Date: May 01, 2023

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.: Outcome of Board Meeting held on May 01, 2023 and submission of
Audited Financial Results (Standalone and Consolidated) for the quarter and
year ended March 31, 2023 as per SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015

With reference to above, we hereby submit / inform that:

1. The Board of Directors of the Company ("the Board") at its meeting held
on May 01, 2023, commenced at 12.30 p.m. and concluded at 9.30 p.m.,
has approved and taken on record the Audited Financial Results
(Standalone and Consolidated) of the Company for the quarter and year
ended March 31, 2023, alongwith the Auditors' Report, as issued by the
Statutory Auditors of the Company. Copy of the same is enclosed
herewith.

The Audited Financial Results are also being uploaded on the Company's
website at www.adanigreenenergy.com.

We would like to state that M/s. S R B C & Co. LLP and M/s. Dharmesh
Parikh & Co. LLP, Statutory Auditors have issued audit reports with
modified opinion on the Audited Financial Results (Standalone and
Consolidated) for the quarter and year ended March 31, 2023.

The presentation on operational & financial highlights for the quarter and
year ended March 31, 2023 is enclosed herewith and also being uploaded
on our website.

Adani Green Energy Limited Tel +91 79 2555 5555

“Adani Corporate House”, Shantigram, Fax +91 79 2555 5500
Nr. Vaishno Devi Circle, S G Highway, [email protected]
Khodiyar, www.adanigreenenergy.com
Ahmedabad – 382 421
Gujarat, India
CIN: L40106GJ2015PLC082007

Registered Office: “Adani Corporate House”, Shantigram, Nr. Vaishno Devi Circle,
S G Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India
 2. Press Release dated May 01, 2023 on the Audited Financial Results
(Standalone and Consolidated) of the Company for the quarter and year
ended March 31, 2023 is enclosed herewith.

3. Mr. Sagar R. Adani (DIN: 07626229) has been re-appointed as an

Executive Director for a period of 5 years effective from August 31, 2023,
subject to approval of the shareholders.

4. Designation of Mr. Vneet S. Jaain (DIN: 00053906) has been changed

from Managing Director & Chief Executive Officer to Managing Director
effective from May 11, 2023.

5. The Board, on recommendation of the Nomination & Remuneration

Committee, has appointed Mr. Amit Singh as the Chief Executive Officer
and Key Managerial Personnel of the Company w.e.f. May 11, 2023.

The required details pursuant to the SEBI Listing Regulations are annexed
herewith as Annexure-I and II.

You are requested to take the same on your record.

Thanking You

Yours Faithfully,
For, Adani Green Energy Limited
Pragnes Digitally signed
by Pragnesh Darji

h Darji Date: 2023.05.01

21:54:48 +05'30'

Pragnesh Darji
Company Secretary

Adani Green Energy Limited Tel +91 79 2555 5555

“Adani Corporate House”, Shantigram, Fax +91 79 2555 5500
Nr. Vaishno Devi Circle, S G Highway, [email protected]
Khodiyar, www.adanigreenenergy.com
Ahmedabad – 382 421
Gujarat, India
CIN: L40106GJ2015PLC082007

Registered Office: “Adani Corporate House”, Shantigram, Nr. Vaishno Devi Circle,
S G Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India
 Disclosure required under Listing Regulations read with SEBI Circular No.
CIR/CFD/CMD/4/2015 dated September 09, 2015, are as under:
Annexure-I
Particulars Details
Name Mr. Vneet S. Jaain
Reason for change viz. Change in designation from Managing Director &
appointment, resignation, Chief Executive Officer to Managing Director
removal, death or otherwise
Date of appointment & Change in designation effective from May 11,
terms of appointment 2023
Brief profile Mr. Vneet S Jaain has been with Adani Group for
over 15 years. Mr. Jaain is experienced in project
management across many industries including
coal and iron ore mining, coal washery, cross
country water pipelines, cross country conveyors
and railway lines.

He has been instrumental in building the energy

portfolio of the Group including all facets from
conceptualisation to commissioning and
operation. He has demonstrated true passion and
energy in building the generation and
transmission assets of the Group. He has earned
amazing appreciation in delivering projects
ahead of their schedule.

He is a mechanical engineering graduate from

Government Engineering College, Haryana.
Disclosure of Relationship Nil
between Directors (in case of
appointment as a Director)
Information as required Not Applicable
pursuant to BSE Circular with
ref. no. LIST/COMP/14/2018-19
and the National Stock
Exchange of India Ltd. with ref.
no. NSE/CML/2018/24, dated
June 20, 2018

Adani Green Energy Limited Tel +91 79 2555 5555

“Adani Corporate House”, Shantigram, Fax +91 79 2555 5500
Nr. Vaishno Devi Circle, S G Highway, [email protected]
Khodiyar, www.adanigreenenergy.com
Ahmedabad – 382 421
Gujarat, India
CIN: L40106GJ2015PLC082007

Registered Office: “Adani Corporate House”, Shantigram, Nr. Vaishno Devi Circle,
S G Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India
 Annexure-II

Particulars Details
Name Mr. Amit Singh
Reason for change viz. Appointment as Chief Executive Officer and KMP
appointment, resignation, of the Company
removal, death or otherwise
Date of appointment & May 11, 2023
terms of appointment
Brief profile Mr. Singh has more than 22 years of extensive
experience in oilfield, energy transition and
digital advancement across the energy sector,
with a thorough experience working in multiple
geographies including Europe, Middle East, Asia
and Americas.

Prior to joining Adani, Mr Singh was Director of

Strategy & Marketing, Digital & Integration
Division of SLB (formerly known as
Schlumberger), based in London where he was
responsible for development of corporate
strategy, managing research & engineering
investments for new technology, corporate
branding, Tier-1 partnerships and investments in
emerging technologies.

Mr. Singh also served as Managing Director

based in Qatar where he led all Oilfield Services
Division of SLB ranging from Reservoir
Characterization, Well Construction, Production
& Digital to deliver growth and superior
performance, safely for the basin. He led the
ramp-up and execution of the world’s largest Gas
development (North Field) project in Qatar, which
is being executed in a very short span of time
with range of successful new technology
introductions.

Adani Green Energy Limited Tel +91 79 2555 5555

“Adani Corporate House”, Shantigram, Fax +91 79 2555 5500
Nr. Vaishno Devi Circle, S G Highway, [email protected]
Khodiyar, www.adanigreenenergy.com
Ahmedabad – 382 421
Gujarat, India
CIN: L40106GJ2015PLC082007

Registered Office: “Adani Corporate House”, Shantigram, Nr. Vaishno Devi Circle,
S G Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India
 Particulars Details
In addition, Mr. Singh has participated in
extensive technical consulting and M&A
valuation of petroleum assets across Middle East,
Asia and Europe with large National Oil
Companies (NOCs) and Independents with
special focus around Fiscal analysis, Petroleum
Economics & Risk management for sustained
value creation.

Mr. Singh holds a degree in Mechanical

Engineering from Indian Institute of Technology,
Delhi. He is an avid advocate of creating clean &
green environment through the use of renewable
sources of energy while driving human capital
development for inclusive growth.
Disclosure of Relationship Not Applicable
between Directors (in case
of appointment as a
Director)
Information as required Not Applicable
pursuant to BSE Circular
with ref. no.
LIST/COMP/14/2018-19 and
the National Stock
Exchange of India Ltd. with
ref. no. NSE/CML/2018/24,
dated June 20, 2018

Adani Green Energy Limited Tel +91 79 2555 5555

“Adani Corporate House”, Shantigram, Fax +91 79 2555 5500
Nr. Vaishno Devi Circle, S G Highway, [email protected]
Khodiyar, www.adanigreenenergy.com
Ahmedabad – 382 421
Gujarat, India
CIN: L40106GJ2015PLC082007

Registered Office: “Adani Corporate House”, Shantigram, Nr. Vaishno Devi Circle,
S G Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India
SRB C& COLLP Dharmesh Parikh & Co LLP
Chartered Accountants, Chartered Accountants,
21 51 Floor, B Wing, Privilon, 303/304, "Milestone",
Ambli BRT Road, Near Iskcon Temple, Nr. Drive-in-Cinema, Opp. T.V. Tower,
OffSG Highway, Ahmedabad 380 059 Thaltej, Ahmedabad 380 054

Independent Auditor's Report on the Quarterly and Year to Date Audited Consolidated Financial
Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended

To
The Board of Directors of
Adani Green Energy Limited

Report on the audit of the Consolidated Financial Results

Qualified Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results
of Adani Green Energy Limited (the "Holding Company") and its subsidiaries (the Holding Company
and its subsidiaries together referred to as the "Group"), its associate and a joint venture for the quarter
ended March 31, 2023 and for the year ended March 31, 2023 ("Statement"), attached herewith, being
submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us and based
on the consideration of the reports of the other auditors on separate audited financial statements of the
subsidiaries, a associate and a joint venture, the Statement:

i. includes the results of the entities as mentioned in attached Annexure I;

11. except for possible effects of the matter described in the 'Basis for Qualified Opinion'
section of our report, are presented in accordance with the requirements of the Listing
Regulations in this regard; and
111. except for possible effects of the matter described in the 'Basis for Qualified Opinion'
section of our report, gives a true and fair view in conformity with the applicable accounting
standards, and other accounting principles generally accepted in India, of the consolidated
net profit and other comprehensive income and other financial information of the Group for
the quarter ended March 31, 2023 and for the year ended March 31, 2023.

Basis for Qualified Opinion

We refer to Note 19 of the accompanying consolidated financial results. Pending completion of the
ongoing investigations by Securities and Exchange Board oflndia and completion of proceedings before
the Hon'ble Supreme Court in term of its order dated March 2, 2023, in respect of the matter stated in
the said note, we are unable to comment on the possible consequential effects thereof, if any, on these
consolidated financial results.

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under
Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those
Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated
Financial Results" section of our report. We are independent of the Group, its associate and a joint
venture in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter"
paragraph below, is sufficient and appropriate to provide a basis for our opinion .
. -""'"'-...,._"' ;
C Co ~
<:(a
 § RB C & CO LLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants

Management's Responsibilities for the Consolidated Fin ancial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The
Holding Company's Board of Directors are responsible for the preparation and presentation of the
Statement that give a true and fair view of the net profit and other comprehensive income and other
financial information of the Group including its associate and joint venh1re in accordance with the
applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued
thereunder and other accounting principles generally accepted in India and in compliance with
Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included
in the Group and of its associate and a joint venn1re are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of their
respective company(ies) and for preventing and detecting frauds and other i1Tegularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Statement that give a true and fair view and are free
from material misstatement, whether due to fraud or en-or, which have been used for the purpose of
preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group
and of its associate and a joint venture are responsible for assessing the ability of their respective
company(ies) to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the respective Board of Directors either intends
to liquidate the respective company(ies) or to cease operations, or has no realistic alternative but to do
so.

The respective Board of Directors of the companies included in the Group and of its associate and joint
venture are also responsible for overseeing the financial reporting process of their respective
company(ies).

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from
material misstatement, whether due to fraud or enor, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or enor and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

o Identify and assess the risks of material misstatement of the Statement, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
o Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the company has adequate
internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estii;nates and related disclosures made by the Board of Directors.
_£,.,--.-- ~...,

-~-.,, ~
,_
t')

......~ _..,,,
~·
SRBC& COLLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants

° Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evjdence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the ability of the Group and
its associate and joint venture to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related
disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report.
However, fi.tture events or conditions may cause the Group and its associate and joint venture
to cease to continue as a going concern.
0 Evaluate the overall presentation, strncture and content of the Statement, including the
disclosures, and whether the Statement represent the underlying transactions and events in a
manner that achieves fair presentation.
0 Obtain sufficient appropriate audit evidence regarding the financial results / infonnation of the
entities within the Group and its associate and a joint venture of which we are the independent
auditors and whose financial information we have audited, to express an opinion on the
Statement. We are responsible for the direction, supervision and perfonnance of the audit of the
financial infonnation of such entities included in the Statement of which we are the independent
auditors. For the other entities included in the Statement, which have been audited by other
auditors, such other auditors remain responsible for the direction, supervision and perfo1mance
of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities
included in the Statement of which we are the independent auditors regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit. We also provide those charged with
governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMDl/44/2019 dated
March 29, 2019 issued by the Securities Exchange Board ofindia under Regulation 33 (8) of the Listing
Regulations, to the extent applicable.

Other Matter

The accompanying Statement includes the audited financial statements and other financial information,
in respect of:
o 114 subsidiaries, whose financial statements before consolidation adjustments include total
assets of Rs 38,509 Crores as at March 31, 2023, total revenues of Rs 1,355 Crores and Rs 3,408
Crores, total net (loss) / profit after tax of Rs. (117) Crores and Rs. 206 Crores, total
comprehensive (loss)/ income of Rs. (128) Crores and Rs. 251 Crores, for the quarter and the
year ended on that date respectively, and net cash outflows of Rs. (214) Crores for the year
ended March 31, 2023, as considered in the Statement which have been audited by one of the
joint auditors, individually or together with another auditor.

o 94 subsidiaries, whose financial statements before consolidation adjustments include total

assets of Rs 28,275 Crores as at March 31, 2023, total revenues of Rs 953 Crores and Rs 2,257
Crores, total net (loss) / profit after tax of Rs. (37) Crores and Rs. 214 Crores, total
comprehensive (loss)/ income of Rs. (59) Crores and Rs. 207 Crores, for the quarter and the
year ended on that date respectively, and net cash outflows of Rs. (34) Crores for the year ended
March 31, 2023, as considered in the Statement which have been audited by their respective
independent auditors.
S RBC&COLLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants

0 1 associate, whose financial statement include Group's share of net profit of Rs. 14 Crores and
Rs. 57 Crores and Group's share of total comprehensive income of Rs. 14 Crores and Rs. 57
Crores, for the quarter and for the year ended March 31, 2023, as considered in the Statement
whose financial statement, other financial infonnation has been audited by its independent
auditor.

The independent auditor's report on the financial statements and other financial infonnation of these
entities have been furnished to us by the Management and our opinion on the Statement in so far as it
relates to the amounts and disclosures included in respect of these subsidiaries and associate is based
solely on the reports of such auditors and the procedures perfonned by us as stated in paragraph above.

In respect of subsidiaries located outside India, the financial statements and other financial infonnation
have been prepared in accordance with the accounting principles generally accepted in their respective
countries and which have been audited by other auditors under generally accepted auditing standards
applicable in the respective countries. The Holding Company's management has converted the financial
statements of such subsidiaries located outside India from accounting principles generally accepted in
their respective countries to accounting principles generally accepted in India (Indian GAAP). We have
audited these conversion adjustments made by the Holding Company's management. Our opinion in so
far as it relates to the balances and affairs of such subsidiaries located outside India is based on the
report of other auditors and the Indian GAAP conversion adjustments prepared by the management of
the Holding Company and audited by us.

The accompanying Statement includes unaudited statements and other unaudited financial information
in respect of:

o 3 subsidiaries, whose financial statements before consolidation adjustments include total assets of
Rs 15 Crores as at March 31, 2023, total revenues of Rs Nil and Rs Nil, total net profit after tax of
Rs . 2 Crores and Rs. 2 Crores, total comprehensive income of Rs . 2 Crores and Rs. 2 Crores, for
the quarter and the year ended on that date respectively, and net cash inflows of Rs . 8 Crores for the
year ended March 31, 2023, whose financial statements and other financial information have not
been audited by any auditor.

0 1 joint venture, whose financial statement include Group's share of net (loss) of Rs. (2) and Rs . (1)
Crore and Group's share of total comprehensive (loss) of Rs. (2) and Rs. (1) Crore, for the quarter
and for the year ended March 31, 2023 respectively, whose financial statement and other financial
information have not been audited by any auditor.

These unaudited financial statements have been approved and furnished to us by the Management and
our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect
of this subsidiaries and joint venture, is based solely on such unaudited financial statements. In our
opinion and according to the infonnation and explanations given to us by the Management, these
financial statements are not material to the Group .

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance
on the work done and the reports of the other auditors and the financial statements and financial
infonnation certified by the Management.
§ RBC& CO LLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants

The Statement includes the results for the quarter ended March 31, 2023 being the balancing figures
between the audited figures in respect of the full financial year ended March 31, 2023 and the published
unaudited year-to-date figures up to the end of the third quarter of the cunent financial year, which were
subjected to a limited review by us, as required under the Listing Regulations.

For S R B C & CO LLP For Dharmesh Parikh & Co LLP

tered Accountants Chartered Accountants
CA Firm Registration Number: 324982E/E300003 ICAI Firm Registration Number: l 12054W/Wl00725

~ '-{a~tfy-~
per Santos per Anuj Jain
Partner Partner
Membershl No.: 093669 Membership No.: 119140
UDIN: 2,3Cj'.¾69 B4LJ':lt.'2NG<2''1-6 UDIN: 2.31 l C/14C>/:,4V?(QL-'13o.3

Place of Signature: Ahmedabad Place of Signature: Ahrnedabad

Date: May 0 1, 2023 Date: May 01, 2023
 - -----

SRBC& C O LLP D harmesh Parikh & Co LLP

Chartered Accountants Chartered Accountants

Annexure I: List of entities whose financial results are included in the Consolidated financial results of
Adani Green Energy Limited for the quarter and year ended March 31, 2023

A) Wholly - Owned Subsidiaries

Sr. No. Name of the Entity
I Adani Renewable Energy (MH) Limited
2 Adani Renewable Energy (KA) Limited
3 Adani Renewable Energy Holding Five Limited (formerly known as Rosepetal Solar Energy Private
Limited)
4 Adani Solar Energy Kutchh Two Private Limited (formerly known as Gaya Solar (Bihar) Private
Limited)
s Adani Wind Energy (Gujarat) Private Limited
6 Adani Wind Energy Kutchh One Limited (formerly known as Adani Green Energy (MP) Limited)
7 Adani Renewable Energy Holding One Limited (fom1erly known as Mahoba Solar (UP) Private Limited)
8 Adani Wind Energy Kutchh Four Limited (formerly known as Adani Wind Energy (GJ) Limited)
9 Adani Renewable Energy Holding Two Limited (formerly known as Adani Renewable Energy Park
Limited)
10 Adani Renewable Energy Holding Eleven Limited (formerly known as Adani Green Energy Eleven
Limited)
II Adani Renewable Energy Holding Seven Limited (formerly known as Adani Green Energy Fourteen
Limited)
12 Adani Renewable Energy Holding Eight Limited (formerly known as Adani Green Energy Twenty
Limited)
13 Adani Renewable Energy Holding Nine Limited (formerly known as Adani Green Energy Twenty One
Limited)
14 Adani Renewable Energy Holding Six Limited (formerly known as Adani Green Energy Twelve
Limited)
IS Adani Renewable Energy Holding Four Limited (formerly known as Adani Green Energy Four Limited)
16 A<lani Green Energy Two Limited
17 Adani Renewable Energy Holding Three Limited (formerly known as Adani Renewable Energy Park
(Gujarat) Limited)
18 Adani Green Energy Pte Limited
19 Adani Renewable Energy Holding Twelve Limited (formerly known as Adani Green Energy Twenty
Eight Limited)
20 Adani Renewable Energy Holding Fifteen Limited (formerly known as Adani Green Energy Twenty Two
Limited)
21 Spine! Energy & Infrastructure Limited
22 Surajkiran Solar Technologies Private Limited
23 Surajkiran Renewable Resources Private Limited
24 Dinkar Technologies Private Limited
25 Adani Energy Holdings Limited (formerly known as SB Energy Holdings Limited)
26 Adani Renewable Power LLP
27 Wind One Renergy Limited (formerly known as Wind One Renergy Private Limited)
28 Wind Three Renergy Limited (formerly known as Wind Three Renergy Private Limited)
29 Wind Five Renergy Limited (formerly known as Wind Five Renergy Private Limited)
SRBC& COLLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants

