Detailed Narrative
Strong H1 Financial Performance
AGEL delivered 20% growth across revenue and EBITDA in H1 FY25. Revenue from power supply reached INR 4,836 crores and EBITDA INR 4,518 crores. Cash profit growth was even stronger at 27% YoY to INR 2,640 crores. Run rate EBITDA for 11.2 GW stands at INR 10,800 crores.
6 GW FY25 Target With Back-Loaded Execution
Management committed to 6 GW for FY25 (5 GW solar, 1 GW wind) with most additions in H2 after extended monsoon. One-third expected in Q3 and remainder in Q4. Post-addition, run rate EBITDA projected at INR 16,000+ crores on 17 GW. Khavda workforce expanded to 9,000+.
Khavda Wind Performance and Solar CUF
First 250 MW wind capacity commissioned with India's largest 5.2 MW WTGs showing CUF north of 44% in stabilization. Full-year wind CUF expected above 35%. Solar CUF at Khavda expected above 32% full-year, vs 24% portfolio average - set to lift overall portfolio CUF as Khavda proportion grows.
Maharashtra LOA and Google C&I Deal
Won 5 GW Maharashtra solar LOA with 25-year fixed tariff PPA across 4-year execution timeline. Signed first C&I deal with Google for 61 MW data center power at significantly higher than DISCOM PPA rates. Data center demand identified as major growth opportunity.
Battery Storage and PSP Strategy
Battery prices dropped 66% in 2 years. Management sees BESS as complementary to PSP, not replacement. PSP still cheaper on LCOE basis, provides 100-year life, voltage control, and 6-7 hour discharge. AGEL has access to 20+ GW PSP sites. Both solutions will be deployed to capture peak-offpeak arbitrage.