India Ratings upgrades Adani Green Energy to ‘IND AA-’ from 'IND A+'with stable outlook

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Adani Green Energy Limited (AGEL) from 'IND A+' to 'IND AA-', with a Stable outlook. This significant upgrade underscores AGEL's robust operational performance, enhanced execution capabilities, and improved financial health, on May 30.The upgrade reflects AGEL’s strong operational asset performance, increased annual capacity additions, and healthy counterparty diversification.

Ind-Ra noted the company’s strategic move to earmark funds for the repayment of a USD750 million bond and its collaboration with Total Energies SE, which facilitates asset monetization while retaining consolidation benefits, as per an official release.Also Read | Adani Green Energy share price Today Live Updates : Adani Green Energy Stock Slides in Trading TodayAGEL’s financial performance has seen considerable improvement, with revenue rising to ₹92.2 billion in FY24 from ₹77.9 billion in FY23. The EBITDA also saw a substantial increase, reaching ₹72.9 billion in FY24 from ₹49.3 billion the previous year.

The EBITDA margin improved to 79 per cent from 63 per cent, and the net adjusted debt to EBITDA ratio moderated to 6.5x from 8.0x in FY23.Also Read | Adani Ent share price Today Live Updates : Adani Enterprises Stock Drops in Trading TodayAlso Read | Adani Wilmar Share Price Live blog for 30 May 2024AGEL has expanded its operational capacity, which has grown to 10.9 GW at the end of FY24 from 8.1 GW in FY23 and 5.4 GW in FY22. This growth is underpinned by AGEL’s strong execution capabilities and a diversified portfolio that includes solar (68 per cent), wind, and hybrid sources (32 per cent).