B) Wholly - Owned Step-Down Subsidiaries

Sr. No. Name of the Entity

I Adani Hybrid Energy Jaisalmer Four Limited (fonnerly known as RSEPL Hybrid Power One Limited)
2 RSEPL Renewable Energy One Limited
3 Adani Wind Energy Kutchh Two Limited (formerly known as Adani Renewable Energy (TN) Limited)
4 Adani Wind Energy Kutchh Six Limited (formerly known as Adani Renewable Energy (GJ) Limited)
5 Adani Hybrid Energy Jaisalmer One Limited (formerly known as Adani Green Energy Eighteen Limited)
6 Adani Solar Energy Four Limited (formerly known as Adani Solar Energy Four Private Limited)
7 Adani Solar Energy Chitrakoot One Limited (fonnerly known as Adani Wind Energy (TN) Limited)
8 Adani Saur Urja (KA) Limited
9 Adani Green Energy Eight Limited
10 Adani Solar Energy Jodhpur Two Limited (formerly known as Adani Green Energy Nineteen Limited)
II Adani Hybrid Energy Jaisalmer Five Limited (formerly known as Adani Renewable Energy Holding
Fourteen Limited)
12 Adani Renewable Energy One Limited
13 Adani Renewable Energy Two Limited
14 Adani Renewable Energy Three Limited
15 Adani Renewable Energy Four Limited
16 Adani Renewable Energy Five Limited
17 Adani Renewable Energy Six Limited
18 Adani Renewable Energy Nine Limited
19 Adani Renewable Energy Ten Limited
20 Adani Renewable Energy Eleven Limited
21 Adani Green Energy Fifteen Limited
22 Adani Green Energy Sixteen Limited
23 Adani Green Energy Twenty Four Limited
24 Adani Green Energy Twenty Four A Limited
25 Adani Green Energy Twenty Four B Limited
26 Adani Green Energy Twenty Four C Limited
27 Adani Green Energy Twenty Five Limited
28 Adani Green Energy Twenty Five A Limited
29 Adani Green Energy Twenty Five B Limited
30 Adani Green Energy Twenty Five C Limited
31 Adani Green Energy Twenty Six Limited
32 Adani Green Energy Twenty Six A Limited
33 Adani Green Energy Twenty Six B Limited
34 Adani Green Energy Twenty Six C Limited
35 Adani Green Energy Twenty Seven Limited
36 Adani Green Energy Twenty Seven A Limited
37 Adani Green Energy Twenty Seven B Limited
38 Adani Green Energy Twenty Seven C Limited
39 Adani Green Energy Thirty Limited (ceases to be subsidiary from March 31, 2023)
40 Adani Green Energy Thirty One Limited
41 Adani Green Energy Thirty Two Limited
42 Adani Wind Energy Kutchh Three Limited (formerly known as Adani Green Energy Three Limited)
43 Adani Wind Energy Kutchh Five Limited (formerly known as Adani Green Energy Five Limited)
44 Adani Green Energy Six Limited
45 Adani Hybrid Energy Jaisalmer Two Limited (formerly known as Adani Green Energy Seven Limited)
46
,., _
.... Adani Solar Energy Kutchh One Limited (formerly known Adani Green Energy One Limited)
SRBC&COLLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants

Sr. No. Name of the Entity

47 Adani Hybrid Energy JaisalmerThree Limited (formerly known as Adani Green Energy Nine Limited)
48 Adani Green Energy (Australia) Pte Limited
49 Adani Green Energy (US) Pte Limited
50 Adani Phuoc Minh Renewables Pte Limited
51 Adani Renewables Pte Limited
52 Adani Green Energy (Vietnam) Pte Limited
53 Adani Solar Energy AP One Limited
54 Adani Solar Energy AP Two Limited
55 Adani Solar Energy AP Three Limited
56 Adani Solar Energy AP Four Limited
57 Adani Solar Energy AP Five Limited
58 Adani Renewable Energy Seven Limited
59 Adani Renewable Energy Eight Limited
60 Adani Green Energy S L Limited
61 Adani Phuoc Minh Solar Power Company Limited
62 Adani Renewable Energy Devco Private Limited (formerly Known as SB Energy Private Limited)
63 Adani Solar Energy Jodhpur Three Private Limited (fom1erly Known as SB Energy One Private Limited)
64 Adani Solar Energy AP Six Private Limited (formerly known as SBG Cleantech Projectco Private
Limited)
65 Adani Solar Energy Jodhpur Four Private Limited (formerly known as SB Energy Three Private Limited)
66 Adani Solar Energy Jodhpur Five Private Limited (formerly known as SB Energy Four Private Limited)
67 Adani Solar Energy KA Nine Private Limited (formerly known as SBG Cleantech Projectco Five Private
Limited)
68 Adani Solar Energy RJ One Private Limited (formerly known as SB Energy Six Private Limited)
69 Adani Solar Energy AP Eight Private Limited (formerly known as SB Energy Seven Private Limited)
70 Adani Solar Energy AP Seven Private Limited (formerly known as SB Energy Solar Private Limited)
71 Adani Renewable Energy Holding Nineteen Private Limited (fonnerly known as SBE Renewables Ten
Private Limited)
72 Adani Solar Energy Jaisalmer One Private Limited (formerly Known as SBE Renewables Ten Projects
Private Limited)
73 Adani Renewable Energy Sixteen Private Limited (formerly Known as SBE Renewables Eleven Private
Limited)
74 Adani Renewable Energy Twelve Private Limited (formerly Known as SBSS Cleanproject Twelve
Private Limited)
75 SBSR Power Cleantech Eleven Private Limited
76 Adani Renewable Energy Fourteen Private Limited (formerly Known as SBE Renewables Fourteen
Private Limited)
77 Adani Renewable Energy Holding Eighteen Private Limited (formerly Known as SBE Renewables
Fifteen Private Limited)
78 Adani Solar Energy Jodhpur Six Private Limited (formerly Known as SBE Renewables Twenty Four
Projects Private Limited)
79 Adani Renewable Energy Holding Sixteen Private Limited (formerly Known as SBE Renewables
Sixteen Private Limited)
80 Adani Solar Energy RJ Two Private Limited (fonnerly Known as SBE Renewables Sixteen Projects
Private Limited)
81 Adani Renewable Energy Holding Seventeen Private Limited (formerly Known as SBE Renewables
Seventeen Private Limited)
82 Adani Solar Energy Barmer One Private Limited (formerly Known as SBE Renewables Twenty Three
Projects Private Limited)
SRB C &COLLP Dha rmesh Parikh & Co LLP
Chartered Accountants Chaiiered Accountants

Sr. No. Name of the Entity

83 Adani Renewable Energy Eighteen Private Limited (formerly Known as SBE Renewables Eighteen
Private Limited)
84 Adani Renewable Energy Nineteen Private Limited (formerly Known as SBE Renewables Nineteen
Private Limited)
85 Adani Renewable Energy Twenty Private Limited (formerly Known as SBE Rcnewables Twenty Private
Limited)
86 Adani Renewable Energy Twenty One Private Limited (formerly Known as SBE Renewables Twenty
One Private Limited)
87 Adani Renewable Energy Twenty Two Private Limited (formerly Known as SBE Renewables Twelve
Projects Private Limited)
88 Adani Renewable Energy Twenty Three Private Limited (formerly Known as SBE Renewables Fourteen
Projects Private Limited)
89 Adani Renewable Energy Twenty Five Private Limited (formerly Known as SBE Renewables Twenty
Five Projects Private Limited)
90 Adani Renewable Energy Twenty Four Private Limited (formerly Known as SBE Renewables Twenty
One Projects Private Limited)
91 Adani Renewable Energy Twenty Six Private Limited (formerly Known as SBE Rcnewables Seventeen
Projects Private Limited)
92 Adani Renewable Energy Twenty Eight Private Limited (fom1erly Known as SBE Renewables Nineteen
Projects Private Limited)
93 Adani Renewable Energy Thirty Private Limited (formerly Known as SBE Renewables Eleven Projects
Private Limited)
94 Adani Renewable Energy Thirty One Private Limited (formerly Known as SBE Renewables Eighteen
Projects Private Limited)
95 Adani Renewable Energy Thirty Two Private Limited (formerly Known as SBE Renewables Fifteen
Projects Private Limited)
96 Adani Renewable Energy Thirty Three Private Limited (formerly Known as SBESS Wind Projectco
Two Private Limited)
97 Adani Renewable Energy Thirty Four Private Limited (formerly Known as SBE Renewables Twenty
Projects Private Limited)
98 Adani Renewable Energy Twenty Seven Private Limited (formerly Known as SBE Renewables Twenty
Seven Projects Private Limited)
99 Adani Renewable Energy Twenty Nine Private Limited (Formerly known as SBE Renewables Twenty
Nine Projects Private Limited)
100 Adani Wind Energy MP One Private Limited (formerly known as SBESS Services Projectco Two
Private Limited)
101 Adani Cleantech One Limited (formerly known as SBG Cleantech One Limited)
102 Adani Cleantech One Holdings Limited (formerly known as SBG Cleantech One Holdings Limited)
103 Adani Cleantcch Two Limited (formerly known as SBG Cleantech Two Limited)
104 Adani Cleantech Two Holdings Limited (formerly known as SBG Cleantech Two Holdings Limited)
105 Adani Cleantech Three Limited (formerly known as SBG Cleantech Three Limited)
106 Adani Cleantech Three Holdings Limited (formerly known as SBG Cleantech Three Holdings Limited)
107 Adani Four Limited (formerly known as SBE Four Limited)
108 Adani Four A Limited (formerly known as SBE Four A Limited)
109 Adani Five Limited (formerly known as SBE Five Limited)
110 Adani Five A Limited (formerly known as SBE Five A Limited)
111 Adani Six Limited (formerly known as SBE Six Limited)
112 Adani Six A Limited (formerly known as SBE Six A Limited)
113 Adani Seven Limited (formerly known as SBE Seven Limited)
!J.!l"".'.::-:-.,~Adani Seven A Limited (formerly known as SBE Seven A Limited)
SRB C & COLLP Dharmesh Parikh & Co LL P
Chartered Accountants Chartered Accountants

Sr. No. Name of the Entity

115 Adani Nine Limited (formerly known as SEE -Nine Limited)
116 Adani Nine A Limited (formerly known as SBE Nine A Limited)
117 Adani Ten Limited (formerly known as SBE Ten Limited)
I 18 Adani Ten A Limited (formerly known as SBE Ten A Limited)
119 Adani Thirteen Limited (formerly known as SBE Thirteen Limited)
120 Adani Thirteen A Limited (formerly known as SBE Thirteen A Limited)
121 Adani Fifteen Limited (formerly known as SBE Fifteen Limited)
122 Adani Fifteen A Limited (formerly known as SBE Fifteen A Limited)
123 Adani Sixteen Limited (formerly known as SBE Sixteen Limited)
124 Adani Sixteen A Limited (formerly known as SBE Sixteen A Limited)
125 Adani Seventeen Limited (formerly known as SBE Seventeen Limited)
126 Adani Seventeen A Limited (formerly known as SBE Seventeen A Limited)
127 Adani Wind India Limited (formerly known as SBE Wind India Limited)
128 Adani Wind One Limited (fom1erly known as SBE Wind One Limited)
129 Adani Energy Cleantech One Holdings Limited (formerly known as SB Energy Cleantech One Holdings
Limited)
130 Adani Energy Cleantech Two Holdings Limited (formerly known as SB Energy Cleantech Two Holdings
Limited)
131 Adani Energy Cleantech Three Holdings Limited (fo1merly known as SB Energy Cleantech Three
Holdings Limited)
132 Adani Four A Holdings Limited (formerly known as SBE Four A Holdings Limited)
133 Adani Five A Holdings Limited (formerly known as SBE Five A Holdings Limited)
134 Adani Six A Holdings Limited (fom1erly known as SBE Six A Holdings Limited)
135 Adani Seven A Holdings Limited (formerly known as SBE Seven A Holdings Limited)
136 Adani Nine A Holdings Limited (formerly known as SBE Nine A Holdings Limited)
137 Adani Ten A Holdings Limited (formerly known as SBE Ten A Holdings Limited)
138 Adani Thirteen A Holdings Limited (formerly known as SBE Thirteen A Holdings Limited)
139 Adani Fifteen A Holdings Limited (formerly known as SBE Fifteen A Holdings Limited)
140 Adani Sixteen A Holdings Limited (formerly known as SBE Sixteen A Holdings Limited)
141 Adani Seventeen A Holdings Limited (formerly known as SBE Seventeen A Holdings Limited)
142 Adani Wind India Holdings Limited (formerly known as SBE Wind India Holdings Limited)
143 Adani Energy One Holdings Limited (formerly known as SB Energy One Holdings Limited)
144 Adani Energy Two Holdings Limited (formerly known as SB Energy Two Holdings Limited)
145 Adani Energy Three Holdings Limited (formerly known as SB Energy Three Holdings Limited)
146 Adani Four Holdings Limited (formerly known as SBE Four Holdings Limited)
147 Adani Five Holdings Limited (formerly known as SBE Five Holdings Limited)
148 Adani Six Holdings Limited (formerly known as SBE Six Holdings Limited)
149 Adani Seven Holdings Limited (formerly known as SBE Seven Holdings Limited)
150 Adani Nine Holdings Limited (formerly known as SBE Nine Holdings Limited)
151 Adani Ten Holdings Limited (formerly known as SBE Ten Holdings Limited)
152 Adani Thirteen Holdings Limited (formerly known as SBE Thirteen Holdings Limited)
153 Adani Fifteen Holdings Limited (fom1erly known as SBE Fifteen Holdings Limited)
154 Adani Sixteen Holdings Limited (formerly known as SBE Sixteen Holdings Limited)
155 Adani Seventeen Holdings Limited (formerly known as SBE Seventeen Holdings Limited)
156 Adani Energy Global Wind Holdings Limited (formerly known as SB Energy Global Wind Holdings
Limited)
157 Vento Energy Infra Private Limited
158 Adani. Solar Energy Jodhpur Seven Private Limited (Fom1erly Known as SBE Renewables Twenty Two
, . ~.. -<..i.
C 1 Private Limited)

~1~ ,
, ,.:-;,;{1?- ; ~:
E/. - \.\ ' .\, //11,-· ••.
I I ,·,'' - /" . - . / cf
,.'(~;~ . . ·-<<-!\:
-~~
,_ tr.1=
1(-- l ..c ,-.. ~.. \ ' .: ,
. .;;;- • -1 ·11 ' )•·,.•. , , , :- ,
C\ \ ..·
. ~;.:
f l\,1 , ", ; /

.......... ____ ...~~ •·. ·',: \ \ 1 . i ll (:" _' ~i; ; ' -;',·
, , ;:.:~ r.,._ , I '
SRBC& COLLP Dharmcsh Parikh & Co LLP
Chartered Accountants Chartered Accountants

159 Adani Solar Energy Jodhpur Eight Private Limited (Formerly Known as SBE Renewables Twenty Two
C2 Private Limited)
160 Adani Solar Energy Jodhpur Nine Private Limited (Fom1erly Known as SBE Rcnewables Twenty Two
C3 Private Limited)
161 Adani Solar Energy Jodhpur Ten Private Limited (Formerly Known as SBE Renewables Twenty Two
C4 Private Limited)
162 Adani Renewable Energy Fifteen Private Limited (formerly known as SBG Cleantech Energy Eight
Private Limited)
163 Adani Renewable Energy Thirty Five Limited
164 Adani Renewable Energy Thirty Seven Limited
165 Adani Renewable Energy Forty One Limited
166 Adani Renewable Energy Forty Two Limited
167 Adani Renewable Energy Forty Three Limited
168 Adani Renewable Energy Forty Five Limited
169 Adani Renewable Energy Forty Nine Limited
170 Adani Renewable Energy Thirty Six Limited
171 Adani Renewable Energy Forty Limited
172 Adani Renewable Energy Forty Four Limited
173 Adani Renewable Energy Forty Seven Limited
174 Adani Renewable Energy Forty Eight Limited

C) Controlled Subsidiary & its Wholly owned subsidiaries, including step down subsidiaries

Sr.No. Name of the Entity

1 Adani Green Energy Twenty-Three Limited (Deemed Controlled Subsidiary)
2 Adani Green Energy (UP) Limited
3 Prayatna Developers Private Limited
4 Parampujya Solar Energy Private Limited
5 Wardha Solar (Maharashtra) Private Limited
6 Kodangal Solar Parks Private Limited
7 Adani Renewable Energy (RJ) Limited
8 Adani Green Energy (Tamilnadu) Limited
9 Kamuthi Renewable Energy Limited
10 Kamuthi Solar Power Limited
11 Ramnad Renewable Energy Limited
12 Ramnad Solar Power Limited
13 Adani Renewable Energy Holding Ten Limited (formerly known as Adani Green Energy Ten Limited)
14 KN Indi Vijayapura Solar Energy Private Limited
15 KN Bijapura Solar Energy Private Limited
16 KN Muddebihal Solar Energy Private Limited
17 KN Sindagi Solar Energy Private Limited
18 Essel Gulbarga Solar Power Private Limited
19 Essel Bagalkot Solar Energy Private Limited
20 PN Clean Energy Limited
21 PN Renewable Energy Limited
22 TN Urja Private Limited
23 Essel Urja Private Limited
 SR BC & CO LLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants

D) Subsidiaries of Wholly Owned Subsidiary

Sr. No. Name of the Entity

I Adani Phouc Minh Wind Power Company Limited

E) Joint Venture Company

Sr. No. Name of the Entity

I Adani Renewable Energy Park Rajasthan Limited

F) Associate Company

Sr. No. Name of the Entity

I Mundra Solar Energy Limited

In addition to above list of entities, during the year ended March 31, 2023, the Group has dissolved 67 wholly -
owned step-down subsidiaries. Refer note 3 in the audited consolidated financial results in this regard.

