Adani Green Energy Reports 18 Percent Revenue Growth to INR 6,829 Crore

Adani Green Energy Ltd. (AGEL), India’s renewable energy (RE) company, announced its financial results for the period ending December 31, 2024, showcasing significant growth in revenue, EBITDA, and operational capacity.

As per the firm's media release, strong revenue, EBITDA, and cash profit growth are primarily attributed to robust greenfield capacity addition of 3.1 GW and consistent plant performance.

For the nine months ending December 2024, AGEL reported an 18 percent year-on-year (YoY) increase in EBITDA, reaching INR 6,366 crore, and a 23 percent YoY rise in energy sales, amounting to 20,108 million units. Total revenue for 9M FY25 stood at INR 6,829 crore, an 18 percent growth compared to the previous year. AGEL’s operational renewable energy capacity grew by 37 percent YoY to 11.6 GW, including the addition of 2,113 MW of solar and 312 MW of wind capacity in Khavda, Gujarat, along with other projects in Rajasthan and Gujarat. The company’s cash profit surged by 23 percent YoY to INR 3,630 crore, with an industry-leading EBITDA margin of 92 percent.

In Q3 FY25, AGEL recorded a 13 percent increase in revenue from power supply, reaching INR 1,993 crore, compared to INR 1,765 crore in Q3 FY24. EBITDA for the quarter grew by 13 percent, amounting to INR 1,848 crore as compared to INR 1,638 crore in Q3 FY24.

The company is making significant progress on its ambitious project in Khavda, Gujarat, where it is building the world’s largest renewable energy plant with a planned capacity of 30 GW by 2029. This project, spanning 538 square kilometres, will feature advanced bifacial solar modules, India’s largest wind turbines, and robotic cleaning systems to conserve water.

Amit Singh, CEO, Adani Green Energy Ltd, stated, "We are steadily developing the world’s largest RE plant in Khavda, Gujarat, as well as large-scale plants in Rajasthan and other sites, supported by well-aligned transmission planning. We have upgraded our supply chain to meet current and future regulatory compliances. Recently, we made significant progress in building the PPA pipeline by participating in various tenders. Our updated strategy now includes large-scale deployment of battery energy storage systems (BESS), given significant cost declines in the last few quarters. BESS can be deployed relatively quickly and will be crucial in grid integration, supporting rapid renewable growth and complementing our existing solar, wind, and hydro pumped storage projects. We continue to ensure that the financing tie-up is completed well in advance for all our pool of capital."