Adani Green Q4 Result: 86% Rise in Cash Profit; EBITDA increase of 27%

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Adani Green Energy's robust growth in Revenue, EBITDA, and Cash Profit were the salient features of Adani Green Energy’s Q4 results released on 3 May 2023. All these key financial growth indicators were driven primarily by capacity addition of 2,848 MW over the last year and realised in the quarter, the CUF or consistent Read more... capacity utilization factor for the solar portfolio, and enhanced CUF for the wind and solar-wind hybrid portfolio of the business. In the main financials that were reflected in the report, it was the significant Cash Profit that took centre stage at ₹1,034 Cr, rising on a YoY basis by a huge 86%! Following this were increases in EBITDA and Revenue for the quarter. All these figures were reported as excluding one-time Revenues. Nonetheless, in terms of Reported Revenues, Q4 witnessed a drop in Power Supply Revenue by 8%, and a decrease in Cash Profit by 24%.Read less


The fiscal year 2024 has been a boon for Adani Green Energy and  Adani Green Energy’s quarterly results are a testament to this. For Q4 FY2023-24, the Company has reported the Run-rate EBITDA standing at a robust  ₹10,462 crore with Net Debt to Run-rate EBITDA at 4.0x as of March 2024 relative to 5.4x in the same period of the last fiscal year. Amidst this backdrop of strong financial metrics, the Company has reported healthy operational performance and capacity additions in the fourth quarter of FY2023-24, with a 35% increase in operational capacity and an 18% increase in the sale of energy. For Q4, Adani Green Energy has released the quarter’s financial results excluding financial revenues as well as in terms of reported financials. 

Explore: Adani Green Energy Ltd Share Price

5 Key Financial Highlights

Adani Green Energy's Q4 results have showcased strong results and here are 5 key financial features that justify Adani Green Energy’s show of strength in Q4: 

  • In Q4, EBITDA from Power Supply stood at ₹1,811 Crore relative to ₹1,424 Crore in Q4 FY23 (excl. One-time Revenues)
  • In Reported Financials, the EBITDA from Power Supply was at ₹1,811 Crore as against ₹1,968 Crore in Q4 FY23. This exhibited a drop of 8% YoY in Q4 FY24. 
  • Cash Profit (excl. One-time Revenues) from Power Supply stood at ₹1,034 Crore for Q4 FY2023-24 relative to ₹555 Crore in the same period of the last fiscal year, displaying a rise of 86% YoY for this quarter. 
  • In Reported Financials, the Cash Profit from Power Supply declined by 24% YoY.
  • Revenue from Power Supply (excl. One-time Revenues) in Q4 FY2023-24 was at ₹1,941 Crore relative to ₹1,575 Crore in the same quarter of the previous financial year, showing a YoY rise of 23% this Q4. However, in Reported financials, Revenue declined 8% on a YoY basis. 

Additional ReadTata Technologies Q4 Results

From Capacity Addition to Operational Excellence

Amidst many positive indicators in the AGEL Q4 results, the general Company performance has been sound over FY24, with many achievements under the AGEL umbrella. For instance, the Company has recently secured $400 million from a consortium of global banks to generate 750 MW solar power projects within its Rajasthan and Gujarat belts. Other recent milestones, concerning the Company’s standing in the industry as well as its operational proficiency are the following: 

  • The Company was rated ‘A-’ in the CDP Climate Change 2023 evaluation displaying environmental leadership, and  rated ‘A’ in the CDP supplier engagement rating of 2023; it was also ranked 1st in Asia and among the top 5 companies in the RE sector (globally by ISS ES)
  • In Q4, AGEL’s Operational Capacity grew 35% YoY to 10,934 MW with the greenfield addition of 2,848 MW Renewable Capacity (including 2,418 MW solar and 430 MW wind projects), making  AGEL India’s first company to cross the milestone of 10,000 MW renewable energy capacity. 
  • AGEL’s 10,934 MW Operational Portfolio will generate power for more than 5.8 million homes and prevent approximately 21 million tonnes of CO2 emissions on an annual basis. 
  • Regarding Capacity Addition, Solar Energy Operational Capacity grew by 35%, Wind Energy Operational Capacity increased by 49%, and Solar-Wind Hybrid Capacity rose by 44%. 

Additional ReadQuarterly Results

Key Financial Metrics - Consolidated Q4 (FY2023-24) Financial Results (excl. One-time Revenues) of Adani Green Energy (in ₹ Crore)


Q4 FY23

Q4 FY24

% Change

Revenue from Power Supply (excl. One-time Revenues)




EBITDA (excl. One-time Revenues)




Cash Profit (excl. One-time Revenues)




Reported Financials (Consolidated) of AGEL for Q4 FY2023-24


Q4 FY23

Q4 FY24

% Change

Revenue from Power Supply 












Cash Profit




Adani Green Energy - Energising India’s Future

The sheer scale of AGEL is beyond any imagination of a power company that has had simple beginnings and has established itself relatively recently in India’s Power sector. From major and rapid developments like the building of the world’s largest renewable energy project of 30,000 MW on barren land at Khavda in Gujarat (5 times the size of the city of Paris) to deploying the most advanced renewable energy technologies such as the N-Type Bifacial Solar Modules, Adani Green is going places! The Company, on the back of its quarterly results and annual FY24 milestones is responsible for India’s largest 5.2 MW wind turbine energy generation, only set to increase in the future. AGEL Q4 results may not have been as strong as one would have expected, but in the broader scheme of things, the Company is set to expand with its renewable energy capacity target of 500 GW by 2030. 

Additional ReadMRF Q4 Results


AGEL is ever-expanding its footprint in the sector of renewable energy in India and making substantial contributions to the country at large. The Q4 result, along with the FY24 result, has highlighted the Company’s Greenfield capacity addition of 2.8 GW in FY24, representing a significant and impressive 15% of India’s total renewable energy capacity addition. This is only set to grow in the months that follow with new collaborations and the raising of funds for operational capacity enhancement. In light of this, the largest renewable energy player in India’s fate of success seems to be sealed.

Additional Read: Adani Ports Q4 Results

Results for the Fourth Quarter and Full Year Ended March 31, 2024

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Frequently Asked Questions

What was Adani Green Energy’s Revenue in Q4 FY 2023-24 compared to the PAT in Q4 FY 2022-23?

Answer Field

According to Adani Green Energy Q4 results, the  Revenue (from Power Supply) was at  ₹1,941 Crore relative to ₹1,575 Crore in Q4 FY 2023-24 (Revenue taken as excl. One-time Revenues).

What were some significant expansion initiatives mentioned by Adani Green Energy in Q4 FY 2023-24?

Answer Field

AGEL is on the path of rapid expansion, and initiatives leading to expansion goals are ongoing with each quarter. The Company has recently raised $400 million to establish the generation of solar power plants in its Gujarat and Rajasthan belts.

Were the Q4 FY 2023-24 results of Adani Green Energy positive by industry standards?

Answer Field

The Adani Green Energy Q4 results were, by industry standards, quite positive, considering that the Company is making great strides in its operational capacity and expansion of energy-generation capabilities. In terms of Reported Financials, the Company’s numbers may have fallen in Q4, but with operational capacity on the rise, the Company is a leader in the industry of renewable power generation.

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