r·
 ADANI GREEN ENERGY LIMITED
adani (CIN: L40106GJ2015PLC082007)
~c nc•✓1~b l c:. Rogd. Office: "Adani Corporate House", Shanti gram, Near Vai shno Devi Ci role, S. G. Highway, Khodlyar, Ahmedabad • 382421, Gujarat (India)
Phone: 079-25555555; Fax: D79-26565500; Email: [email protected]; Website : www.adan igrccncncrgy.com
AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2023
({' In Crorcs)
Consolidated
3 Months ended 3 Months ended 3 Months ended For the year ended For the year ended
Sr.
Particulars 31.03.2023 31.12.2022 31 .03.2022 31.03,2023 31,03.2022
No.
(Unaudited) (Unaudited) (Audited)
(Unaudited) (Audited)
(Refer note 18) (Refer note 18) (Refer note 16)
1 Income
(a) Revenue from Operations
i. Power Supply 2,130 1.260 1,128 5,825 3,783
ii. Sa le of Goods and related services 453 699 294 1,767 1,288
iii. Others (Re fe r note 13) 15 14 39 200 62
(b) Other Income (Re f er note 4) 390 285 126 841 415
Total Income 2,988 2,258 1,587 8,633 5,548
2 Expenses
(a) Cost of materials sold 439 694 310 1,748 1.286
(b) Employee benefits expense (net) 11 11 9 40 34
(c) Finance Costs (net) (Refer note 12) 7,338 617 667 2,911 2,617
(d) Foreign Exchange (gain)/ loss (net) (Refer note 12) (306) 314 60 559 (29)
(e) Depreciation and amortisation expen se 392 330 274 1.300 B49
(f) Other Expenses (net) 190 101 110 5 14 303
Total Expenses 2,064 2,067 1,430 7,D72 5,060
3 Profit before share of profit from Joint Venture, associate, 924 191 157 1.561 488
exceptional items and t:,x (1·2)
4 Exceptional items (Refer note 5) (125) (69) (15) (194) 64
5 Profit before share of profit from Joint Venture, associate 799 122 142 1,367 552
and tax (3+4)
6 Tax charge/ (credit}
• Current Tax charge / (credit) 91 1 (2) 92
• Tax relating to earlier periods 1 0 (4) 1 (4)
• Deferred Tax charge 215 62 27 36 0 68
7 Profit after tax and before share of profit from Joint 492 59 121 914 488
Venture and associate (5•6)
8 Share of Profit / (Loss) from Joint Ventur e and associate 15 44 (0) 59 1
(net of tax)
9 Profit for the period / year (7+8) 507 103 121 973 4 89
10 Other Comprehensive Income/ (loss)
Items that will not be r eclassified to profit or loss in
subsequent periods:
(a) Rem easurement (loss)/ gain of defin ed benefi t plans (3) 1 (3) (0) (3)
Add/ Less: Income Tax effect 1 (0) 1 0 1
Items that will be reclassified to profit or lass in
subsequent periods:
(a) Exchange differences on translation of foreign 0 (1) (2) (7) 1
operations
(b) Effective portion of gain/ (loss) on cash f low hedges. 114 (62) (50) (65) (143)
(net)
Add/ Less: Income Tax effect (37) (1) 36 16 60
Total Other Comprehensive lncomo / (Loss) (net of tax) 75 (63) (18) (56) (84)
11 Total Comprehensive Income (net of tax) (9+1 O) 582 40 103 917 405
Net Income Attributable to :
Equity holders of the parent 508 103 121 974 489
Non-Controlling Interest (1) (1)
Other Comprehensive Income/ (Loss) Attributable to :
Equity holders of the parent 75 (63) (18) (56) (84)
Nan-Controlling In terest
Total Comprehensive Income Attributable to :
Equ ity holders of the parent 5B3 40 103 918 405
Non-Controlling Interest (1) (1)
12 Paid up Equity Share Capital (Face Value~ 10 per share) 1,584 1.5B4 1.564 1.584 1.564
13 Other Equity excluding Revaluation Re se rves 4,296 (374)
14 Earnings Per Share (EPS) ro (Not annualised) (Face Value t
10 per share)
Basic and DIiuted EPS (In ~) 3.02 0 .47 0 .58 5.41 2.41
 ad a ni ADAN! GREEN ENERGY LIMITED
,",?cnc ~·J.:1 :, 1c :;
-
(CIN: L4 0106GJ 2015PLC082007)
Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, 5. G. Highway, l<hodiyar, Ahmedabad - 382421, Gujarat (India)
Phone: 079-25555555; Fax: 079-26565500; Email : [email protected]; Website : www.adanigreenenergy.com
AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARC H, 2023
Consolidated Balance Sheet ({ in Crores)
As at As at
Particulars 31st March, 2023 31st March, 2022
(Audited)
ASSETS
Non · Current Assets
(a) Property, Plant and Equipment 46,105 26,884
(b) Right-of-Use Assets 2,152 1.485
(c) Capital Work-In-Progress 5,291 19,899
(d) Goodwill on Consolidation 3 3
(e) Other Intangible Assets 76 80
(f) Investments accounted using Equity Method 137 73
(g) Financial Assets
(i) Trade Receivables 38
(ii) Loans 74 70
(iii) Other Financial Assets 4,342 3,029
(h) Income Tax Assets (Net) 143 157
(i) Deferred Tax Assets (Net) 459 562
0) Other Non - Current Assets 739 798
Total Non - Current Assets 59,553 53,040
Current Assets
(a) Inventories 52 17
(b) Financial Assets
(i) Investments 1.018 501
(ii) Trade Receivables 2,206 1,809
(iii) Cash and Cash Equivalents 1,002 567
(iv) Bank balances other than (iii) above 982 1.026
(v) Loans 87 25
(vi) Other Financial Assets 1,426 439
(c) Other Current Assets 440 1.122
Total Current Assets 7,213 5,506
Non· Current Assets Classified as Held for Sale (Refer note 14) 595 621
Total Assets 67,361 59,167
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital (Refer note 11) 1,584 1,564
(b) Instruments entirely equity in nature 1,424 1,424
(c) Other Equity (Refer note 11) 4.296 (374)
Total Equity attributable to Equity Holders of the Parent 7,304 2,614
(d) Non - Controlling Interests 46 .
Total Equity 7,350 2,614
Liabilities
Non· Current Liabilities
(a) Financial Liabilities
(i) Borrowings
- Through Stapled Instrument 4,013 4,013
- From Banks, Financial Institutions and Others 44,619 38,704
(ia) Lease Liabilities 1,276 586
(ii) Other Financial Liabilities 3 89
(b) Provisions 216 114
(c) Deferred Tax Liabilities (Net) 452 213
(d) Other Non - Current Liabilities 989 902
Total Non · Current Liabilities 51,568 44,621
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 4,215 9,471
(ia) Lease Liabilities 100 58
(ii) Trade Payables
- total outstanding dues of micro enterprises and small enterprises 4 5
- total outstanding dues of creditors other than micro enterprises and small
387 140
enterprises
(iii) Other Financial Liabilities 1,430 1.404
(b) o·ther CurrenU.ia.bJli,ties 1,703 427
10 8
(c) Provisi ~ (' " , ~ > .

(d) currer.i1 .a£t,,1ae'ilit ~'s'(ne~), · .::.. •.;.., ;:i·'.1 ,:· ' \ / / 92 0

,,
Total Curi f.en~ Liabilities '\<<l \ \ 'r :/• .... ( : . 7,9:41· - 11,513
Liabilit~i qi~ttly ass~iatfjr'/llij" Non-Current Assets classified af Held For Sa le/
(Refer n te11 ) . ~
Total Lia Jilitle~ l
~ J .'f • j
~"JJ
Total Equity ar\~Jl l!!/iliti§_./ ,,{:·' / /
I
1.,.-
:::.:: , L.i(.':.. , , . '. ,
''-. ~•: \ d i., . .,,; J J.,- ,:
,,>t.·· ~
\ f' '•.

,,/ . 1. ../ t
1
~fh:' - ..
60;01.,
502
I

67,361 ' ·
,,
419
56,553
59,167
~ c~~;// :--<:.ea ,~cco:: •;;,·
•- 'I() . . ---
• ~: - --- - · · ·•
~·\"'- ,r
• • ¥
 a dan i AD ANI GREE N ENERGY LIMITE D
R cn c v,.Jb l c ::. {CIN: L4 010 6GJ2 01 5PLC0 82 00 7)
~ Reg d~Offlce: "Adani Corporate Hou se", Shantigram, Near Va1sh no Dev i Ci rcle, S. G. Highway, l<hod iyar, Ahm edabad - 3 82421, Guj arat {In dia)
Phone : 07 9-2555 5555; Fa x : 079-265655 00; Email : inv estor.a [email protected]; Webs ite : www.adanigreen energy.com
AUDITED CONSOLI DATE D FINANCIAL RESULTS FOR THE QUARTER AN D YEAR END ED 31ST MARCH, 20 23
Consolidated Statement of Cash Flows (f in Crores)
For the year ended For the year ended
Particulars 31st March, 2023 31st March, 2022
(Audited)
(A) Cash flow from operating activities
Profit before tax {Excluding share of Profit in Associate and Joint Venture): 1,367 552
Adjustments to reconcile profit before tax to net cash flows:
Interest Income (607) (367)
Net gain on sale/ fair valuation of inve stments measured at Fair value through {35) (12)
profit and loss
Loss on sale/ discard of Property, plant and equipment (net) 39 2
Depreciation and amortisation expenses 1,300 849
Exceptional items Loss/ (Gain) 194 {64)
Provision/ Liabilities no longer required written back (172) (17)
Credit impairment of Trade receivables 15 4
Finance Costs (including derivative costs) 2,911 2,617
Foreign Exchange Fluctuation Loss (net) 559 8
Operating profit before working capital changes 5,571 3,572
Working Capital Changes:
(Increase)/ Decrease in Operating Assets
Other Non-Current Assets (98) 20
Other Non-Current Financial Assets 15 (148)
Inventories (27) 12
Trade Receivables (450) (109)
Other Current Assets 609 (522)
Other Current Financial Assets (57) (139)
Increase/ (D ecrease) in Operating Li abilities
Non - Current Provisions 7 2
Other Non-Current Liabilities 87 337
Trade Payables 316 (172)
Current Provisi ons 2 2
Other Current Liabilities 1.277 293
Other Current Financial Liabilities 2 (1)
Net Worl<ing Capital Changes 1,683 (425)
Cash generated from operations 7,254 3,147
Less : Income Tax Refund/ (Paid) (net) 11 (20)
Net cash generated from operating activities (A) 7,265 3,127
(B) Cash flow from investing activities
Capital expendi t ure on acquisition of Property, Plant and Equipment and (3,376) (14,859)
Intangible assets (including capital advances and capital work-in-progress, capital
cred itors. net of grant received)
Proceeds from sale of Property, Plant and Equipment 38 4
Investment in Units of Mutual Fund (net) (4 82) (208)
Fixed/ Margin money deposits (Placed)/ Withdrawn (net) (753) 380
Non Current Loans given to related parties and othe rs (43) (376)
Non Current Loans received back from related parties and others 40 1,004
Current Loan received back from related parties and others (net) 10 79
Interest received 709 249
Payment made toward acquisition of Subsidiary Compani es (5,621)
Proceeds from sale of Subsidiary D
Net cash (used in) investing activiti es (B) (3 ,8 57) (19,348)
(C) Cash flow from financing activities
Proceeds from issue of Equity Shares (refer note 11) 3,850
Proceeds from Unsecured Perpetual Securities 85
Proceeds from Non - Current borrowings 20,837 29,692
Repayment of Non • Current borrowings (16,028) (13,915)
Proceeds from issue of Equity Shares outside the Group 48 -
Repayment of Lease Liabilities (183) (48)
(Repayment of)/ Proceeds from Current - borrowings (net) (6,276) 3,456
Distribution to holders of Unsecured Perpetual Securities (82) (82)
Finance Costs Paid (including hedging cost and derivative gain/ (loss) on rollover (5,139) (3,202)
and maturity (net))
Net cash (used in)/ generated from financing activities {C) (2,9 73) 15,98 6

Net increase/ (decrease) in cash and cash equivalents (A)+(B) +(C) 435 (235)
Cash and cash eqµiy,.alentll·o~ cguisition of subsidiaries 618
cash and cash,e,qclil{a,ler-1t~:ac,th,e' b!!ginning of the year • . 567 184
Cash and casJl/'1.qulyarents al:'tt,c, en~, of the year . '. , . ;~J~E Jq ! . 1,002 567
, '• •'·

(~
I~/- f ~~'/ 1
)
~ , ....... , _ /
,'!:
I ~~ - /
i};;
l~·., ,. , "
_ ;. \
'
i : ,. .
' '

. ;_
.
I

. ·- ·
;,
~:t ,·
'<::ui
l t'
;\· .
..

(_,·, .
.'.(_.-., ~--.
-. \. /·· ·
···':-,_:- ~. - .,. ..-
 cd
Rcncw.:iblcs

ADANI GREEN ENERGY LIMITED

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR TH E QUARTER AND YEAR ENDED 31 st MARCH,
2023

1. The above consolidated financial results have been reviewed by the Audit Committee and approved
by the Board of Directors of Adan i Green Energy Limited (the "Holding Company") in their respective
meetings held on 1st May, 2023.

2. During the year ended 31 st March, 2023, the Holding Company has incorporated following entities
as step down subsidiaries.

Sr.No. Name of Company

1. Adani Green Energy SL Limited
2. Adani Renewable Energy Thirty Five Limited
3. Adani Renewable Energy Thirty Six Limited
4, Adani Renewable Energy Thirty Seven Limited
5. Adani Renewable Energy Forty Limited
6. Adani Renewable Energy Forty One Limited
7. Adani Renewable Energy Forty Two Limited
8. Adani Renewable Energy Forty Three Limited
9. Adani Renewable Energy Forty Four Limited
10. Adani Renewable Energy Forty Five Limited
11. Adani Renewable Energy Forty Seven Limited
12, Adani Renewable Energy Forty Eight Limited
13. Adani Renewable Energy Forty Nine Limited

3. (i) During the year ended 3pt March, 2023, the Group has dissolved its 67 overseas step down
subsidiaries, acquired along with acquisition of SB Energy Holdings Limited, United Kingdom,
through an internal scheme of restructuring. These entities were incorporated in London (UK) and
did not carry any operations. On account of this dissolution. all these entities cease to exist and the
impact of such dissolution has been considered in the above consolidated financial results for the
quarter ended 3pt December, 2022 and year ended 3,st March, 2023. There is no material financial
impact on dissolution of these 67 Subsidiaries. (Refer annexure - 1 for the list of these overseas step
down subsidiaries).

(ii) During the quarter and year ended 3,sc March, 2023, the Group has sold its 100% ownership in
Adani Green Energy Thirty Limited ("AGE30L")(wholly owned step down subsidiary) to Khavda-Bhuj
Transmission Limited, a related party. Accordingly. AGE30L ceases to be wholly owned step down
subsidiary w.e.f. 31 st March, 2023.

AGE30L did not had any business operation and there is no financial impact from sale of ownership
on the consolidated financial results for the year ended 3,st March, 2023.

4. During accounting of business combination for SB Energy acquisition, the Holding Company had
not allocated any value against land advances of ~ 122 Crores at the time of purchase price
allocation considering uncertainty 8- pending land allotment for 250 MW solar power project in
Adani Solar Energy AP Eight Limited ("ASEAPBL" - wholly owned step down subsidiary) (formerly
known as SB Energy Seven Private Limited). During the current year, the subsidiary has received
letter from Andhra Pradesh Solar Corporation Private Limited (APSCPL), being an agency who has
signed an Implementation Supply Agreement with subsidiary, confirming allotment of land after
completing necessary formalities. Considering the same, the Group has subsequently measured land
advances resulting in income of~ 122 Crores in the consolidated financial statements for the year
ended 31 st March, 2023. Such income has been classified under "Other Income".
,.,. ~ : : ~
/4 ' Cn ~
\\ c o!-..:._~/
cJ ' ,'(o

i 0~')~
-;~~(.·,.,"-~/,;f I
..;:,,. l .i
,.{~~ ??
·--......;,;;;;:_.,,•'
------ -

d
R cncwoblcs

5. (i) During the year ended 31 st March, 2023, a step down subsidiary of the Holding Company has
refinanced its borrowings. On account of such refinance of borrowings, the Group has recognised
onetime expense relating to realized derivative cost and unamortised borrowing cost, which is
shown as exceptional item in the consolidated financial results for the quarter, previous quarter
and year ended 31 st March, 2023 of~ 69 Crores, ~ 69 Crores and z 138 Crores respectively.

(ii) During the quarter and year ended 31 st March, 2023, Adani Wind Energy Kutchh Four Limited, a
subsidiary of the Holding Company, has paid liquidated damages~ 56 Crores on account of exiting
out of the Power Purchase Agreement to Solar Energy Corporation of India. Such liqu idated
damages incurred has been shown as exceptional items in the consolidated financial results for the
quarter and year ended 31 st March, 2023.

(iii) During the year ended 31 st March, 2022, the Holding Company completed the acquisition of SB
Energy Holdings Limited, United Kingdom ("SB Energy"). SB Energy was a joint venture between
SoftBank Group Capital Limited, Japan and Bharti Global Limited. SB Energy has approx. 5 GW
renewable assets across four states in India through its SPVs. On the date of acquisition, the
portfolio holds 1,700 MW of operational renewable assets, 2,554 MW of assets under construction
and 700 MW of assets for which Letter of Award is received and PPA is yet to be signed. Solar
capacity accounts for 84% of the portfolio (4,180 MW), wind-solar hybrid capacity accounts for 9%
(450 MW) and wind capacity accounts for 7% (324 MW). Pursuant to the acquisition, SB Energy
became wholly-owned subsidiary of the Holding Company w .e.f, 30 th September, 2021. The Holding
Company has accounted the said acquisition as a business combination under Ind AS 103 "Business
Combination".

The acquisition related cost of z 42 Crores and gain on settlement of derivative contracts entered
for payment of purchase consideration for the above acquisition amounting to z 41 Crores
recognised as exceptional Items during the year ended 31 st March, 2022.

(iv) During the year ended 3,st March, 2022, Adani Renewable Energy (MH) Limited. a wholly-owned
subsidiary of the Holding Company completed acquisition of Vento Energy Infra Private Limited
("VEIPL") having 40 MW operating solar project in Odisha with long term PPA (remaining tenure of
22 years). Accordingly. VEIPL became 100% step down subsidiary of the Holding Company w.e .f.
29 th September, 2021.

The management concluded that the acquisition does not meet the definition of 'Business· under
Ind AS 103, accordingly, the transaction accounted for as acquisition of assets.

(v) During the year ended 3pt March, 2022, the Holding Company acquired control over Wind One
Renergy Limited (Wind One), Wind Three Renergy Limited (Wind Three) and Wind Five Renergy
Limited (Wind Five) from lnox Green Energy Services Limited. These entities have aggregated
operational 150 MW Wind portfolio in Gujarat having 25 years PPAs. Accordingly, Wind One, Wind
Three and Wind Five became 100% subsidiary of the Holding Company w.e.f. 14 th March, 2022, on
completion of the conditions precedent as per Share Purchase Agreement. On Completion of
procedural compliances, the shares of these entities are transferred in the name of the Holding
Company on 10 t h October, 2022.

The management concluded that the acquisition does not meet the defin ition of "Business" under
Ind AS 103 - Business Combination . Accordingly, the transaction accounted for as acquisition of
Assets.

t',.........:r _' -·
,
•.
~
 d
R cncwoblc s

(vi) As at 31 st March, 2021, the Holding Company was holding 51% in Adani Solar USA Inc (ASUINC)
while remaining 49% were held by Adani Global PTE Limited (AGPTE), a related party entity in
Singapore. The Holding Company and AGPTE entered into an agreement which had resulted into
transfer of management rights/ control of ASUINC to AGPTE with effect from pt June, 2021.

Accordingly, the net carrying balance of ASUINC in other equity oft 80 Crores was derecognised
and shown as exceptional gain in the consolidated financial results for the year ended 31 st March,
2022. On completion of procedural compliances during the quarter, the shares of ASUINC are
transferred to AGEPTE and a consideration of { 0.04 Crores is realised.

(vii) During the year ended 3pt March, 2022, Adani Green Energy (UP) Limited, Parampujya Solar
Energy Private Limited and Prayatna Developers Private Limited (step down subsidiaries of the
Holding Company) had refinanced port ion of borrowings through issuance of listed Non-Convertible
Debentures (NCDs) of amount of { 612 Crores. On account of such refinancing activities, the Group
had recognised onetime expense aggregating to '{' 15 Crores relating to unamortized portion of
borrowing costs and prepayment charges, which was shown as exceptional item in the consolidated
financial results for the year ended 31 s t March, 2022.

6. (i) In case of Parampujya Solar Energy Private Limited ("PSEPL"- wholly owned subsidiary of deemed
Controlled Subsidiary, Adani Green Energy Twenty Three Limited), in a matter relating to tariff
dispute with Gulbarga Electricity Supply Company Limited (DISCOM) on account of delayed
commissioning of the project beyond the contractually agreed as per power purchase agreement,
PSEPL received a favorable order from l<arnataka Electricity Regulatory Commission ("KERC") on
10 th July, 2020 directing DISC OM to make payment against supply of energy by PSEPL at
contractual tariff rate of { 5.35 / kWh Instead of reduced tariff rate of { 4.36 / kWh. Considering
such favorable order, PSEPL had recognised incremental revenue for differential rate during the
year ended 3,st March. 2022 of { 9 Crores. However, the DISCOM along with Karnataka Power
Transmission Corporation Limited (KPTCL) has filed an appeal before Appellate Tribuna l for
Electricity ("APTEL") In the year 2021. after expiry of appeal period. to set aside the order of KERC
and to allow to continue to make payment at reduced tariff rate of { 4.36 / kWh.

