Adani Inexperienced Vitality Restricted (AGEL), part of Adani Group, on Tuesday posted a consolidated web revenue of Rs 103 crore for the quarter ending on December 31, 2022, up 110 per cent from Rs 49 crore within the corresponding interval a yr in the past. This got here on the again of a big rise within the share of revenue from joint ventures and associates, which was Rs 44 crore in comparison with Rs 1 crore in Q3 of FY22.
Adani Inexperienced Vitality, in an change submitting on Tuesday, mentioned that the corporate’s consolidated income from operations was up 41 per cent year-on-year within the third quarter to Rs 1,973 crore from Rs 1,400 crore within the year-ago interval.
“The continued robust efficiency demonstrates the resilience of our enterprise mannequin supported by a sturdy capital administration program with leverage properly aligned with the enterprise mannequin. We recognize that, in the previous few days, this has additional been reaffirmed by the ranking companies, fairness and credit score analysis analysts and varied banks, monetary establishments and long run buyers,” mentioned Vneet S. Jaain, MD and CEO of Adani Inexperienced Vitality Ltd.
Following an explosive report by US short-seller Hindenburg Analysis, which accused Adani Group of inventory manipulation and accounting fraud, the corporate’s shares have dropped by 55 per cent, in accordance with a report by Cash Management. Following the promoters’ prepayment of some loans to launch shares, the pledged place within the firm has decreased from 4.36 per cent to 1.36 per cent.
Adani Inexperienced Vitality’s working efficiency has taken successful as depreciation bills and different earnings elevated within the December quarter. The corporate’s EBITDA (earnings earlier than curiosity, taxes, depreciation, and amortization) fell 18.2 per cent yr on yr to Rs 853 crore. EBITDA margin fell 43.2 per cent from 74.5 per cent within the year-ago interval.
As per the submitting, the agency’s photo voltaic portfolio CUF (Capability Utilisation Issue) stood at 24 per cent, enhancing 140 foundation factors yr on yr. Newly commissioned Hybrid portfolio CUF was at 34 per cent whereas wind portfolio CUF fell 610 foundation factors yr on yr to 27.1 per cent, attributable to a one-off disruption in a Gujarat transmission line.
The corporate additionally knowledgeable that it’s on observe to succeed in 8,300 MW commissioned capability by finish of FY23. About 97 per cent of the corporate’s rated credit score services are rated between ‘A’ to ‘AAA’ equal credit score scale, it mentioned.