According to the source, India’s power generation sector boasts a total installed capacity of approximately 450 GW, with 53.9 percent from fossil fuels and 46.1 percent from non-fossil fuels. Renewable energy, including solar and wind, accounts for 33.9 percent of the capacity, with a target of generating 1900 billion units in 2024-25.
Price movement
With a market capitalization of Rs 1.21 lakh crore, the shares of Adani Green Energy Ltd were trading at Rs 767.95 per share, decreasing around 0.79 percent as compared to the previous closing price of Rs 774.05 apiece.
Matter Explanation
Shares of a Gautam Adani-backed renewable energy firm have plunged over 57 percent in six months, facing selling pressure after withdrawing from two wind power projects in Sri Lanka. The Sri Lankan government began talks with Adani Group last month to reduce the project’s estimated $1 billion cost, leading to market concerns.
Operational Highlights
The company’s energy sales rose 23 percent YoY to 20 billion units in 9M FY24. Power supply revenue grew 18 percent YoY to Rs 6,829 crores, with EBITDA at Rs 6,366 crores. Cash profit surged 23 percent to Rs 3,630 crores. It added 3.1 GW capacity (+37 percent), expanding its portfolio to 11.6 GW.
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Strategic Initiatives
The company is advancing the Khavda project, set to be the world’s largest renewable energy plant, expanding its workforce to 12,000. It targets 5 GW capacity addition this fiscal, with 4.3 GW by year-end. Aiming for 50 GW by 2030, 85 percent of contracts are long-term PPAs, 15 percent in C&I/merchant.
Upcoming Projects and Capacity Plans
The company plans to commission 6-8 GW next fiscal year, maintaining strong execution with efficient resource allocation. It is also ramping up existing operations. Additionally, three pumped storage projects are underway, with the Chitravathi project set to add 500 MW by FY 2027, enhancing renewable energy capacity.
Management comments
The management remains optimistic, citing strong operations, strategic capacity expansions, and adherence to governance standards. Leveraging its leadership in renewable energy, the company aims to navigate market challenges effectively while sustaining growth and innovation in a dynamic industry landscape.
Company profile
Adani Green Energy Limited (AGEL) is an Indian-based holding corporation. The Company generates renewable power and does other related operations. The Company creates, owns, manages, and maintains utility-scale grid-connected solar, wind, hybrid, and solar parks.
Written by Abhishek Singh
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