Based on such appeal and the principles of prudence, PSEPL have not recognised revenue for the
differential rate for supply of energy for the current financial year from ,sc April, 2022 to 3,sc March,
2023 amounting to { 2 Crores and during the quarter. have reversed the revenue t 9 Crores
pertaining to the periods before 31 st March. 2022, However, the management believes that the
favorable order as passed by KERC will continue to be upheld at APTEL expecting favorable
outcome in future and is confident of recoverability of the differential tariff dues.

(ii) In case of Adani Green Energy (UP) Limited ("AGEUPL"- wholly owned subsidiary of deemed
Controlled Subsidiary, Adani Green Energy Twenty Three Limited), in a matter relating to tariff
dispute with Hubli Electricity Supply Company Limited (DISCOM) on account of delayed
commissioning of the project beyond the contractually agreed as per power purchase agreement,
AGEUPL received a favorable order from Karnataka Electricity Regulatory Commission ("KERC") on
i,th November, 2020 directing DISCOM to make payment against supply of energy by AGEUPL at
contractual tariff rate oft 4.79 / kWh instead of reduced tariff rate of { 4.36 / kWh. Considering
such favorable order, AGEUPL had recognised incremental revenue for differential rate during the
year ended 31 st March, 2022 of z 73 Crores, However, the DISCOM along with Karnataka Power
Transmission Corporation Limited (KPTCL) has filed an appeal before Appellate Tribunal for
Electricity ("APTEL") in the year 2021, after expiry of appeal period, to set aside the order of KERC
and to allow to continue to make payment at reduced tariff rate of { 4 .36 / kWh.
 R cnc w .:iblcs

Based on such appeal and the principles of prudence, AGEUPL have not recognised revenue for the
differential rate for supply of energy for the current financial year from 1't April, 2022 to 31 st March,
2023 amounting to z 3 Crores and during the quarter, have reversed the revenue of'{ 13 Crores
pertaining to the periods before 31 st March, 2022. However, the management believes that the
favorable order as passed by KERC will continue to be upheld at APTEL expecting favorable
outcome in future and is confident of recoverability of the differential tariff dues.

7. In case of Adani Green Energy (UP) Limited ("AGEUPL"- wholly owned subsidiary of deemed
Controlled Subsidiary, Adani Green Energy Twenty Three Limited). in a matter relating to tariff
dispute with Uttar Pradesh Power Corporation Limited (DISCOM) on account of delayed
commissioning of the project beyond the contractually agreed as per power purchase agreement,
AGEUPL received a favorable order from Appellate Tribunal for Electricity ("APTEL") on 28 th
November, 2022 directing DISCOM to make payment against supply of energy by AGEUPL at tariff
rate on 7.02 / kWh upto October 2022 instead of reduced tariff rate on 5.07 / kWh against which
DISCOM has filled an appeal in Hon'ble Supreme Court. In the current quarter, Hon'ble Supreme
Court via order dated 27 th February, 2023 directed DISCOM to make payment of rate difference
amounting to z 63 Crores pertaining to power sale revenue upto October, 2022 and z 19 Crores
towards Late Payment Surcharge in 4 monthly instalments from February, 2023 to May, 2023. As
at 31 st March, 2023, AGEUPL has received '{ 41 Crores from DISCOM. For future period, Hon'ble
Supreme Court has directed DISCOM to make payments at tariff rate of z 5.07 I kWh and make
provision representing such rate difference, pending final result of Hon'ble Supreme Court. AGEUPL
has ascertained collection of revenue for the differential rate as "probable" for "revenue recognition
purpose" in line with 'Ind AS 115 - Revenue from Contracts with Customers" to the extent directed
by Hon'ble Supreme Court and accordingly recognized incremental revenue of '{ 63 Crores for
differential rate during the previous quarter and year ended 3pt March, 2023 including'{ 53 Crores
pertaining to earlier years and z 19 Crores towards late payment surcharge.

Based on such instruction by Hon'ble Supreme Court to DISCOM, AGEUPL based on principles of
prudence has not recognised revenue for the differential tariff rate for supply of energy after
October, 2022. However. the Group expects favourable outcome in future and is confident of
recoverability of the same.

8. In case of Prayatna Developers Private Limited ("PDPL"- wholly owned subsidiary of deemed
Controlled Subsidiary, Adani Green Energy Twenty Three Limited). Punjab State Power Corporation
Limited ("PSPCL") vide its letters dated 3 rd December, 2021 has raised certain claims on PDPL for
excess energy injected during the period 18 th May. 2018 to 30 th September. 2021 from 50MW each
solar power plant at Chughekalan and Sardargarh in terms of the power purchase agreement and
has withheld z 27 Crores against power supply dues in previous years. PDPL denied the contentions
of PSPCL and had filed a petition with Punjab State Electricity Regulatory Commission ("PSERC").
PSERC dismissed the Petition and decided in favor to PSPCL. PDPL has filed an appeal before
Appellate Tribunal For Electricity ("APTEL") contending that there is no violation of any PPA
conditions.

During the quarter and year ended 31 st March, 2023, PDPL based on the principles of prudence, has
reversed the revenue of z 27 Crores against power supply dues recognised in previous year.
However, the Group expects favorable outcome in the matter in future and is confident of
recoverability of the same.

9. During the year ended 3,st March, 2023, In the matter relating to Kamuthi Solar Power Limited
(KSPL) and Ramnad Renewable Energy Limited (RREL) (wholly owned subsidiaries of deemed
Controlled Subsidiary, Adani Green Energy Twenty Three Limited), Appellate Tribunal for Electricity
. ("APTEL") vide its order dated 7th October, 2022 had upheld the entitlement of higher PPA tariff of
~ 7.01 / kWh as against the reduced tariff of~ 5.10 / kWh for power supply to Tamilnadu Generation
and Distribution Corporation (TANGEDCO) against which TANGEDCO has filled an appeal in Hon'ble
Supreme Court. In the current quarter ended 31 st March, 2023, Hon'ble Supreme Court refused the
inter(.r;o_;r.elb:e~ a.Q_~;st Appellate Tribunal for Electricity ("APTEL") order where it had instructed

/;~~\>~~J
{({ (
.xjCc;;~
V ~~))
,.;_:\}. _
. .\; /
,'l\ifr::, .
1\
'\.
~ ,;:
~ .-
:',r .. . . _ __ ~' '<":- 1
(lt I•,··;...·. ~\ :v-::__,,
'°,• \
' r ..
~.....:~_~-;.,-
fD1, ,,coD'>~/ · .J::,,.. .. .,, '
·.~
............ ......
__..~
 R cnc w .::iblcs

TANGECO to discharge the liability at PPA tariff rate of'{ 7.01 I l<Wh. Subsequently, KSPL and RREL
has received'{ 544 Crores against differential tariff dues and '{ 205 Crores against Late Payment
Surcharge for the period till August, 2022. Also, both KSPL and RREL are receiving dues at PPA rate
of'{ 7.01 / l<Wh, post Hon'ble Supreme Court order. Accordingly, during the quarter and year ended
3,st March, 2023, the Group has recognized the one time incremental power sale revenue of'{ 544
Crores in Revenue from operations and'{ 205 Crores as late payment surcharge in Other Income
(including'{ 502 Crores pertaining to earlier years).

10. In the matter of Adani Green Energy Tamilnadu Limited (AGETNL), Ramnad Renewable Energy
Limited (RREL). Kamuthi Renewable Energy Limited (KREL), Ramnad Solar Power Limited (RSPL),
Kamuthi Solar Power Limited (KSPL) (wholly owned subsidiaries of deemed Controlled Subsidiary,
Adani Green Energy Twenty Three Limited) i.e Kamuthi Project, in the current quarter ended 31st
March, 2023, Hon'ble Supreme Court via order dated 3 rd March, 2023, dismissed appeal of Tamilnadu
Generation and Distribution Corporation (TANGEDCO) to deduct the excess power generated
beyond 19% CUF, and directed TANGEDCO to discharge its liabilities at the rate of 75% of PPA tariff
as upheld by Appellate Tribunal of Electricity (APTEL) vide its order dated 28 th November, 2022.

Accordingly, TANGEDCO has discharged its liability of'{ 132 Crores towards power supply for such
excess power generated beyond 19% CUF. During the current quarter and year ended 31 st March,
2023, the Group has realized outstanding receivable of'{ 110 Crores and recognized differential
revenue of'{ 22 Crores pertaining to earlier years.

11. The board of directors of the Holding Company, in their meeting held on 8 th April, 2022 have
approved the transaction for issue of 20,018,198 equity shares of face value of'{ 10 each of the
Holding Company, at a price of'{ 1,923.25 per share, for total consideration of'{ 3,850 Crores to
Green Energy Investment Holding RSC Limited ("Investor"), on a preferential basis. On 3 rd May, 2022,
the shareholders of the Holding Company, in its Extra-Ordinary General Meeting, approved such
issuance of Equity shares on preferential basis to the Investor. The current principal shareholder of
the Investor Is IHC Capital Holding LLC, Abu Dhabi. UAE. The equity shares have been allotted on
12 th May, 2022, in accordance with the provisions of the Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable
rules/regulations /guidelines, if any, prescribed by any other regulatory or statutory authorities. The
Holding Company has fully utilized the amount of'{ 3,850 Crores towards repayment of debts and
other general corporate purpose of the Holding Company and its Subsidiaries.

12. (i) The finance costs (net) includes (Gain) I Loss on derivative Contracts (net) against hedging of its
foreign currency borrowings and exchange difference (Gain)/ Loss to foreign currency borrowings
regarded as an adjustment to borrowing cost.

(ii) Exchange difference (Gain) / Loss other than adjustment to borrowing cost is separately
disclosed in the results.

13. Other revenue from operations includes Income from Viabi lity Gap Funding and Change in Law,
Income from Carbon Credit and Generation based incentive.

14. During the year ended 3pt March, 2020, the Holding Company entered into an Investment
Agreement to dispose off its investments in Adani Phouc Minh Solar Power Company Limited
(APMSPCL) and Adani Phouc Minh Wind Power Company Limited (APMWPCL) having 77.1 MW
renewable projects in Vietnam. These investments are held through wholly owned subsidiary of the
Company in Singapore, Adani Green Energy Pte Limited. The transaction is pending conclusion as
at reporting date. The carrying value of non-current assets and liabilities have been classified as
held for sale.
,,.-...~~,:::-::.::.::.:::,- ....'-
/ /~, C 81C'0". .
<'--°~ < ,~>_,
\\\
~
((
'J(
! (
., ~.. ' f'~
~\) I
,dJ
~-
:~

\ ~- -
\(\,,· '- J
\ .,;. ; . '
,;~~:}~aJ;;jl
/
t 'f
'"f /
~ ,

··-·•---✓
 adan~
Rcncvv.:,b !c s

15. The Group's activities revolve around renewable power generation and other ancillary activities.
Considering the nature of Group's business, as well as based on review of operating results by the
Chief Operating Decision Maker to make decisions about resource allocation and performance
measurement, there is only one reportable business segment in accordance with the requirements
of Ind AS - 108 - "Operating Segments".

16. During the year ended 3,st March, 2022, the Holding Company had made significant acquisition of
renewable power business and renewable business assets, as well as transferred some businesses.
The results for the year ended 31.5t March, 2023 may not be comparable with t'1ose of corresponding
previous year.

17. The Consolidated Financial Results of the Group are presented int and all values are rounded to
the nearest crores. except when otherwise indicated. Amounts less than t 50.00,000 have been
presented as "O".

18. Figures for the quarter ended 31 st March, 2023 and 31 st March, 2022 represents the difference
between the audited figures in respect of the full financial year and the published unaudited figures
of nine months ended 31 st December, 2022 and 31 st December, 2021 respectively which were
subject to limited review by the Auditors.

19. During the quarter ended 31 st March, 2023, a short seller report was published in which certain
allegations were made involving Adani Group Companies, including Adani Green Energy Limited
("AGEL") and its subsidiaries. A writ petition was filed in the matter with the Hon'ble Supreme Court
("SC"), and during hearing the Securities and Exchange Board of India ("SEBI") has represented to
the SC that it is investigating the allegations made in the short seller report for any violations of the
various SEBI Regulations. The SC vide its order dated 2 nd March, 2023 has also constituted an expert
comm ittee to investigate and also advice into the various aspect of existing laws and regulations,
and also directed the SEBI to consider certain additional aspects in its scope. During the quarter
ended 31 st March, 2023 and subsequent to year end, the Holding Company has also provided
responses to various queries by the SEBI and the Stock Exchanges. The above-mentioned
investigations are in progress as of date.

To uphold the principles of good governance, the Adanl Group has undertaken review of
transactions referred in the short seller's report (including those pertaining to the Holding Company
and its subsidiaries) and obtained opinions from independent law firms in respect of evaluating
relationships with parties having transactions with the Holding Company and its subsidiaries. These
opinions also confirm that the Holding Company and its subsidiaries are in compliance with the
requirements of applicable laws and regulations. Based on the foregoing and pending outcome of
the investigations as mentioned above, the consolidated financial results do not carry any
adjustment.

For and on behalf of the Board of Directors

Place: Ahmedabad
Date: 1 st May, 2023

Chairman
 R cncw.:iblc s
· Anne><ure-1

Sr. No. Name of Company

1. Adani Cleantech Limited (formerly known as SBG Cleantech Limited)
2. Adani Twelve Holdings Limited (formerly known as SBE Twelve Holdings Limited)
3 Adani Twelve A Holdings Limited (formerly known as SBE Twelve A Holdings Limited)
4. Adani Twelve Limited (formerly known as SBE Twelve Limited)
5. Adani Twelve A Limited (formerly known as SBE Twelve A Limited)
6. Adani Fourteen Holdings Limited (formerly known as SBE Fourteen Holdings·Limited)
7. Adani Fourteen A Holdings Limited (formerly known as SBE Fourteen A Holdings Limited)
8. Adani Fourteen Limited (formerly known as SBE Fourteen Limited)
9. Adani Fourteen A Limited (formerly known as SBE Fourteen A Limited)
10, Adani Eighteen Holdings Limited (formerly known as SBE Eighteen Holdings Limited)
11. Adani Eighteen A Holdings Limited (formerly known as SBE Eighteen A Holdings Limited)
12. Adani Eighteen Limited (formerly known as SBE Eighteen Limited)
13. Adani Eighteen A Limited (formerly known as SBE Eighteen A Limited)
14. Adani Nineteen Holdings Limited (formerly known as SBE Nineteen Holdings Limited)
15. Adani Nineteen A Holdings Limited (formerly known as SBE Nineteen A Holdings Limited)
16. Adani Nineteen Limited (formerly known as SBE Nineteen Limited)
17. Adani Nineteen A Limited (formerly known as SBE Nineteen A Limited)
18. Adani Twenty Holdings Limited (formerly known as SBE Twenty Holdings Limited)
19. Adani Twenty A Holdings Limited (formerly known as SBE Twenty A Holdings Limited)
20. Adani Twenty Limited (formerly known as SBE Twenty Limited)
21. Adani Twenty A Limited (formerly known as SBE Twenty A Limited)
22. Adani Twenty One Holdings Limited (formerly known as SBE Twenty One Holdings Limited)
23. Adani Twenty One A Holdings Limited (formerly known as SBE Twenty One A Holdings
Limited)
24. Adani Twenty One Limited (formerly known as SBE Twenty One Limited)
25. Adani Twenty One A Limited (formerly known as SBE Twenty One A Limited)
26. Adani Twenty Two Holdings Limited (formerly known as SBE Twenty Two Holdings Limited)
27. Adani Twenty Three Holdings Limited (formerly known as SBE Twenty Three Holdings
Limited)
28. Adani Twenty Four Holdings Limited (formerly known as SBE Twenty Four Holdings
Limited)
29. Adani Twenty Five Holdings Limited (formerly known as SBE Twenty Five Holdings Limited)
30. Adani Twenty Six Holdings Limited (formerly known as SBE Twenty Six Holdings Limited)
31. Adani Twenty Seven Holdings Limited (formerly known as SBE Twenty Seven Holdings
Limited)
32. Adani Twenty Eight Holdings Limited (formerly known as SBE Twenty Eight Holdings
Limited)
33. Adani Twenty Nine Holdings Limited (formerly known as SBE Twenty Nine Holdings
Limited)
34. Adani Thirty Holdinqs Limited (formerly known as SBE Thirty Holdings Limited)
35. Adani Thirty One Hold ings Limited (formerly known as SBE Thirty One Holdings Limited)
36. Adani Thirty two Holdings Limited (formerly known as SBE Thirty Two Holdings Limited)
37. Adani Thirty Three Holdings Limited (formerly known as SBE Thirty Three Holdings Limited)
r38, Adani Thirty Fol,lr Holdings Limited (formerly known as SBE Thirty Four Holdings Limited)
-
 d
Rcncwoblcs
Sr. No. Name of Company
39. Adani Thirty Five Holdings Limited (formerly known as SSE Thirty Five Holdings Limited)
40. Adani Thirty Six Holdings Limited (formerly known as SBE Thirty Six Holdings Limited)
41. Adani Twenty Two Limited (formerly known as SSE Twenty Two Limited)
42. Adani Twenty Three Limited (formerly known as SBE Twenty Three Limited)
43. Adani Twenty Four Limited (formerly known as SBE Twenty Four Limited)
44. Adani Twenty Five Limited (formerly known as SBE Twenty Five Limited)
45. Adani Twenty Six Limited (formerly known as SBE Twenty Six Limited)
46. Adani Twenty Seven Limited (formerly known as SBE Twenty Seven Limited)
47. Adani Twenty Eight Limited (formerly known as SBE Twenty Eight Limited)
48. Adani Twenty Nine Limited (formerly known as SSE Twenty Nine Limited)
49. Adani Thirty Limited (formerly known as SBE Thirty Limited)
50. Adani Thirty One Limited (formerly known as SSE Thirty One Limited)
51. Adani Thirty two Limited (formerly known as SSE Thirty Two Limited)
52. Adani Thirty Three Limited (formerly known as SBE Thirty Three Limited)
53. Adani Thirty Four Limited (formerly known as SBE Thirty Four Limited)
54. Adani Thirty Five Limited (formerly known as SBE Thirty Five Limited)
55. Adani Thirty Six Limited (formerly known as SSE Thirty Six Limited)
56. Adani Wind Two Limited (formerly known as SBE Wind Two Limited)
57. Adani Wind Three Limited (formerly known as SBE Wind Three Limited)
58. Adan I Energy Investments II Limited (formerly known as SB Energy Investments II Limited)
59. Adani Eight Limited (formerly known as SBE Eight Limited)
60. Adani Eight A Limited (formerly known as SBE Eight A Limited)
61 . Adani Eight A Holdings Limited (formerly known as SBE Eight A Holdings Limited)
62. Adani Energy Eight Limited (formerly known as SB Energy Eight Limited)
63. Adani Eleven Limited (formerly known as SB Energy Eleven Limited)
64. Adani Eleven A Limited (formerly known as SSE Eleven A Limited)
65. Adani Eleven A Holdings Limited (formerly known as SBE Eleven A Holdings Limited)
66. Adani Eleven Holdings Limited (formerly known as SSE Eleven Holdings Limited)
67. Adani Energy Investments PLC (formerly known as SB Energy Investments Limited)
 ANN EXU RE I
Statement on Impact of Audit Qualifications (for aud it report with modified opinion)
subm itted along-with Annual Audited Financ ial Results - (Consolidated)

Statement on Impact of-Audit Qualifications for.the Financial Year ended March 31, 2023
[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016] .
Audited Figures (as Adjusted Figures
,. SI. Particulars reported (audited figures
No. before adjusting for after
qualifications) adjusting for
qualifications)
1. Turnover/ Total income NA NA
2, Total Expenditure NA NA
3. Net Profit/(Loss) NA NA
4, Earnings Per Share NA NA
5, Total Assets NA NA
6. Total Liabilities NA NA
7, Net Worth NA NA
8, Any other financial item(s) (as felt NA NA
appropriate by the management)

II. Audit Qualification (each audit gualification separate!~):

a. Details of Audit Qualification:

We refer to Note 19 of the accompanying consolidated financial results. Pending

completion of the ongoing investigations by Securities and Exchange Board of India
and completion of proceedings before the Hon'ble Supreme Court in term of its order
dated March 2, 2023, in respect of the matter stated in the said note, we are unable
to comment on the possible consequential effects thereof, if any, on these
consolidated financial results.

