Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — FY2025 Earnings Presentation
47 slides from Adani Green Energy's earnings presentation, Apr 28, 2025
Slide 1: Submission of Presentation on Operational & Financial highlights
Date: April 28, 2025 To BSE Limited The National Stock Exchange of India Limited P J Towers, “Exchange Plaza”, Dalal Street, Bandra – Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 541450 Scrip Code: ADANIGREEN Dear Sir, Sub: Submission of Presentation on Operational & Fina
Slide 2: Earnings Presentation – FY25 Consolidated Financials
Adani Green Energy Limited Earnings Presentation – FY25 Consolidated Financials AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 3: Table of Contents
Table of Contents 1 Adani Portfolio 2 AGEL: Company Profile 3 AGEL: Operational & Financial Highlights 4 AGEL: ESG 5 AGEL: Investment Rationale Annexures 2
Slide 4: Financial Performance at a glance: FY25 (YoY)
Financial Performance at a glance: FY25 (YoY) Robust financial performance Revenue EBITDA Cash Profit ₹9,495 Cr ₹8,818 Cr ₹4,871 Cr ▲ 23% ▲ 22% ▲ 22% AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 5: Adani Portfolio
adani Renewables O1 Adani Portfolio
Slide 6: Adani Portfolio: A World class infrastructure & utility portfolio
Adani Portfolio: A World class infrastructure & utility portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (73.97%) (100%) (50.00%) (100%) (100%) ANIL Ada
Slide 7: Adani Portfolio: Decades long track record of industry best growth
Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency National footprint with deep coverage Growth 3x 6 Growth 3x 6 EBITDA 72% 1,2,3 EBITDA 92% 1,3,4 AEL APSEZ Growth 4x 6 Growth 3x 6 AGEL Adani’s Core Infra. Platform
Slide 8: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited (AIIL) | ITD Cementation Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Const
Slide 9: AGEL: Replicating Group's Simple yet Transformational Business Model
AGEL: Replicating Group's Simple yet Transformational Business Model Secure Sites & Connectivity Resource Assessment Construction Readiness Geotechnical studies ~2,50,000 acres of resource rich sites Development for renewable in strategic locations 50+ GW potential & Special studies (AIIL) ~5+ GW of
Slide 10: Adani Green Energy Limited (AGEL): Company Profile
02 Adani Green Energy Limited (AGEL): Company Profile AGEL’s Solar plant at Anjar, Gujarat
Slide 11: AGEL: Committed to a sustainable future
AGEL: Committed to a sustainable future Holding Structure ESG Ratings RE Sector Ranking 2 Adani Family Rating Agency Rating/Score Global India 60.9% Score of 4.2 / 5 3 1 7.7% ESG Risk Rating of 15 10 2 Score of 76.35 / 100 Amongst top 5 1 2.7% Prime Band (B+) Rated ‘A-’ Leadership Leadership 2023 as
Slide 12: AGEL: Leading India's Energy Transition
AGEL: Leading India’s Energy Transition Focused on delivering Increased focus on merchant, Fully funded growth with renewable power and C&I, CFD and mid-duration disciplined capital storage solutions hybrid opportunities management Developing renewable Driving operational Setting new benchmarks in p
Slide 13: AGEL: Renewable energy portfolio evolution up to 2030
AGEL: Renewable energy portfolio evolution up to 2030 Today 2030 16% 11% 5% 100% Must-run Portfolio 13% 13% 14.2 GW Resource Mix 50 GW 25-Year Fixed tariff PPAs 71% 71% to contribute majority of the portfolio Solar Wind Hybrid Solar Wind Hybrid PSP Attractive tariffs in merchant, C&I, CFD and mid-du
Slide 14: AGEL: Operational & Financial highlights
03 Adani Green Energy Limited (AGEL): Operational & Financial highlights AGEL’s Dayapar Wind Cluster, Gujarat
Slide 15: AGEL: Executive Summary – FY25
AGEL: Executive Summary – FY25 Capacity Addition & Operational Performance ▪ Operational capacity increased by 30% YoY to 14.2 GW and to increase to 15.2 GW with additional 1 GW near completion ▪ Sale of energy increased by 28% YoY at 27,969 mn units in FY25, equivalent to half of Singapore’s annual
Slide 16: AGEL: Operational Capacity Addition & Sale of Energy – FY25 YoY
AGEL: Operational Capacity Addition & Sale of Energy – FY25 YoY Operational Capacity (in MW AC) Hybrid + 1 GW 14,243 near completion Wind 30% 10,934 2,140 2,000 ✓ Operational Capacity increases by 30% to 14,243 MW with Solar 2,140 greenfield addition of 3,309 MW 1,401 10,103 – Operationalized 2,710
