Adani Green Energy’s Q2 results showed net profit up 16% to INR7.47bn ($79mn) for July-September. Revenue rose 42% to INR42.58bn ($451mn), and EBITDA climbed 46% to INR37.97bn ($402mn). As a result, the EBITDA margin reached 89.2%.
What drove Adani Green Q2 results
Energy sales rose 33% to 12,090 GWh in the quarter. Moreover, operational capacity grew 24% to 20.8 GW, the most for any Indian renewables company. The company says it remains on track for 50 GW by 2030. Power-supply EBITDA, the company’s preferred measure, rose 51% to INR38.35bn ($406mn).
Storage was the standout. Adani Green added 3.08 GWh of batteries at Khavda in Gujarat, taking the total to 6.63 GWh. That is more than half of India’s operational battery capacity, the company said. It now says it may beat its 10 GWh storage target for FY27.
The grid problem
However, the grid did not keep pace. Solar grid availability fell to 78.9%, Mint reported, even though plant availability was 99.3%. So the company had to curtail some output at midday peaks. The chief executive said the company is “closely monitoring the availability of transmission infrastructure”.
Meanwhile, net debt stood at 5.6x run-rate EBITDA. On Wednesday, the shares closed 2.38% lower at INR1,258.50.
Foreign money is also flowing into Indian renewables. For example, see KKR’s investment in Gentari’s Indian arm.