Note 19 in consolidated financial statement

During the quarter ended 31st March, 2023, a short seller report was published in
which certain allegations were made involving Adani Group Companies, including
Adani Green Energy Limited ("AGEL") and its subsidiaries. A writ petition was filed in
the matter with the Hon'ble Supreme Court ("SC"), and during hearing the Securities
and Exchange Board of India ("SEBI") has represented to the SC that it is investigating
the allegations made in the short seller report for any violations of the various SEBI
Regulations. The SC vide its order dated 2nd March, 2023 has also constituted an
expert committee to investigate and also advice into the various aspect of existing
laws and regulations, and also directed the SEBI to consider certain additional aspects
in its scope. During the quarter ended 31st March, 2023 and subsequent to year end,
the Holding Company has also provided responses to various queries by the SEBI and
the Stock Exchanges. The above-mentioned investigations are in progress as of date.

To uphold the principles of good governance, the Adani Group has undertaken revie11,
of transactions referred in the short seller's report (including those pertaining to the
Holding Company and its subsidiaries) and obtained opinions from independent law
firms in respect of evaluating relationships with parties having transactions with the
Holding Company and its subsidiaries. These opinions also confirm that the Holding
Company and its subsidiaries are in compliance with the requirements of applicable
laws and regulations. Based on the foregoing and pending outcome of the
investigations as mentioned above, the consolidated financial results do not carry anv
adjustment.
b. Type of Audit Qualification: Qualified Opinion/ Disclaimer of Opinion/ Adverse
Opinion

c, Frequency of qua lification: Whether appeared first time/ repetitive/ si~:::::: ,_ :·· ' -
::,

contim:1in@
 - -- - - -- - - ---- ----- ----- ----- ------- - - - - - - - - - - - - - ------------- ---· -· •
d. For Audit Qualification(s) where the impact is quantified by the auditor,
Management's Views:

Not Applicable

e. For Audit Qualification(s) where the impact is not quantified by the auditor:

(i) Management's estimation on the impact of audit qualification: NIL

(ii) If management is unable to estimate the impact, reasons for the same: Not
Applicable
(iii) Auditors' Comments on (i) or (ii) above:
Pending the completion of the ongoing investigations by Securities and
Exchange Board of India and completion of the proceedings before the
Hon 'ble Supreme Court in terms of its order dated March 02. 2023, we are
unable to comment on the possible consequential effects thereof. if any. on
these Consolidated financial results.

Ill. Signatories:

/D'-'~
J~~
Vneet 5. Jaain
rl~ ----
-==1--1-1~--
Raminder Singh Gujral
Managing Director e- CEO Chairman - Audit Committee
P. ace : Ahmedabad Place: Cl1andigarh

unts
fi:f,f b.
Financial Officer

~>~
~I•" Ahmedabad

Pe:t~~i~al Per Anuj 6ai:

Partner Partner
SR BC 8- o. LLP Dharmesh Parekh 8- Co. LLP
Place: Ahmedabad Place: Ahmedabad

Date: 1 st May, 2023

S RB C & CO LLP Dharmesh Parikh & Co LLP
Chartered Accountants, Chartered Accountants,
21'1 Floor, B Wing, Privilon, 303/304, "Milestone",
Ambli BRT Road, Near Iskcon Temple, Nr. Drive-in-Cinema, Opp. T.V. Tower,
OffSG Highway, Ahmedabad 380 059 Thaltej, Ahmedabad 380 054

Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial
Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended

To
The Board of Directors of
Adani Green Energy Limited

Report on the audit of the Standalone Financial Results

Qualified Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results
of Adani Green Energy Limited (the "Company") for the quarter ended March 31, 2023 and for the year
ended March 31, 2023 (the "Statement"), attached herewith, being submitted by the Company pursuant
to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our infonnation and according to the explanations given to us, the
Statement:

1. except for possible effects of the matter described in the 'Basis for Qualified Opinion'
section of our report, is presented in accordance with the requirements of the Listing
Regulations in this regard; and
11. except for possible effects of the matter described in the 'Basis for Qualified Opinion'
section of our report, gives a true and fair view in conformity with the applicable accounting
standards and other accounting principles generally accepted in India, of the net loss and
other comprehensive loss and other financial info1mation of the Company for the quarter
ended March 31, 2023 and for the year ended March 31, 2023 .

Basis for Qualified Opinion

We refer to Note 12 of the accompanying standalone financial results . Pending completion of the
ongoing investigations by Securities and Exchange Board oflndia and completion of proceedings before
the Hon'ble Supreme Comt in tenns of its order dated March 2, 2023, in respect of the matter stated in
the said note, we are unable to comment on the possible consequential effects thereof, if any, on these
standalone financial results.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013, as amended (the "Act"). Our responsibilities under those
Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone
Financial Results" section of our report. We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of the Act
and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our opinion.
SR BC&COLLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board
of Directors of the Company are responsible for the preparation and presentation of the Statement that
gives a true and fair view of the net loss and other comprehensive loss of the Company and other
financial information in accordance with the applicable accounting standards prescribed under Section
133 of the Act read with relevant mies issued thereunder and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and pmdent; and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the Statement that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Board of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

o Identify and assess the risks of material misstatement of the Statement, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
o Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the company has adequate internal financial
controls with reference to financial statements in place and the operating effectiveness of such
controls.
o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.
o Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the Company's ability to continue as a
going concern. Ifwe conclude that a material uncertainty exists, we are required to draw attention
in our auditor's report to the related disclosures in the financial results or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
SRB C & CO LLP Dharmesh Parikh & Co LLP
Chattered Accountants Chartered Accountants

the date of our auditor's report. However, future events or conditions may cause the Company to
cease to continue as a going concern.
o Evaluate the overall presentation, structure and content of the Statement, including the disclosures,
and whether the Statement represents the underlying transactions and events in a manner that
achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Other Matter

The Statement includes the results for the quarter ended March 31, 2023 being the balancing figure
between the audited figures in respect of the full financial year ended March 31, 2023 and the published
unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were
subjected to a limited review by us, as required under the Listing Regulations.

t~ RBC & COLLP For Dharmesh Parikh & Co LLP

thart'ered Accountants
(CA, J,;rm RegMra~on Numbe,, 324982E/E300003

½ vµJ, 61{ ~
Chartered Accountants
ICAI Firm Registration Number: l 12054W/W100725

per Santosh per Anuj Jain

Partner Partner
Membership o.: 093669 Membership No. : 119140
UDIN: 23o =t36G °tBCi:UYWrviLt65"0 UDIN: 23119JLr(?f¼y?(Q T 5 1-25°

Place of Signature: Ahmedabad Place of Signature: Ahmedabad

Date: May 01, 2023 Date: May 0 1, 2023
 a d an i ADANI GREEN ENERGY LIMITED
~ c nev1 ,:H >l r.- ~ (CIN : L40106GJ2015PLCD82007)
Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, l<hodiyar, Ahmedabad - 382421, Gujarat (India)
Phone : 079-25555555; Fax: 079-26565500; Email : [email protected]; Website : www.adanlgreenenergy.com
AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ANO YEAR ENDED 31ST MARCH, 2023
(t in Crores)
Standalone
For the year For the year
3 Months ended 3 Months ended 3 Months ended
Sr. ended ended
Particulars 31.03.2023 31 .12.2022 31,03,2022
No. 31.03.2D23 31.03.2022
(Unaudited) (Unaudited)
{Unaudited) (Audited)
(refer note 10) (refer note 10)
1 Income
(a) Revenue from Operations
i. Power Supply 2 1 3 11 12
ii. Sale of Goods and Related Services 1,629 917 2,106 7,616 10,659
iii. Others 1 D 0 2 1
(b) Other Income (Refer Note 5) 134 134 109 780 438
Total Income 1,766 1,052 2,218 8,409 11,110
2 Expenses
(a) Cost of Materials Sold 878 1,390 3,916 4,280 12.559
(b) Changes in inventories 738 (486) (1,824) 3,218 (2,071)
(c) Employee benefits expense (net) 11 9 8 36 26
(d) Finance Costs (net) (refer note 3) 409 222 288 892 775
(e) Foreign Exchange (Gain)/ Loss (net)
(111) 35 (9) 200 (51)
(refer note 3)
(f) Depreciation and amortisation expense 3 3 2 11 7
(g) Other Expenses (net) 15 7 7 38 35
Total Expenses 1,943 1,18D 2,388 8,675 11,280
3 (Loss) before exceptional items and tax (1-2) (177) (128) (170) (266) (170)
4 Exceptional Items (Refer Note 7(i) and 7(1i)) (67) (67) 41
5 (Loss) before tax (3+4) (244) (128) (170) (333) (129)
6 Tax (Credit) / Charge
- Current Tax Charge 0 0
- Deferred Tax (Credit) (4) (1) (54) (5) (72)
7 (Loss) after tax (5·6) (240) (127) (116) (328) {57)
8 Other Comprehensive Income/ (Loss)
Items that will not be reclassified to profit or loss
in subsequent periods:
Remeasurement (Loss)/ Gain of defined benefit
(3) 1 (3) (0) (3)
plans
Add/ Less : In come Tax Effect 1 (0) 1 0 1
Items that will be reclassified to profit or loss in
subsequent periods:
EffecttYe· porti,on of Gain / (Loss) on Cash Flow
65 (37) (69) (69) (79)
Hedges, net
Add/ Less: Income Tax Effect (16) 10 17 17 20
Total Other Comprehensive Income/ (Loss) (Net of
47 (26) (54) (52) (61)
tax)
9 Total Comprehensive (Loss) {Net of tax) (7+8) (193) (153) (170) (380) (118)
Pa id up Equity Share Capital (Face Value ~10 per
10 1,584 1,584 1.564 1,584 1,564
share)
11 Other Equity exc luding Revaluation Reserves 3,323 (44)
Earnings Per Share (EPS) (t) (Not annualised) (Face
12
Value f 10 per share)
Basic and Diluted EPS (Inf) (1,62) (0,90) {0.84) (2.47) (0.76)
 adani ADAN I GR EE N ENERGY LIM ITED
«cnc.·:.1u :::-;; (CIN : L40106GJ20 15PLC082007)
Regel, Office: "Ada ni Co rporate House", Shantigram, Near Vaishno Devi Ci rcle, S, G. Highway, l<hodlyar, Ahmedabad - 382421, Gujarat (India)
Phone : 079-25555555; Fax: 079-26565500; Email: investor.agel@adan i. com: Website: www.adanigreenenergy.com
AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2023
Balance sheet
(fin Crores)
As at As at
Particu lars 31st March, 2023 I 31st March , 2022
(Audited)
ASSETS
Non . Current Assets
(a) Property, Plant an d Equipment 69 65
(b) Right-of-Use Assets 533
(c) Ca p ital Work-I n-Progress 385 8
(d) Intangib le Assets 12 9
(e) Financial Assets
(i) Investments 20,502 17,837
(ii) Trade Receivables 8
(iii) Loans 2,0 95 2,037
(iv) Other Financial Assets 607 400
(f) Income Tax Assets (net) 13 21
(g) Deferred Tax Assets (net) 436 414
(h) Other Non · Current Assets 60 47
Total Non • Current Assets 24,720 20,838
Current Assets
(a) Inventories 1.282 4 ,500
(b) Financial Assets
(i) Investments 253 2
(ii) Trade Receivables 1,112 897
(Iii) Cash and Cash Equivalents 509 10
(iv) Bank balances other than (iii) above 57 359
(v) Loans 1 2
(vi) Other Financ ial Assets 238 256
(c) Other Current Assets 492 1.D99
Total Current Assets 3,944 7,125
Total Assets 28,664 27,963
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capita l (refer note 2) 1.584 1.564
(b) Instrument ent irely equity In nature 749 749
(c) Other Equity (refer note 2) 3,323 (44)
Tota l Equity 5,656 2,269
Liabilities
Non - Current Liabilities
(a) Fin ancial Liabilities
(i) Borrowings 11 ,088 11,645
(ia) Lease Liabilities 500
(ii) Other Financia l Liabilities 66
(b) Provisions 34 27
(c) Other Non-Current Liabili ti es 5,602 5,400
Total Non • Current Liabilities 17,224 17,138
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 1,968 5,644
(ia) Lease Liabilities 35
(ii) Trade Payables
- Tota l outstanding dues of micro enterprises and sma ll enterprises 20 23
- Total outstanding dues of creditors other than micro enterp rises and small 508 472
enterp rises
(iii) Other Financia l Li abilities 257 113
(b) Provisions 10 10
(c) Other Current Liabilities 2,986 2,294
Total Current Liabil ities 5,784 8,556
Total Liabilities 23,008 25,694
Total Equity and Liabilities 28,664 27,963

' . _'_ '

,, ...
,./ :·:: .
,
 adani ADANI GR EE N ENERGY LIMITED
;"./,:r,,i: .•,.JI.> c..·~ {CIN: L40106GJ2015PLC08 2007)
Regd. Offic e: "Adani Corporate House·, Shantigram, Near Vaishno Devi Circ le, 5. G. Highway, l<hodiyar, Ahmedabad • 382421, Gujarat (India)
Phone : 079-25555555; Fax : 079•26 565500; Emai l : [email protected]; Website : www.adanigre enenergy.com
AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2023
Statement of Cash Flows
(t in Crores)
For the year ended 31st For the year ended 31st
Particulars
March, 2023 March, 2022
(Audited)
{A) Cash flow from operating activities
Loss before tax: (333) (129)
Adjustment to reconcile the Profit before ta x to net cash flows:
Interest Income (353) (313)
Income from perpetual securities (268)
Net gain on sale/ fair valuation of investments measured at Fair Value through Profit (84) (75)
and Loss
Liabilities no longer required Written back (10) (2)
Amortisation of Financial Guarantee Obligation Income (12) (13)
Fore ign Exchange Fluctuation Loss (net) 207 13
Depreciation and amortisation expenses 11 7
Exceptional items Loss I (Gain) 67 (41)
Finance Costs (including derivative costs) 892 775
Operating Profit before working capital changes 117 222
Working Capital Changes:
Decrease I (Increase) in Operating Assets
Other Non· Current Assets (1)
Inventories 3.477 (2,024)
Trade Receivables (222) 1,654
Other Current Assets 597 (205)
Other Financial Assets (29) 34
Increase I (Decrease) in Operating Liabilities
Non· Current Provisions 7 6
Trade Payables 39 (175)
Other Financial Liabilities 115 (32)
Current Prov isions (O) 2
Other Current Liabilities 894 (3.423)
Other Non-current Liabilities . 5.400
Net Working Capital Changes 4,878 1,236
Cash generated from operations 4,995 1,458
Less : Income Tax Refund/ (Paid) (net) 8 (3)
Net cash generated from operating activities (A) 5,003 1,455
(B) Cash flow from investing activities
Payment made for acquisition of Property, Plant and Equipment. Right of Use Assets and (408) (19)
Intangible assets (Including capital advances and capital work-in-progress)
Payment towards acquisition of Subsidiary Companies (5,664)
Investment in Subsidiary Companies. including perpetual securities (1,949) (6,075)
Investment in units of Mutual Funds (net) (250) (1)
Fixed / Margin money deposits Withdrawn / (Placed) (net) 269 (446)
Loans given to related parties and others (1,553) (2.470)
Loans received back from related parties and others 935 2,062
Interest received 465 125
Net cash (used in) investing activities (B) (2,491) (12,486)
(C) Cash flow from financing activities
Proceeds from issue of Equity share capital (refer note 2) 3,850
Proceeds from Non - Current borrowings 12,797 21,330
Repayment of Non· Current borrowings (13,955) (11 ,674}
(Repayment of)/ Proceeds from Current borrowings (Net) (3,642) 1,836
Distribution to holders of Unsecured Perpetual Securities (82) (82)
Repayment of Lease Liab il ities (134) .
Finance Costs Paid (including hedging cost and derivative gain/ (loss) on rollover and (847) (382}
maturity (net))
Net cash (used In)/ generated from financing activities (C) (2,013) 11,028
Net increase/ (decrease) in cash and cash equivalents (A)+(B)+(C) 499 (5)
Cash and cash equivalents at the beginning of the year 10 15
Cash and cash equivalents at the end of the year 509 10

,..

C
- -
~v,
. y:·/· ·:I·.. '··,N:-... ;_,.'4~~
s~ (::J: I
;:;~ '·
.: \
t

' .',.
. -:•; ,;,1,. ' .. ~·:··-
',? --- .. -- ,._ ~·, {~C~~1:t'•
' ...<:DAc
-.;;;;;;,
 R cncwobl cs

ADANI GREEN ENERGY LIMITED

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AN D YEAR ENDED 3 1sr
MARCH, 2023.

Notes:

1. The above standalone financial results have been reviewed by the Audit Committee and
approved by the Board of Directors in their respective meetings held on 1st May, 2023.

2. The board of directors of the Company, in their meeting held on 8 th April. 2022 have
approved the transaction for issue of 20,018,198 equity shares of face value of z 10 each of
the Company, at a price of'< 1,923.25 per share for total consideration of'< 3,850 Crores to
Green Energy Investment Holding RSC Limited ("Investor"), on a preferential basis. On 3 rd
May, 2022, the shareholders of the Company, in its Extra-Ordinary General Meeting,
approved such issuance of Equity shares on preferential basis to the Investor. The current
principal shareholder of the Investor is IHC Capital Holding LLC, Abu Dhabi, UAE. The equity
shares has been allotted on 12 th May, 2022, in accordance with the provisions of the
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018 and other applicable rules/regulations /gu idelines, if any, prescribed by
any other regulatory or statutory authorities.

The Company has fully utilized the amount of '{ 3,850 Crores toward s repayment of debts
and other general corporate purpose of the Company and its Subsidiari es.

3. (i) The finance costs (net) include (Gain)/ Loss on derivative Contracts (net) against hedging
of its significant portion of foreign currency borrowings and exchange difference Loss /
(Gain) regarded as an adjustment to borrowing cost.

(ii) Exchange difference (Gain)/ Loss other than adjustment to borrowing cost (i.e. finance
costs) is separately disclosed in the results .

4. Employee benefits expense. finance cost and other expenses are net of amount allocated
on project trading goods inventory which are sold/ to be sold to subsidiaries.

5. Other Income for the year ended 3pt March, 2023, includes income of ~ 268 Crores
recognised on its investment in unsecured perpetual securities based on the declaration of
distribution by Company's two subsidiaries during the quarter ended 30 th June, 2022.

6, During the reporting period of year ended 31 s t March, 202 3, the Company has converted
inter-corporate deposit including interest accrued but not due on the date of conversion of
z z z
646 Crores (including 169 Crores and 75 Crores during the current quarter and previous
quarter, respectively) given to various subsidiaries (including step down subsidiaries) into
Unsecured Perpetual Securities.

Apart from above, the Company also invested< 1,680 Crores (including z 796 Crores and <
205 Crores during the current quarter and previous quarter, respectively) in various
subsid iaries (including step down subsidiaries) into Unsecured Perpetual Securities.