Slide 17: Khavda: World's largest single-location Renewable Energy Project
Khavda: World’s largest single-location Renewable Energy Project Strategically located in Resource rich region of Gujarat A Renewable Energy Marvel in the Making ▪ All projects to be developed on contiguous land in Khavda Significant Scale Renewable Park Efficiencies ▪ Significant scale efficiencies
Slide 18: AGEL: Growth in overall electricity generation and PPA commitment v/s actuals
AGEL: Growth in overall electricity generation and PPA commitment v/s actuals Steady growth in generation with increasing proportion of value accretive Merchant Power Generation in Mn units 1 27,969 21,878 5,274 19,222 347 778 2,213 4,344 10,791 154 5,498 1,365 20,753 20,483 4,388 130 14,724 17 75 9
Slide 19: AGEL: Operational Performance Metrics
AGEL: Operational Performance Metrics − Real time monitoring of operating assets across 12 states through Energy Network Operations Center at Ahmedabad − Granular performance insights − Predictive Maintenance optimizing Mean time between failure (MTBF) − Suggests corrective actions in real time redu
Slide 20: AGEL: Financial Performance – FY25 YoY
AGEL: Financial Performance – FY25 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 ▲ 23% 9,495 EBIDTA Margin 91.8% 91.7% ▲ 22% 8,818 7,735 7,222 ▲22% 4,871 3,986 FY24 FY25 FY24 FY25 FY24 FY25 ▪ Robust growth in revenue, EBITDA and cash profit primari
Slide 21: AGEL: Debt Evolution from Mar-24 to Mar-25
AGEL: Debt Evolution from Mar-24 to Mar-25 Gross Debt 1 (INR Cr) Net Debt Evolution (INR Cr) Gross 73,339 58,557 Debt 20,817 8,877 3,497 64,462 1,331 893 604 (7,412) (1,452) 12,374 46,183 Additional HoldCo bond Regular Change in Change in MTM changes Change in Debt for & other Repayment of Working T
Slide 22: De-risking & optimization of finance cost through prudent debt management
De-risking & optimization of finance cost through prudent debt management Long Term vs Short Term Split (INR Cr) – Mar ’25 Gross Debt Mix 1 & Average Interest Cost 120% 11.1% Long Term Debt Short Term Debt 100% 9.2% 8.0% 8% 22% 1% 8% 80% 1% 19% 3.0% 60% 28% 1% -2.0% Includes Short 40% 66,458, 6,881,
Slide 23: AGEL: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments FTSEL Russell ranks AGEL amongst ISS ESG ranks AGEL Sustainanalytics ranks AGEL amongst Top 3 globally 1st in Asia & top 5 globally Top 10 globally in RE sector in its ESG assessment in alternative electricity segment in in RE sector
Slide 24: Assurance backed ESG framework
Assurance backed ESG framework Guiding principles India Business & IFC E&S United Nations UN Sustainable Green Bond SBTi Biodiversity Performance Global Compact Development Goals Principles Initiative (IBBI) Standards Guiding Policies principles Disclosure Standards TCFD TNFD GRI Standards CDP discl
Slide 25: Substantial Avoidance of CO2 Emissions
Substantial Avoidance of CO2 Emissions CO2 Emissions avoided (mn ton) Key ESG Targets Indicator Target Status 96.0 Ranking in ESG benchmarking of Top 10 by Amongst top 3 as per FTSE Russell and top 5 as electric utility sector in the world FY25 per ISS ESG in RE sector globally Net water positive st
Slide 26: Investment Rationale
05 Investment Rationale AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 27: Key Investment Highlights
Key Investment Highlights ▪ Resource Availability: Strategic sites of 2,50,000 acres for solar and wind plant development and 5+ GW for PSP development backed by comprehensive geotechnical studies, fully prepared evacuation infrastructure, and meticulously crafted design work & resource analysis. De
Slide 28: Annexures: AGEL: Financial Performance – Q4 FY25
Annexures AGEL: Financial Performance – Q4 FY25 27
Slide 29: AGEL: Financial Performance – Q4 FY25 YoY
AGEL: Financial Performance – Q4 FY25 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 EBIDTA 91.3% 91.0% ▲ 37% Margin 2,666 ▲ 35% 2,453 1,941 1,811 ▲18% 1,231 1,042 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 ▪ Robust growth in revenue, EBITDA an
Slide 30: Annexures: AGEL: Receivables Details
