remarkable growth, reaching 10.9 GW, representing a 35 per cent YoY increase.
This includes a greenfield capacity addition of 2.8 GW in FY24, which accounted for 15 per cent of India's total renewable energy capacity addition during the period.
The company successfully deployed 2 GW out of the 30 GW under construction at Khavda, Gujarat, which is poised to become the world's largest renewable energy project.
This project, spread across 538 sq km, is progressing at an unprecedented pace, with AGEL operationalizing 2,000 MW within just 12 months of breaking ground.
AGEL's sale of energy surged by 47 per cent YoY to 21,806 million units in FY24, underpinned by strong capacity addition and improved capacity utilization factors (CUF) for its solar, wind, and hybrid portfolio.
AGEL has revised its renewable energy target for 2030 upwards to 50 GW from the previous 45 GW.
This aligns with the company's commitment to contribute towards India's non-fossil fuel capacity target of 500 GW by 2030.
In pursuit of its targets, AGEL has initiated the development of 5 GW+ Hydro Pumped Storage capacity by 2030.
The company kicked off its first project of 500 MW in Andhra Pradesh and has a development pipeline across Andhra Pradesh, Maharashtra, Tamil Nadu, and Telangana.
The company has also achieved significant milestones in sustainability and environmental governance.
It has been rated 'A-' in Carbon Disclosure Project (CDP) Climate Change 2023 assessment, and 'A' in the CDP supplier engagement rating 2023.
Additionally, AGEL is ranked 1st in Asia and among the top 5 companies globally in the renewable energy sector by ISS ESG.
Amit Singh, Chief Executive Officer of Adani Green Energy Ltd, expressed his pride in the team's accomplishments, particularly in swiftly deploying the first 2 GW of the Khavda project and achieving the highest capacity addition of 2.8 GW in FY24.
He emphasized AGEL's commitment to delivering affordable clean energy at an unprecedented scale and velocity, along with a focus on energy storage solutions to accelerate the integration of renewables into the grid.
Singh 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."
He added, "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 non-fossil fuel capacity target of 500 GW."
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