The Company's investments in such securities which are perpetual in nature with no
maturity or redemption and are callable only at the option of the issuer. The distributions on
these securit ies are cumulative and at the discretion of the issuer at the rate ranging from
10.00 % p.a. to 10.60% p.a. As these securities are perpetual in nature and ranked senior
only to the share capital of issuer and t he issuer do not have any redemption obligation,
these are considered to be in the nature of equity instruments.
"
 R cncw.:iblc s

7. (i) The Company has made annual assessment of recoverability of the investments in/ loans
given to various subsidiaries including step down subsidiaries and based on such
assessment, an impairment of z 67 Crores has been provided and the same is shown as an
exceptional item in financial results for the quarter and year ended 31 st March, 2023.

(ii) During the year ended 3,st March, 2022, the Company had completed the acquisition of
SB Energy Holdings Limited, United Kingdom ("SB Energy"). SB Energy was a joint venture
between SoftBank Group Capital Limited, Japan and Bharti Global Limited. SB Energy has
approx. 5 GW renewable assets across four states in India through its SPVs. On the date of
acquisition, the portfolio holds 1,700 MW of operational renewable assets, 2,554 MW of
assets under construction and 700 MW of assets for which Letter of Award is received and
PPA is yet to be signed. Solar capacity accounts for 84% of the portfolio (4,180 MW), wind-
solar hybrid capacity accounts for 9% (450 MW) and wind capacity accounts for 7% (324
MW). Pursuant to the acquisition, SB Energy became wholly-owned subsidiary of the
Company w.e.f. 30 th September, 2021.

The gain on settlement of derivative contracts entered for payment of purchase

consideration for the above acquisition amounting to < 41 Crores has been shown as
exceptional Items for the year ended on 31 st March, 2022.

(iii) During the year ended 3pt March, 2022, Adani Renewable Energy (MH) Limited. a wholly-
owned subsidiary of the Company had completed acquisition of Vento Energy Infra Private
Limited ("VEIPL") having 40 MW operating solar project in Odisha with long term PPA
(remaining tenure of 22 years). Accordingly, VEIPL became 100% subsidiary of the Company
w.e.f. 29 th September, 2021 .

(iv) During the year ended 31 st March, 2022, the Company acquired control over Wind One
Rene rgy Limited (Wind One). Wind Three Renergy Limited (Wind Three) and Wind Five
Renergy Limited (Wind Five) from lnox Green Energy Services Limited. These entities have
aggregated operational 150 MW Wind portfolio in Gujarat having 25 years PPAs. Accordingly,
Wind One, Wind Three and Wind Five became 100% subsidiary of the Company w .e.f. 14 th
March, 2022, on completion of the conditions precedent as per Share Purchase Agreement.
On completion of procedural compliances, the shares of these entities are transferred in the
name of the Company on 10 th October, 2022.

8. As at 3pt March, 2021, the Company was holding 51% in Adani Solar USA Inc (ASUINC) while
remaining 49% was held by Adani Global PTE Limited (AGPTE), a related party entity in
Singapore. The Company and AGPTE have entered into an agreement which has resulted
into transfer of management rights/control of ASUINC to AGPTE with effect from 1st June,
2021. On completion of procedural compliances, during the quarter, the transfer of equity
stake to AGPTE is completed on 15 th February, 2023 and a consideration of z 0 .04 Crore is
realised.

9. The Company's activities involve sale of solar 8- wind power equipments, renewable power
generation and other related ancillary act ivities. Considering the nature of Company's
business, as well as based on review of operating results by the Chief Operating Decision
Maker to make decisions about resource allocation and performance measurement, there is
only one reportable business segment in accordance with the requiremen ts of Ind AS - 108
- "Operating Segments" .

...
~ -

C .

~vi
~ r r..,

'~~✓
 Rcncwub l c s

10. Figures for the quarter ended 3pt March. 2023 and 31 st March. 2022 represents the
difference between the audited figures in respect of the full financial year and the published
unaudited figures of nine months ended 31 st December, 2022 and 31« December, 2021
respectively which were subject to limited review by the Auditors.

11. The Standalone Financial Results of the Company are presented in ~ and all values are
rounded to the nearest crores, except when otherwise indicated. Amounts less than '{
50,00,000 have been presented as "0".

12. During the quarter ended 3,st March, 2023. a short seller report was published in which
certain allegations were made involving Adani Group Companies. including Adani Green
Energy Limited ("AGEL") and its subsidiaries. A writ petition was filed in the matter with the
Hon'ble Supreme Court ("SC"), and during hearing the Securities and Exchange Board of
India ("SEBI") has represented to the SC that it is investigating the allegations made in the
short seller report for any violations of the various SEBI Regulations. The SC vide its order
dated 2nd March, 2023 has also constituted an expert committee to investigate and also
advice into the various aspect of existing laws and regulations, and also directed the SEBI
to consider certain additional aspects in its scope. During the quarter ended 31 st March,
2023 and subsequent to year end. the Company has also provided responses to various
queries by the SEBI and the Stock Exchanges. The above-mentioned investigations are in
progress as of date.

To uphold the principles of good governance, the Adani Group has undertaken review of
transactions referred in the short seller's report (including those pertaining to the Company
and its subsidiaries) and obtained opinions from independent law firms in respect of
evaluating relationships with parties having transactions with the Company and its
subsidiaries. These opinions also confirm that the Company and its subsidiaries are in
compliance with the requirements of applicable laws and regulations . Based on the
foregoing and pending outcome of the investigations as mentioned above. the standalone
financial results do not carry any adjustment.

For and on behalf of the Board of Directors

Place: Ahmedabad
Chairman
Date : 1st May, 2023

-
.,,._- :=-..
:·f,vA~
/
 ANN E><URE I
Statement on Impact of Audit Qualifications (for audit report with modified opinion)
subm itted along-with Annual Audited Financial Resu lts - (Standalone)

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2023
' [See Regulation 33 / 52 of the SEBI (LODR) (Americiril'ent) Regulations, 2016] . .
Audited Figures Adjusted Figures
I. SI. Particulars (as reported (audited figures
No. before adjusting after
for qualifications) adjusting for
qualifications)
1. Turnover/ Total income NA NA
2. Total Expenditure NA NA
3. Net Profit/(Loss) NA NA
4. Earnings Per Share NA NA
5. Total Assets NA NA
6. Total Liabilities NA NA
7. Net Worth NA NA
8. Any other financial item(s) (as felt NA NA
appropriate by the management)

II. Audit Qua lification (each audit gual ification separately):

a. Details of Audit Qualification:

We refer to Note 12 of the accompanying standalone financial results. Pending
completion of the ongoing investigations by Securities and Exchange Board of India
and completion of proceedings before the Hon'ble Supreme Court in terms of its order
dated March 2, 2023, in respec t of the matter stated in the said note, we are unable
to comment on the possible consequential effects thereof, if any, on these standalone
financial results.

Note 12 in standalone financial statement

During the quarter ended 31st March, 2023, a short seller report was published in
which certain allegations were made involving Adani Group Companies, including
Adani Green Energy Limited ("AGEL") and its subsidiaries. A writ petition was filed in
the matter with the Hon'ble Supreme Court ("SC"), and during hearing the Securities
and Exchange Board of India ("SEBI") has represented to the SC that it is investigating
the allegations made in the short seller report for any violations of the various SEBI
Regulations. The SC vide its order dated 2nd March, 2023 has also constituted an
expert committee to investigate and also advice into the various aspect of existing
laws and regulations. and also directed the SEBI to consider certain additional aspects
in its scope. During the quarter ended 31st March, 2023 and subsequent to year end,
the Company has also provided responses to various queries by the SEBI and the Stock
Exchanges. The above-mentioned investigations are in progress as of date.

To uphold the principles of good governance, the Adani Group has undertaken review
of transactions referred in the short seller's report (including those pertaining to the
Company and its subsidiaries) and obtained opinions from independent law firms in
respect of evaluating relationships with parties having transactions with the Company
and its subsidiaries. These opinions also confirm that the Company and its subsidiaries
are in compliance with the requirements of applicable laws and regulations. Based on
the foregoing and pending outcome of the investigations as mentioned above, the
standalone financial results do not carry any adjustment.

b. Type of Audit Qualification: Qualified Opinion/ Disclaimer of Opinion/ Adverse

Gp.iruGR

C. Frequency of qualification: Whether appeared first time' r-;:--~'~· :: '~·~ - ~:.::·. 1

:.::~.;

.CO-n~iAt1in§
 i------·ci ____For.AudTt Qualification(s) where the imp act is quan-tif ied _b_y t-,i-e-audit~r.
Man age ment's View s:

Not Applicable

e. For Audit Qualification(s) where the impact is not quantified by the auditor:

(i) Management's estimation on the impact of audit qualification: NIL

(ii) If management is unable to estimate the impact, reasons for the same: Not
Applicable
(iii) Auditors' Comments on (i) or (ii) above:
Pending the completion of the ongoing investigations by Securities and
Exchange Board of India and completion of the proceedings before the,
Hon'ble Supreme Court in terms of its order dated March 02. 2023, we are:
unable to comment on the possible consequential effects thereof. if any, on:
these Standalone financial results. ·

Ill. Signatories :

Vneet S. Jaain Raminder Singh Gujral

Managing Director e, CEO Chairman - Audit Committee
ace : Ahmedabad Place : Chandigarh

Ph~b.l
ef Financial Officer

ij
Ii
ce: Alm
i;..(otl,-
f:Jabr5)
rl'Yi(
Per Sant s Agarwal
I #1~
Per Anuj Jain
Partner Partner
SR BC o. LLP Dharmesh Parekh e, Co. LLP
Place : Ahmedabad Place: Ahmedabad

Date: 1st May, 2023

Media Release

Adani Green Energy Ltd announces FY23 Results reporting

an EBITDA of Rs. 5,538 Cr, up by 57% YoY

Robust growth in Revenues, EBITDA and Cash Profit

Operational Capacity increases by 49% YoY to 8,086 MW, the largest

operational renewable portfolio in India

Consistent industry-leading EBITDA margin of 91.6%

AGEL is now ‘Water Positive’ for all its operating plants over 200 MW
capacity with certification received from DNV
EDITOR’S SYNOPSIS

• AGEL adds a massive 2,676 MW renewable capacity to its operational fleet in FY23

• Operationalized 2,140 MW solar-wind hybrid plants in Rajasthan, India’s first and world’s
largest solar-wind hybrid cluster

• Revenue from Power Supply increases by 54% YoY to Rs. 5,825 Cr

• Cash profit increases by 72% YoY to Rs 3,192 Cr

• Run-rate EBITDA stands at a strong Rs. 7,505 Cr

Ahmedabad, 1 May 2023: Adani Green Energy Ltd (AGEL), the renewable energy arm of the
diversified Adani Group, today announced financial results for the quarter and financial
year ended 31 March 2023.

The performance snapshot for the period is as follows:

Capacity Addition & Operational Performance – Q4 FY23 & FY23:

Particulars Quarterly performance Annual performance

Q4 FY23 Q4 FY22 % change FY23 FY22 % change
Operational Capacity 8,086 5,410 49% 8,086 5,410 49%
- Solar 4,975 4,763 4% 4,975 4,763 4%
- Wind 971 647 50% 971 647 50%
- Solar-Wind Hybrid 2,140 - - 2,140 - -
 Particulars Quarterly performance Annual performance
Q4 FY23 Q4 FY22 % change FY23 FY22 % change
Sale of Energy (Mn 4,642 2,971 56% 14,880 9,426 58%
units) 1
- Solar 2,872 2,717 6% 10,457 8,097 29%
- Wind 428 254 69% 1,820 1,329 37%
- Solar-Wind Hybrid 1,342 - - 2,603 - -

Solar portfolio CUF (%) 26.8% 26.4% 24.7% 23.8%

Wind portfolio CUF (%) 20.4% 23.6% 25.2% 30.8%
Solar-Wind Hybrid (%) 36.9% - 35.5% -

The sale of energy has increased by 58% YoY to 14,880 mn units in FY23 primarily backed
by strong capacity addition, analytics driven O&M enabling high plant availability and
deployment of latest renewable technologies.

AGEL has added a massive 2,676 MW renewable capacity to its operational fleet in FY23,
which includes 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant
in Madhya Pradesh and 212 MW solar power plants in Rajasthan. AGEL has signed PPAs for
450 MW wind projects and 650 MW solar projects with SECI in FY23 further strengthening
the firm project pipeline.

The solar portfolio CUF has improved by 90 bps YoY to 24.7% in FY23 with integration of
high-quality SB Energy portfolio having a CUF of 26.6% in FY23, consistent high plant
availability, improved grid availability and improved solar irradiation. For the wind portfolio,
the sale of energy has increased significantly backed by strong capacity addition, though,
the wind CUF has reduced primarily due to one-off disruption in transmission line (force
majeure) for the 150 MW plant at Gujarat, which is now fully restored.

The newly operationalized solar-wind hybrid portfolio of 2,140 MW deploys latest

technologies like bifacial PV modules and horizontal single-axis tracking (HSAT)
technology to capture maximum energy from the sun as well as technologically advanced
wind turbine generators leading to a high hybrid CUF of 35.5%.

“Our business model has demonstrated remarkable resilience as evidenced by our strong
financial performance,” said Mr Gautam Adani, Chairman, Adani Group. “We are leaders in
the green energy space and have consistently set new industry standards in efficiency,
performance and capacity development. We are expediting the transition to sustainable
energy and playing a pivotal role in fulfilling India’s obligations to a greener future.”

“We have added massive greenfield capacity of 2,676 MW renewable assets this year. This
feat is attributed to the relentless efforts of our teams,” said Mr Vneet S Jaain, MD & CEO,
Adani Green Energy Ltd. “AGEL's operational capacity has grown at a CAGR of 33% over
the last five years, outpacing overall renewable capacity growth at ~ 15% CAGR in India in
the same period. De-risked project development, analytics driven O&M, disciplined capital
management and a strong governance framework continue to be the backbone of our
sustained growth. We are proud that we have been able to lead the way towards large
scale renewable adoption in India helping the country move closer to its Sustainable
Development Goals.”
Financial Performance – Q4 FY23 & FY23:
(Rs. Cr.)
Particulars Quarterly performance Annual performance
Q4 FY23 Q4 FY22 % change FY23 FY22 % change
Revenue from Power Supply 2,130 1,128 89% 5,825 3,783 54%

EBITDA from Power Supply 2 1,968 1,059 86% 5,538 3,530 57%
EBITDA from Power Supply (%) 91.4% 90.6% 91.6% 91.8%

Cash Profit 3 1,365 563 142% 3,192 1,854 72%

The robust growth in revenues, EBITDA and cash profit is primarily driven by capacity
addition of 2,676 MW. Also, the Supreme Court has upheld the favorable order from APTEL
for 288 MW solar plants at Kamuthi in Tamil Nadu that has resulted in one-time revenue
upside of Rs 748 Cr (including late payment surcharge) and recurring positive annual
impact of ~ Rs 90 Cr. In FY23, AGEL has realized 3.9 Mn carbon credits generating revenue
of Rs. 157 Cr.

The run-rate EBITDA stands at a strong Rs. 7,505 crore 4 with net debt to run-rate EBITDA
of 5.4x 4 as of March 2023 well within stipulated covenant of 7.5x for holdco bond.

Further, the state-of-the-art Energy Network Operation Center (ENOC) enables real time
monitoring of our entire renewable portfolio with information access to the minutest level
and automated alerts. With the analytics driven O&M approach, the plant availability is
maximized, enabling higher electricity generation and higher revenues. It also helps curtail
O&M costs, in turn enabling high EBITDA margins.

Other Key Updates:

• 97% of AGEL’s rated credit facilities are rated on an ‘A’ to ‘AAA’ equivalent credit rating
scale (India) 5

• AGEL has continued to maintain a strong counterparty profile with 86% sovereign/
sovereign equivalent rated counterparties.

• AGEL’s entire operating capacity is now ‘Water Positive’ (for plants with > 200 MW
capacity), ‘Single-Use-Plastic Free’, ‘Zero Waste to Landfill’ certified.

• AGEL has won the prestigious ‘Platinum’ Environment Award at Grow Care India
Environment Management Awards 2022.

• AGEL has continued to maintain best-in-class ESG ratings from global ESG rating
agencies as given below:

✓ CSR Hub rating (Consensus ESG rating) at 97 percentile, consistent ranking above
Alternative Energy global industry average
✓ Sustainalytics ESG Risk rating of ‘Low Risk’ with a score of 15.3, significantly better
than global Utilities sector average of 32.9
 ✓ DJSI-S&P Global Corporate Sustainability Assessment score of 61/ 100, significantly
better than average World Electric Utility score of 32/ 100
✓ MSCI ESG rating of ‘A’

About Adani Green Energy Limited

Adani Green Energy Limited (AGEL), a part of India-based Adani Group, has one of the largest global
renewable portfolios with overall portfolio of 20.4 GW including operating, under-construction and
awarded projects catering to investment-grade counterparties. The company develops, builds,
owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key
customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power
Corporation (NTPC) and various State Discoms. Listed in 2018, AGEL is a listed renewable company
helping India meet its COP26 goals.

For more information, visit: www.adanigreenenergy.com

Follow us on: \AdaniOnline

For further information on this release, please contact:

Roy Paul
Adani Group, Corporate Communication
[email protected]

Institutional investors and research analysts may contact:

Viral Raval
Adani Green Energy Ltd, Investor Relations
Tel: +91 79 2555 8581
[email protected]

Notes:

1. This includes sale of energy of towards non-capitalized plants (617 mn units in FY23 and 110 mn units in FY22).

2. EBITDA from Power Supply = Revenue from Power Supply + Carbon credit income (part of Other Operating Income) + prompt payment
discount - Employee Benefit Expenses – Other Expenses excluding loss on sale of assets and such one-off expenses.

3. Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items + Distribution to TOTAL (part of finance cost as per IndAS).

4. This is based on provisional calculation. The final calculation will be presented in the holdco bond compliance certificate for period
ended March 2023.