Annexures AGEL: Receivables Details 29
Slide 31: AGEL: Power Sales Receivables Ageing Profile
AGEL: Power Sales Receivables Ageing Profile INR Cr Particulars Not Due* Due as on 31-Mar-25 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total Due TANGEDCO 166 14 - - - - 14 NTPC 103 - - - - - - KREDL 77 - - - - 1 1 TSSPDCL 22 10 - - - - 10 SECI 304 - - - - - - Others 327 13 1 2 2 52 70
Slide 32: AGEL: RG1 & RG2 Operational and Financial Highlights – FY25
Annexures AGEL: RG1 & RG2 Operational and Financial Highlights – FY25 31
Slide 33: 930 MW RG1 Solar Portfolio Performance
930 MW RG1 Solar Portfolio Performance Consistent and predictable sale of energy backed by high plant and grid availability Generation in Mn units1 Plant and Grid Availability (%) CUF (%) 1,908 1,913 1,900 100% 99.8% 30% 1,881 1,892 1,895 99.7% 23.3% 95% 20% 90% 10% 85% 0% FY20 FY21 FY22 FY23 FY24 F
Slide 34: 570 MW RG2 Solar Portfolio Performance
570 MW RG2 Solar Portfolio Performance Consistent and predictable sale of energy backed by high plant and grid availability Generation in Mn units1 Plant and Grid Availability (%) CUF (%) 100% 99.8% 30% 1,328 1,313 1,320 1,328 1,299 26.0% 1,114 99.7% 95% 20% 90% 10% 85% 0% FY20 FY21 FY22 FY23 FY24 F
Slide 35: RG1 & RG2: Financial Performance - FY25
RG1 & RG2: Financial Performance - FY25 RG1 Portfolio (930 MW) Key Financials (Rs. Cr) Power Generation receivables Ageing (Rs. Cr) Particulars Not Due* Due as on 31-Mar-25 Particulars (Rs. Cr.) FY24 FY25 959 1,000 91-120 121-180 Revenue from Power supply 0-60 days 61-90 days >180 days Total Due day
Slide 36: AGEL: RG1 & RG2 Covenants vs Actual
Annexures AGEL: RG1 & RG2 Covenants vs Actual 35
Slide 37: AGEL: RG1 Financial Covenants
AGEL: RG1 Financial Covenants Net Debt/EBITDA FFO/Net Debt Leverage Metrics 4,500 7.00 4,113 4,134 4,084 4,062 4,163 4,134 3,933 3,870 3,757 3,765 4,000 6.00 17.23% 3,500 14.97% 5.00 13.32% 13.90% 3,000 12.35% 11.82% 4.97x 10.36% 4.00 9.87% 9.71% 2,500 4.46x 4.28x 4.17x 8.12% 4.03x 3.98x 2,000 3.82x
Slide 38: AGEL: RG2 Financial Covenants
AGEL: RG2 Financial Covenants Net Debt/EBITDA FFO/Net Debt 2,500 7.00 2,289 2,242 2,217 2,207 2,204 Leverage Metrics 2,144 2,079 1,970 1,983 1,955 6.00 2,000 5.17x 20.60% 5.00 19.13% 18.39% 1,500 16.45% 16.26% 16.15% 4.00 14.51% 14.38% 12.44% 13.27% 3.95x 3.56x 3.69x 3.62x 3.59x 3.00 1,000 3.36x 3.2
Slide 39: AGEL: Asset Level Details
Annexures AGEL: Asset Level Details 38
Slide 40: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD/Operationalized (AC) (DC) Name Term Tamil Nadu Solar 216 260 7.01 Mar-16 TANGEDCO 25 Tamil Nadu Solar 72 86 7.01 Feb-16 TANGEDCO 25 AGE23L (Earstwhile Tamil Nadu Solar 72 86 7
Slide 41: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD/Operationalized (AC) (DC) Name Term AGE23L (Earstwhile PN Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 Clean) 1 AGE23L (Earstwhile PN Punjab Solar 10 11 8.65 Feb-21 PSPCL 25 Renewab
Slide 42: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD/Operationalized (AC) (DC) Name Term ASEKANPL Karnataka Solar 200 300 2.82 19-Dec SECI 25 ASEAPSPL Andhra Pradesh Solar 350 455 4.63 Jul-17 NTPC 25 ASERJOPL Rajasthan Solar 300
Slide 43: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD/Operationalized (AC) (DC) Name Term AGE25AL Gujarat Solar 25 34 2.42 Feb-25 SECI 25 AGE25AL Gujarat Solar 12 17 2.42 Feb-25 SECI 25 AGE25AL Gujarat Solar 125 171 2.42 Feb-25 S
Slide 44: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted SPV Project Location Type Capacity (DC) Tariff COD/ Capitalization Counterparty Name PPA Term Capacity (AC) AGEL – Lahori Madhya Pradesh Wind 12 12 5.92 Mar-16 MPPMCL 25 AWEGPL Gujarat Wind 30 30 4.19 Mar-17 GUVNL 25 AWEGPL Gujarat Wind 18 18 3.46
Slide 45: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Planned Capacity Planned Capacity SPV Project Location Type Tariff Counterparty Name PPA Term Capacity (AC) (AC) (DC) 390 Solar: 360 Solar: 540 AHEJOL Rajasthan Hybrid 2.69 SECI 25 Wind: 100 Wind: 100 AHEJTL 2 600 Solar: 600 Solar: 840 Rajasthan H
Slide 46: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Green Energy Limited (“AGEL”),the future outlook and growth prospects, and fut
Slide 47: Thank You
adani Renewables Thank You