5. The international rating scales of BBB, BB and B have been considered as equivalent to India credit rating scales of AAA, AA and A
respectively for this purpose.
Earnings Presentation
FY23
(Consolidated Financials)

1
CONTENTS
1 Adani Group

2 AGEL: Company Profile

3 AGEL: Transformational Advantage

4 AGEL: Operational & Financial Highlights

5 AGEL: ESG

6 AGEL: Investment Rationale

Annexures
 Adani Group
Renewables
Adani: A World Class Infrastructure & Utility Portfolio

Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C

Materials, Metal &

Incubator Energy & Utility Transport & Logistics Direct to consumer
Mining
(69.2%) (57.3%) (71.6%) (65.1%) (100%) (63.2%)
AGEL ATL APSEZ
AEL NQXT1 Cement 4
Renewables T&D Ports & Logistics

(37.4%) (75.0%) (100%) (44.0%)

ATGL2 APL AWL
PVC
Gas Discom IPP Food FMCG
(100%)

Copper, Aluminum

(100%) (50%) (100%) (100%) (100%) (100%)

ANIL AdaniConneX3 AAHL ARTL Mining Services & ADL
New Industries Data Centre Airports Roads Commercial Mining Digital

Adani Portfolio’s Listed

(%): Promoter equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries Entities

A multi-decade story of high growth centered around infrastructure & utility core
1. NQXT: North Queensland Export Terminal | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, 4. Cement business includes 63.15% stake in Ambuja Cement which in turn
owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited
AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; ATL: Adani Transmission Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy 4
Limited; AAHL: Adani Airport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited; IPP: Independent Power
Producer
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 Growth 5x

EBITDA 70% 1,2 EBITDA 92% 1,4 Core Portfolio

Utility 92%

Transport 85%
Consumers
~400 mn
Served
Growth 3x Growth 1.4x
AEL
APSEZ
EBITDA 92% 1,3,5 EBITDA 25% 1,3 AGEL
ATGL
ATL
APL

Note: 1. Data for FY22; 2. Margin for ports business only, Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4. EBITDA Margin represents EBITDA earned from 5
power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business.
 Adani: Repeatable, robust & proven transformative model of investment

Phase Development Operations Post Operations

Origination Site Development Construction Operation Capital Mgmt

• Engineering & design • Redesigning the capital structure
Activity

• Analysis & market • Site acquisition • Life cycle O&M

intelligence planning of the asset
• Concessions & • Sourcing & quality levels
• Viability analysis regulatory agreements • Asset Management Plan • Operational phase funding consistent
• Equity & debt funding at with asset life
• Strategic value • Investment case project
development
• First ever GMTN of USD 2 bn by an energy
6 4 8 MW Ultra Mega Solar Energy Network Operation utility player in India - an SLB in line with
India’s Largest Longest Private HVDC Line
Power Plant Center (ENOC) COP26 goals - at AEML
Commercial Port (at in Asia
Mundra) (Mundra - Mohindergarh) (at Kamuthi, TamilNadu) • AGEL’s tied up “Diversified Growth Capital”
with revolving facility of USD 1.64 Bn –
will fully fund its entire project pipeline
Performance

• Issuance of 20 & 10 year dual tranche

Highest Margin Highest availability Constructed and Centralized continuous bond of USD 750 mn - APSEZ the only
among Peers Commissioned in nine monitoring of plants infrastructure company to do so
months across India on a single
• Green bond issuance of USD 750 mn
cloud based platform
establishes AGEL as India’s leading credit
in the renewable sector

6%

March 2022
March 2 0 1 6
14% 37% 25%

31% 55%
6%
O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GMTN: Global Medium 8%
Term Notes SLB: Sustainability Linked Bonds, AEML: Adani Electricity Mumbai Ltd. IG: Investment Grade, LC: Letter of Credit, DII: Domestic 18%
Institutional Investors, COP26: 2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd. PSU Pvt. Banks Bonds 6
DII Global Int. Banks PSU – Capex LC
 AGEL: Replicating Group's Simple yet Transformational Business Model

Secure Sites & Connectivity Resource Assessment Construction Readiness

Development ~2,00,000 acres ~40 GW potential Geotechnical studies

Resource rich sites in strategic locations 85+ Wind data locations and detailed design planning,
Solar resource assessment completed simulations completed
“RESOURCE AS VALUE APPROACH”

97% Contracted Capacity Technology enabled O&M Utility based ESG income

Operations Fixed tariff ENOC Green Certificates

PPA life: 25 years Enabling high margin EBITDA (92% 2) Enhancement in the utility linked revenue
Average Portfolio tariff : INR 2.98/unit 1 stream

Efficient Capital Management Construction Framework Agreement Investment Grade (IG) Ratings

Value Creation Access to International US$ 1.64 bn First IG rated Issuance – RG2
markets Revolving construction facility to ensure Largest HoldCo Issuance
Diversified sources of funding fully funded growth
Broaden capital pools-144A, REG S
Elongated maturities up to 20 years

Well positioned for industry leading de-risked growth

1. Average tariff for total contracted portfolio
2. EBITDA margin from power supply in FY23
PPA: Power Purchase Agreement, ENOC: Energy Network Operations Centre, EBITDA: Earnings before Interest, tax, depreciation & amortization, OPCO: Operational Company, IG: Investment Grade
7
Adani Green Energy Limited
Company Profile Renewables

8
 AGEL at a glance
Adani Family
57.3%

3.7% 4 1.4% 1.3%

19.7% Other Public
16.6% Shareholders

50% 50% 100 % 100 % 100 %

AGE23L 1 Other Operating Locked-in Under Execution Near construction

2,353 MW 5,733 MW 10,215 MW 2,133 MW
portfolio:
20,434 MW

Large Renewable
8,086 MW – Operational 86% Resource and 12 resource-rich states
12,348 MW – Locked-in Under Sovereign Counterparty 20 different counterparties
Portfolio
Execution/Near Construction Counterparties Diversification 86% sovereign counterparties 2
20.4 GW

~200,000 acres of resource rich 97% contracted portfolio

Locked-in sites in strategic locations Fully Contracted
25-year fixed tariff PPAs
Resource ~40 GW of sites with geotechnical, Portfolio
Avg. Portfolio tariff: INR 2.98/unit 3
resource analysis & design work done

Locked-in growth up to 20.4 GW

1 IncludesRG 1 (Restricted Group 1) and RG 2 (Restricted Group 2) SPVs
2 Includes 5% sovereign equivalent rated counterparties - Gujarat Urja Vikas Nigam Limited (GUVNL) and Adani Electricity Mumbai Limited (AEML)

3 Average tariff for total contracted portfolio

4 Shareholding by funds managed by GQG Partners

9
Capacity in MWAC ; Under Execution projects include capacity where PPA is signed, Near Construction projects include capacity awarded and is pending for PPA execution.
 AGEL: Largest Renewable Energy player in India

Pan India Presence 1 2.5x Locked-in Growth

Renewable Capacity (in MW)
45,000 10% of
India’s RE
Operational Under exec../ Near Const. Target
Wind Solar 8,086 MW – Operational 5.5x

Solar-Wind Hybrid 10,215 MW – Under execution 20,434

2,133 MW – Near Construction 2
130
395 8,086 2.5x
20,434 MW - Locked-in Growth
3,572
Operational - Jul 2021
Operational Locked-In
Locked-in Growth
Target
Category 3

7,268 Growth 2030

885 336
Source-wise Capacity Breakup (in MW)
4,080 100

40
20 2,740
650 250
2,140
2,151 20,434 MW
225 8,086 MW
1,085 Locked-in
Operational
Growth
750 971
648
4,975
15,543

Solar Wind Hybrid

Leading the way towards large-scale adoption of affordable clean energy in India
1. The indicated location for projects under execution/ near construction is based on current planning and is subject to change.
2. Includes projects for which Letter of Award has been received and PPA is to be signed except 100 MW project which is in pipel ine. 10
Adani Green Energy Limited
Transformational Advantage

11
 Business Philosophy focusing on De-risking at every stage of project lifecycle

SUSTAINING GROWTH MOMENTUM

Project Execution
Site and Evacuation
− PMAG - Central team with deep experience
− ~40GW of strategic sites with geotechnical,
− Execution of large scale sites – 2.1 GW World’s
resource analysis & design work done
largest single site RE hybrid project in record
− ~200,000 acres of land available time
− Clear visibility on evacuation infrastructure − GW+ scale sites
− “Resource as Value Approach”
Construction Finance
OUR − Construction framework consistent with stage of
Strong in-house Capabilities project execution.
BUSINESS
− Execution experience over 320 sites across India
PHILOSOPHY − Example: Framework Agreement of US$ 1.64 bn
− 20,000 vendor network with international banks fully funds pipeline
− Inhouse R&D on new renewable technologies − LC facility to finance equipment purchase

Capital Management Tech Enabled Operations - ENOC

− Fully funded growth − Life cycle O&M planning
− Takeout of construction debt post commissioning − Strong integration of technology with Energy
− Maintain IG rating framework for future issuances Network Operations Center

DE-RISKING AT EVERY STAGE

GW: Gigawatt; O&M: Operations and Management; LC: Letter of Credit; R&D: Research & Development; IG: Investment Grade; PMAG: Project Management & Assurance Group; MW: Megawatt; ENOC: Energy Network Operations
Center 12
 Construction ready Strategic Sites with high resource potential (40GW)

Identified high resource potential sites of ~2,00,000 acres in Rajasthan and Gujarat

Rajasthan and
Gujarat Clusters Connectivity granted for entire
~2,00,000 Acres Of Land
~2,00,000 acres portfolio.
Predominantly Owned By For planned growth projects connectivity to be
(Several sites)
~40 GW
Government applied on receipt of LOAs2

Average Remote unhabitated areas

Solar DC1 CUF ~24%+ Waste & Barren land put to use
Wind CUF ~40%+

Above Sites Under Near

Future Project
Available to Construction Construction
Potential
Deploy: ~10.2 GW ~2.1 GW

Executing projects at above sites would take AGEL portfolio to >40 GW

(~20.4 GW of operational, under & near construction projects and 20 GW of future project potential)
1. DC – Direct Current; CUF – Capacity Utilization Factor
2. LOA: Letter of award received from power purchaser on winning the bid 13
Expertise in developing Mega scale RE projects

FY23

2.1 GW Single Location Hybrid

RE Projects
spread over ~ 11,500 acres

World’s largest Hybrid RE Cluster

7X Next Milestone

GJ: Khavda 15 GW Hybrid Project

Module: 570+ Wp (33.6 Million Nos)
MMS: 100% Tracker with Robotic Cleaning
WTG: 5X machines ~ 375 Nos
FY23
3X

RJ: 2.1 GW Hybrid Projects

Module: 535 Wp (5.8 Million Nos)
MMS: Fixed Tilt (40%) Tracker (60%)
WTG: 2X machines – 353 Nos
FY16 Next

FY16
15 GW Hybrid RE Projects
TN: Kamuthi – 648 MW Solar spread over ~70,500 acres
648 MW Solar Project
Module: 330 Wp (2.5 Million Nos) commissioned in FY16
MMS: Fixed Tilt (99%) Tracker (1%) World’s largest RE cluster spread over ~2,500 acres

Then world’s largest single

location solar project

Consistently setting new benchmarks for the RE industry with unmatched speed & scale of execution
14
 Project Management & Assurance Group (PMAG) - End to end project integration

Bidding, Project Development & Basic

Site Scouting Engineering Execution Operations

Concept Integrated Project Management Commissioning

Strength: Team of 120 professionals having hands-on experience of above 2,000 man-years of complete project management cycle of small, medium & large projects

Bidding Stage Project Development Project Execution Project Close Out

▪ Integrating & providing cross functional ▪ Collaborates for Technology finalization ▪ Integrated L3 Project Schedule ▪ Facilitating the Handover & punch
support for Bidding Process & Scope ▪ Baselining Cost and Resource plans list closure
▪ Site / Site Location Assessment, ▪ Preparing & release of Execution ▪ Issue & Risk Management ▪ Contract Closures
coordinating for field visits Strategy ▪ Supply Chain Management ▪ Close Out Report
▪ Bid stage scope finalization & ▪ Finalize Contracting Strategy ▪ Contract Administration ▪ Material Reconciliation
technology adoption with engineering ▪ Detailed Project Report ▪ Contractor & Vendor Management ▪ Spares Handover
▪ Bid Stage Cost Estimates ▪ Coordinating for connectivity & ▪ Change Management ▪ Closure of LIE and Lender Reports
▪ In case of M&A’s, collaborating and evacuation ▪ Monitoring Approvals , Permits & Licenses ▪ Stakeholder Recognition
assessment of M&A assets ▪ Level 1 Project Schedule ▪ Managing Lenders & LIE interface ▪ Finalizing the As-Built Costs
▪ Capex Budgets and Estimates ▪ Cash Flow Management ▪ Ensuring As built drawings
▪ Risk Assessment & plan ▪ Project Monitoring & Control
▪ Procurement Planning ▪ Mid Course Corrections ( Catch up)
▪ Financial Closure Plans

Strong Project Controls Collaborating & Convergence Effective Project Delivery

15
LIE – Lenders Independent Engineers
 Technology Enabled Operational Excellence

– AGEL operating assets currently spread across 12 states. Portfolio managed by O&M team of ~ 1100 personnel
– Cluster based operating model enabling smooth governance and efficient utilization of manpower and spares: Personnel spread across Central office → Cluster teams
(5 regional cluster teams) → Site personnel

ENOC driven Predictive Analytics leading to cost efficient O&M and high performance

Energy Network Operations Centre connected to – Remote management of all sites from single location - to help rapid scale-up of capacity
Solar & Wind plants across 12 States – Cutting-edge advanced analytics cloud-based platform
✓ Provides predictive maintenance inputs reducing frequency of scheduled maintenance and reduced
mean time between failure (MTTF)
✓ Automatically recommends smart corrective actions in real time reducing mean time to repair (MTTR)
✓ Detailed insights into plant and portfolio performance with access across multiple devices /locations
✓ Backend machine learning and artificial Intelligence for continuously improving insights

Industrial Cloud in partnership with Google to leverage ML & AI capabilities in plant operations

Plant Availability (Solar) CUF (Solar) EBITDA Margin (Power Supply)

99% 99% 99% 99% 100% 24% 25% 90% 89% 91% 92% 92%
22% 23% 23%

FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23

Analytics driven O&M through ENOC has enabled consistent and industry leading 90%+ EBITDA margins
16
ENOC: Energy Network Operations Centre, O&M: Operations and Maintenance, EBITDA: Earnings before Interest, tax, depreciation & amortization, GW: Gigawatt, CUF: Capacity Utilization Factor on MWAC
 Replicating Adani Business Model: Capital Management Philosophy

De-risking of underling SPVs to generate and release surplus cashflows for AGEL
Mgmt. throughout Project lifecycle
De-risking integrated in Capital

Project Financing Stabilization

HoldCo. Financing Post-Stabilization Phase
SPV level Phase

LCs & short-term funds to Ensure senior debt availability Ensure availability of Debt Capital market refinancing at lower
finance equipment for Project Construction working capital interest rate, longer tenure and terms akin
to stable assets
Fully-funded Growth De-risking of Liquidity Risk

Development Phase Stabilization Post-stabilization Phase

Demonstrated

HoldCo Sr. PF facility

$750 mn INR 172 bn (USD 2.1 bn) 1, 2 TN: ~INR 3,100 crs (~$443 mn)3
Existing WC facility
RG1: ~INR 4,572 crs (~$658 mn) 3
Go to Market Facility INR 5.5 bn ($67 mn) 1
NFB Lines RG2: ~ INR 2,585 crs (~$362.5 mn) 3
USD 1.64 bn revolving
INR 89 bn (~$1.1 bn) 1 facility

Existing HoldCo Sr. Regular Finance –

Future Plans

to continue Construction finance for

other projects Future USD bonds raise via. DCM
Working Capital Broaden capital pools – 144A / RegS and
Go to Market Facility to be facility to continue SEC Registered issuances
Existing NFB lines to upsized to fund confirmed
continue growth assets

Maximising Stakeholder Value & De-risking projects with Disciplined Capital Management
1. USD/ INR = 81.345
2. Includes INR PF of 127 bn and other ECB of 45 bn
3. Exchange rate as of transaction date 17
PF: Project Finance; LC: Letter of Credit; SPV: Special Purpose Vehicle; RG1: Restricted Group 1 ; RG2: Restricted Group 2; NFB: Non-fund based; WC: Working Capital
AGEL: Growth and Cash Generation capability De-risked

Industry leading Capacity growth with steadily increasing Operating Base thereby reducing the overall portfolio risk
9,000

8,000

Operational Capacity (MW)

7,000

6,000

5,000
33%
CAGR
4,000

8,086
3,000

5,410
2,000

3,470
2,545
1,000

1,918 1,970
-

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Industry leading EBITDA Growth driven by Robust capacity addition & Analytics driven O&M

EBITDA from Power Supply (Rs. Crore)

46%
CAGR
5,538

3,508
1,859 2,207
1,710
834

FY18 FY19 FY20 FY21 FY22 FY23

18
Operational & Financial Highlights
FY23 Renewables

Largest Operational
19
Revenue EBITDA EBITDA margin Cash Profit
Capacity in India

49% 54% 57% Consistent and Industry 72%

up YoY up YoY up YoY leading EBITDA margin up YoY
AGEL: Executive Summary – FY23
Capacity Addition & Operational Performance
✓ Operational Capacity increases by 49% YoY to 8,086 MW, the largest operational renewable portfolio in India

✓ AGEL adds a massive 2,676 MW renewable capacity to its operational fleet in FY23:

▪ 2,140 MW solar-wind Hybrid plants in Rajasthan, India’s first and World’s largest

▪ 325 MW wind power plant, the largest in Madhya Pradesh

▪ 212 MW solar power plants in Rajasthan

✓ PPAs signed for 450 MW wind projects and 650 MW solar projects with SECI in FY23 further strengthening the firm project pipeline

✓ Solar portfolio CUF at 24.7% with 90 bps improvement YoY

✓ Wind portfolio CUF at 25.2% with 560 bps reduction YoY primarily due to one-off disruption in transmission line (force majeure) for 150 MW plant at
Gujarat, which is now fully restored

✓ Newly commissioned Hybrid portfolio CUF stands at a strong 35.5%

✓ Sale of Energy increases by 58% YoY at 14,880 Mn units

Financial Performance
✓ Revenue from Power Supply up by 54% YoY at Rs. 5,825 cr

✓ Realized 3.9 Mn Carbon Credits generating Carbon Credit income of Rs. 157 cr

✓ EBITDA from Power Supply 1 increases by 57% YoY to Rs.5,538 Cr with a high EBITDA margin of 91.6%

✓ Cash Profit 2 up by 72% YoY at Rs. 3,192 cr

✓ Run-rate EBITDA stands at a strong Rs. 7,505 crore 3 with Net Debt to Run-Rate EBITDA of 5.4x as of Mar 2023 well within stipulated covenant of
7.5x for holdco bond

Operational Capacity increases by 49% YoY to 8,086 MW, the largest operational renewable portfolio in India
1. EBITDA from Power Supply = Revenue from Power Supply + Carbon credit income (part of Other Operating Income) + prompt payment discount - Employee Benefit Expenses excluding overseas expenses – Other Expenses
excluding loss on sale of assets and such one-off expenses.
20
2. Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items + Distribution to TOTAL (which is part of finance cost as per IndAS)
3. This is based on provisional calculation. The final calculation will be presented in the holdco bond compliance certificate for period ended March 2023.
AGEL: Executive Summary – FY23 (Contd..)
Other Key Recent Updates

✓ Supreme Court upheld the favorable order from APTEL for 288 MW solar plants at Kamuthi, Tamil Nadu that has resulted in one-time revenue
upside of Rs 748 Cr (including late payment surcharge) and recurring positive annual impact of ~ Rs 90 Cr

✓ AGEL continues to maintain a strong counterparty profile with 86% sovereign/ sovereign equivalent rated counterparties

✓ 97% of AGEL’s rated credit facilities are rated between ‘A’ to ‘AAA’ equivalent credit rating scale (India) 1

✓ AGEL’s entire operating capacity is now ‘Water Positive’ (for plants with > 200 MW capacity), ‘Single-Use-Plastic Free’ and ‘Zero Waste to Landfill’
certified

✓ Won the prestigious ‘Platinum’ Environment Award at Grow Care India Environment Management Awards 2022

✓ AGEL continues to maintain best-in-class ESG ratings from global rating agencies:

▪ CSR Hub rating (Consensus ESG rating) at 97 percentile, consistent ranking above Alternative Energy global industry average

▪ Sustainalytics ESG Risk rating of ‘Low Risk’ with a score of 15.3, significantly better than global Utilities sector average of 32.9

▪ DJSI-S&P Global Corporate Sustainability Assessment score of 61/ 100, significantly better than average World Electric Utility score of 32/ 100

▪ MSCI ESG rating of ‘A’

AGEL is now Water Positive, Single-Use-Plastic Free and Zero Waste to Landfill certified
1. The international rating scales of BBB, BB and B have been considered as equivalent to India credit rating scales of AAA, AA and A respectively for this purpose

21
AGEL: Operational Capacity Addition & Sale of Energy – FY23 (YoY)

Operational Capacity (in MW AC)

Hybrid
8,086
49%

`
Wind 2140
Solar 5,410
2 ✓ Operational Capacity increases by 49% to 8,086 MW
971
647
❑ Operationalized 2,140 MW solar–wind Hybrid power
4,763 4,975 plants, India’s first and World’s largest, in Rajasthan

❑ Operationalized 325 MW Wind power plant in

FY22 FY23 Madhya Pradesh

Sale of Energy (mn units) 1 ❑ Operationalized 212 MW Solar power plant in

Rajasthan
Hybrid 14,880
58%
`

Wind 2603
✓ Sale of Energy increases by 58% to 14,880 mn units
Solar 1,820
9,426 backed by robust capacity addition
1,329

10,457
8,097

FY22 FY23
Sale of Energy continues to grow exponentially backed by robust capacity addition

1. Operational performance stated above includes 110 mn units in FY22 and 617 mn units in FY23 for non-capitalized plants
22
 AGEL: Operationalized 2,140 MW Hybrid Cluster in Rajasthan in FY23

Solar irradiation of 2000 kWh/ sqm – top 5 in India

Perfect location for
Ideal Wind speed of 7 meters/ second
Hybrid
Ample availability of Non-agricultural Barren land

390 MW Cluster based All projects in a Single Cluster around Fatehgarh

600 MW approach Enabling Significant scale efficiencies
700 MW

450 MW
Connected to Central Grid
Well planned
Evacuation Distributing Power across India through High-capacity
transmission lines including 765kV

Project Snapshot
Particulars Hybrid 1 Hybrid 2 AEML 700 MW 450 MW Total
PPA Capacity (MWac) 390 600 700 450 2,140
Solar (MWac) 360 600 600 420 1,980
Wind (MWac) 101 151 510 105 867
Contracted
Counterparty SECI SECI AEML SECI
Sovereign
Counterparty Type Sovereign Sovereign Sovereign
equivalent rated
Sovereign or equivalent
rated counterparties Longi, Jinko,
Solar Module make Longi Longi & Jinko Jinko
Adani
Siemens
Wind Turbine
Suzlon Suzlon Gamesa & Suzlon
PPAs Generator make
Suzlon

First Solar- Wind Hybrid Power Cluster in India and the Largest in the World
SECI: Solar Energy Corporation of India; AEML: Adani Electricity Mumbai Ltd; PPA: Power Purchase Agreement 23
AGEL: Operational Performance – FY23 (YoY) – Solar & Wind Portfolio
Solar Portfolio Performance Wind Portfolio Performance

CUF (AC) Sale of Energy (mn units) CUF (AC) Sale of Energy (mn units)
23.8% 24.7% 10,457
29%

`
30.8% 1,820
37%

`
8,097
25.2% 1,329

FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23

• Sale of Energy up by 29% on the back of:

- Increase in effective operating capacity with SB Energy

operational portfolio (1,700 MW) performance integrated from • Sale of Energy up by 37% on the back of Capacity increase from
Q3 FY22 and 212 MW commissioned in Rajasthan during FY23 497 MW 1 to 971 MW YoY.

- 90 bps improvement in CUF • The reduction in CUF is primarily due to :

• Improved CUF performance backed by:
- One-off disruption in transmission line (force majeure) for 150
- Integration of SB Energy Portfolio having a CUF of 26.6% for MW plant at Gujarat, which has now been restored fully. The
FY23 impact of this event in FY23 is ~0.6% of the annual generation
of the overall operational capacity.
- Consistent high plant availability at 99.6%
- Lower wind speed
- 50 bps improvement in grid availability
- Improved solar irradiation

Solar portfolio CUF improves by 90 bps YoY to 24.7% backed by

Sale of Energy up by 37% backed by robust capacity addition
~ 100% plant availability

1. This is excluding 150 MW assets which were then under acquisition for which revenue/ sale of energy was not accounted in FY22 and have been integrated from Q1 FY23. 24
AGEL: Operational Performance in FY23 – Hybrid Portfolio

Plant Availability Grid Availability

99.9% 96.3% 99.7% 97.4% 99.2%

99.1%

• 2,140 MW Solar-Wind Hybrid projects

operationalized in FY23:

- Solar: 1,980 MW

Solar Wind Hybrid Solar Wind Hybrid - Wind: 868 MW

• High CUF of 35.5% backed by:

CUF (AC) Sale of Energy (mn units)
35.5% - Technologically advanced solar
29.9% modules and wind turbine
2,603
2,076 generators (WTGs)

- High plant and grid availability

25.1%
527

Hybrid Solar Wind Hybrid

Solar Wind

Commissioned 2,140 MW solar–wind Hybrid plants in Rajasthan, India’s first and World’s largest
25
AGEL: Financial Performance – FY23 (YoY)
(All figures in INR Crore)

Revenue from Power Supply EBITDA from Power Supply 1

57%
5,538 ▪ The robust growth in revenues, EBITDA and Cash

`
54% 5,825

`
Profit is primarily driven by greenfield commissioning
of 2,676 MW.
3,530
3,783
▪ The state-of-the-art Energy Network Operation
Center (ENOC) enables real time monitoring of our
entire renewable portfolio with information access to
the minutest level and automated alerts. With the
FY22 FY23 FY22 FY23
analytics driven O&M approach, the plant availability
is maximized, enabling higher electricity generation
EBITDA % Cash Profit 2 and higher revenues. It also helps curtail O&M costs,
in turn enabling high EBITDA margins.

72% 3,192 ▪ Further, the receipt of Rs. 748 crore (incl. late

`
91.8% 91.6% payment surcharge) for the 288 MW Kamuthi projects
with tariff correction upheld by Supreme Court have
1,853 boosted the revenues, EBITDA and cash profit and will
have a recurring impact of ~ Rs. 90 crore per annum.

FY22 FY23 FY22 FY23

Consistent Strong Financial Performance backed by robust growth in capacities & analytics driven O&M

1. EBITDA from Power Supply = Revenue from Power Supply + Carbon credit income (part of Other Operating Income) + prompt payment discount - Employee Benefit Expenses excluding overseas expenses –
Other Expenses excluding loss on sale of assets and such one-off expenses.
2. Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items + Distribution to TOTAL (which is part of finance cost as per IndAS) – other non-cash adjustments
26
AGEL: Bridge of EBITDA from Power Supply – FY22 to FY23
(All figures in INR Crore)

EBITDA up by 59% YoY on back of improved revenue backed by significant increase in capacity
1. Change in Revenue also includes prior period tariff correction related 288 MW Kamuthi solar plant, change in Carbon Credit Income and change in Prompt Payment Discount

27
 AGEL: Debt Evolution from Mar-22 to Mar-23
Gross Debt 1 (INR Cr) Net Debt Evolution (INR Cr)

3,866 5,571
6,008 1,399

38,297 40,455

Additional Repayment Regular Change in MTM Change in

Debt for of Debt Repayment Working changes in Cash & Bank
Mar-22 Mar-23 new through of Debt Capital Loan Foreign
projects Equity currency
Gross Debt 48,171 47,424
Infusion loans
2 3 from IHC
Net Debt Trade Credit Cash & Bank

Gross Debt Break up (INR Cr)

1,715 ,
6,133 ,
3%
12%

45,704 ,
85%
Debt for Operational Projects Mar-22 Mar-23
Holdco
Debt for u/c Projects

Deploying long term capital to fuel de-risked future growth

1. Gross Debt = Non-current Borrowing + Current Borrowing – Stapled Instruments – Unsecured Borrowing from related parties
2. Net Debt = Gross Debt- Cash & Bank – Short Term Trade Credit
3. Cash & Bank = Cash & Cash Equivalents + Bank Balance + Current Investments + Fixed Deposits & Margin Money 28
4. As a policy, the company hedges 100% principal amount of foreign currency loans, hence, this is only a mark to market provision to be done as per IndAS and there is no actual cash outflow in this regard.
AGEL: De-risking & reduced finance cost through Prudent Debt Management
Long Term vs Short Term Split (INR Cr) – Mar’23 Gross Debt Mix 1 & Average Interest Cost
140% 11.1% 12.0%
Long Term Debt Short Term Debt
120% 10.0%
9.5%
Includes Short 100% 3% 2%
22% 8.0% New addition
Term Trade 27%
80% 1% in the mix -
Credits of INR 6.0%
60% 28% USD Bonds
1,399 cr
1,988, 37% 4.0%
40%
4% 1% Reduction of
45,436, 20% 49% 2.0% Rupee Term
96% 30%
0% 0.0% Loans in the
mix
Mar-19 Mar-23
Rupee Term Loans Rupee NCDs ECB
USD Bonds Cash Credit/ WC Loans Trade Credit
Interest Rate

Repayment Schedule of Long-term Debt in next 10 years (INR Cr)3

22,454
Includes repayments towards borrowings planned to be
refinanced of INR 21,197 cr (RG1: INR 4,109 cr, Holdco bond:
INR 6,163 cr, Construction Facility: INR 10,200 cr, Other
ECB: INR 725 cr)

4,322
2,469 1,276 2,009
1,095 1,113 1,151 1,145 1,194

FY 24 FY 25 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 33

Improved Debt mix with lower interest cost and low staggered repayment
1. Gross debt = Non-current Borrowing + Current Borrowing – Stapled Instruments – Unsecured Borrowing from related parties
2. USD/INR = 82.17 29
Adani Green Energy Limited
ESG
Renewables

AGEL is now certified Won the prestigious Continue to maintain

for all its operating plants over from global ESG rating agencies
200 MW capacity by DNV ✓ CSR Hub (consensus ESG rating) at 97 percentile
at Grow Care India Environment
✓ Sustainalytics ESG Risk rating of ‘Low Risk’
Management Awards 2022
✓ DJSI-S&P Global Corporate Sustainability
Assessment score of 61/ 100
✓ MSCI ESG rating of ‘A’
 AGEL: Robust 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

Disclosure Standards
Guiding
Policies TCFD SASB GRI Standards CDP disclosure BRSR
principles
Policy Structure Focus Area - UNSDGs
– Environment & Energy as part of IMS policy
E – Biodiversity Policy – SDG 7: Affordable and Clean Energy
– Affirmative Action Policy (EV Support & Action)
– SDG 8: Decent Work & Economic
– Guidelines on Human Rights Growth
ESG
S – Corporate Social Responsibility Policy – SDG 9: Industry, Innovation &
– Occupational Health & Safety as part of IMS Policy Infrastructure
– Board Diversity – SDG 13: Role in climate Action
through de-carbonization of Grid
G – Code of Conduct
– Related Party Transaction Policy

Our Commitment
Commitment Assurance
– To be in Top 10 companies of the world in ESG benchmarking of electric utility sector by FY25
– To develop and operate renewable energy capacity of 45 GW by 2030
– To be Single-use-Plastic-Free (SuPF) company
– To be Zero-Waste-to-Landfill (ZWL) company
– To be Net Water Neutral for plants more than 200 MW
– To achieve No Net Loss of biodiversity by FY25
ESG: Environmental, Social & Governance; SBTi: Science Based Targets initiative; GRI: Global Reporting Initiative; CDP: Carbon Disclosure Project; TCFD: Task Force on Climate-Related Financial Disclosures; GHG: Greenhouse Gases;
UNSDG: United Nations Sustainable Development Group; CSR: Corporate Social Responsibility; SASB: Sustainability Accounting Standards Board; BRSR: Business Responsibility and Sustainability Reporting IMS: Integrated 3131
Management System that essentially combines ISO 9001, 14001, 45001, 50001, & 55001
 AGEL: ESG - Progress & Key Milestones

CO2 Emissions avoided (mn ton)

36.70
Cumulative CO2 Emission avoided (Mn ton)

Year wise CO2 Emission avoided (Mn ton)

23.20

14.60 13.50
9.40 8.60
5.38 4.02 5.20
3.58
0.58 0.44 1.80 1.22
0.14 0.14

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

Cumulative CO2 emission avoided by AGEL is higher than Sweden’s annual CO2 emission 1
1. Sweden had an annual CO2 emission of 35.85 mn ton in 2021.Source: https://ourworldindata.org/co2-emissions#co2-emissions-by-region
2

Progress & Key Milestones

FY25 ✓ Pollution control & GHG emission reduction: 99.8% less emission
Indicator FY23 Target Status: FY23
Target Intensity per unit of generation (0.0018GHG tCO2 / MWh) in FY23 v/s
Indian grid average of 0.71 tCO2 / MWh
Ranking in ESG benchmarking of electric 8th in electric utility
Top 10 NA
utility sector in the world (RE) - Sustainalytics ✓ Resource conservation: 99.5% less Fresh Water consumption per unit
of generation (0.02 kl/MWh) in FY22-23 as against 3.5 kl / MWh,
Water neutral operating capacity (MW) for statutory limit for thermal power
100% 60% 100%
plants > 200 MW
✓ Supply Chain: CDP’s Supply Chain Engagement program at AGEL with
Zero waste to landfill operating capacity participation of 93% for AGEL’s critical suppliers in FY22
100% 50% 100%
(MW)
✓ Occupational Health & Safety: 1.98 mn continuous safe man hours in
100% FY23
Single use plastic free operating capacity
100% (Already achieved 100%
(MW) ✓ Sustainable Livelihood: 3,810 direct/ indirect job opportunities
in FY22)
provided in FY23
No Net Loss of biodiversity 100% NA WIP
32
ESG: Environmental, Social & Governance; CDP: Carbon Disclosure Project; GHG: Greenhouse Gases;
AGEL: Strong Governance Framework
Key Governance Areas Key Highlights ESG Governance Structure

✓ 50% Independent Directors Corporate Responsibility

Board Independence & Diversity Committee at Board level
✓ 20% Women Directors
✓ Corporate Responsibility Committee in place with 100% Independent Directors to provide assurance on
ESG aspects MD & CEO
Corporate Responsibility, CSR &
Nomination & Remuneration ✓ Corporate Social Responsibility Committee in place with 75% Independent Directors
ESG Apex ESG
✓ Nomination and Remuneration Committee with 75% Independent Directors
Committee Mentors
✓ Audit Committee consisting of 83% Independent Directors (100% non-promoter/ non-executive)
Audit Oversight ESG Head
✓ Statutory Auditors : SRBC & Co. (EY) and Dharmesh Parikh & Co. (Joint Auditors)

✓ Risk Management Committee in place with 83% Independent Directors Roles & Responsibilities of ESG Apex
Committee
✓ Sub-Committees of Risk Management Committee with at least 50% independent directors ✓ Provide organizational vision and
overall direction to ESG program
▪ Information Technology & Data Security Committee
Risk Management ✓ Review and approval on public
▪ Mergers & Acquisitions Committee disclosures on ESG (annual report,
sustainability report, special
▪ Legal, Regulatory & Tax Committee
disclosures)
▪ Reputation Risk Committee ✓ Allocate resources required by ESG
Core Working Group
✓ Detailed Policy in place for Related Party Transactions (RPT) to ensure all RPTs are on ‘arm’s length’ basis
✓ Implementation of ESG Strategy
Related Party Transactions ✓ All RPTs are reviewed by the Audit Committee and are duly disclosed in the annual report
✓ All RPTs beyond statutory thresholds require shareholder approval with no voting by the promoter group Roles & Responsibilities of ESG
Mentors
Stakeholders Relationship ✓ Stakeholders Relationship Committee in place with 75% Independent Directors
✓ Provide specific guidance and
✓ Anti Corruption policy in place with Zero tolerance of corruption operational insights to ESG Core
Working Group and ESG Champions
Anti Corruption & Code of
✓ Code Of Conduct For Board Of Directors And Senior Management in place
Conduct ✓ Undertake quarterly review of
✓ Insider Trading Code in Place activities led by ESG Champions

33
AGEL : Adopted UN Sustainable Development Goals
United Nations Sustainable Our Key Social Initiatives mapped to UNSDG
Development Goals 2030
Rajasthan, o Provided Hospital beds in Karnataka; provided chairs and water coolers in Rajasthan
Health
3. Good Health & Well-being Karnataka & other o Conducted certified defensive driving training for employees
Locations o Promoting emotional well being among employees through Adani Care intervention

o Armchairs, round table, water purifier, LED television provided for school children at Kappekeri
village, Karnataka
Education Karnataka, o Provided school bags to 1865 students in 47 primary schools
4. Quality Education Rajasthan and o Organized Saraswati Samman to felicitate employees’ children with scholarships for
Punjab exceptional academic & sports performancej

o 3,810 direct/ indirect job opportunities provided in FY23

Livelihood Multiple Locations o Second progress report on UNGC’s TenPrinciples incl. Human Rights submitted in November
8. Decent Work & Economic Growth 2022
o Helped farmers in livestock development and agriculture at 648 MW Kamuthi plant

o Current average portfolio tariff of Rs. 2.99 per unit much lower than APPC of Rs. 3.85 per
unit
o Renewable capacity target of 45 GW by 2030
Climate Chnage
o AGEL’s Energy Compact is accepted by United Nations and showcased at COP26 meeting in
7. Affordable and Clean Energy UK
13. Climate Action Multiple Locations
15. Life on Land o Plantation of 3,600 neem trees along the road-side with tree guards at Bikaner
o Animal welfare and camps for Lumpy virus organized in Jaisalmer
o Associated with IBBI for Task Force on Nature Related Financial Disclosure (TNFD)
Key Focus Areas assessment to achieve No Net Loss of Biodiversity

o Cost efficient operation & higher electricity generation through ENOC

Sustainable Innovation o Development of semi-automatic module cleaning system to reduce water usage by 46%
9. Industry, Innovation & Infrastructure Multiple Locations o Implementation of robotic cleaning for 1,550MW operational capacity
11 Sustainable Cities & Communities
o Implementation of weather monitoring system & identification of long-term physical climate
hazards while site selection.

o Certified Water positive, Single-use-plastic free and Zero waste to landfill

Responsible Consumption & Production
6. Clean water and sanitation Multiple Locations o Water resource development activities for six ponds have been completed at Nedan, Dawara,
12. Responsible Consumption & Production Madhopura & Rasala in Rajasthan; Bitta & Khirsara in Gujarat and Gadadih in Chhattisgarh to
create extra water holding and ground water recharge capacity.

Alignment with UNSDGs with focus on renewable energy, inclusive growth & sustainable innovation
34
UNSDG: United Nations Sustainable Development Group
AGEL: ESG – Ratings, Awards and Recognition

ESG Ratings AGEL’s Rating

CSRHub (Consensus ESG Rating) ✓ Ranking of 97 percentile, with consistent ranking above Alternative Energy industry average

Sustainalytics ✓ ESG Risk Rating of ‘Low Risk’ with a score of 15.3, significantly better than global Utilities sector average of 32.9

DJSI-S&P Global Corporate ✓ Scored 61/ 100, one of the best in Indian Electric Utility sector and significantly better than average World Electric
Sustainability Assessment Utility score of 32/ 100

MSCI ✓ ESG Rating of ‘A’

ISS ESG ✓ Prime Band (B+)

FTSE ✓ ESG rating of 3.2 and constituent of ‘FTSE4Good’ index series

CRISIL ✓ ESG score of 66/ 100, the highest in Power sector

Awards and Recognition in FY23

Won CII’s Climate Action Program (CAP) 2.0° Conferred with the ‘Platinum’ Environment
Won ‘Leaders Award’ at the Sustainability ‘Committed’ Award that signifies
4.0 Awards, conferred jointly by Frost & Award by Grow Care India in recognition of
identification of primary risk, GHG highest level of commitment and concern in
Sullivan and The Energy & Research Institute management, targets decided and
(TERI) environmental management
participatory culture at AGEL

35
Case Study: AGEL becomes Water Positive

Aligning to UN Sustainable Development Goal 6

✓ Committed to water neutrality through reducing water consumption & conservation of water

Potential rainwater
Total freshwater intake Water saved is
harvested and recharge
for consumption
created Certified Water +ve by DNV
172,201 m3 > 1.1x of usage
193,389 m3/yr

AGEL is now certified ‘Water Positive’ for all operating plants with > 200 MW capacity

36
AGEL: Investment Rationale

Renewables
 AGEL: Key Investment Highlights

– World class project execution with equipment sourced from tier 1 suppliers through strategic alliances
Excellent execution – Central monitoring of all project execution by Project Management & Assurance Group
track record
– Track record of executing projects ahead of schedule vis-a-vis execution timeline

– Locked in portfolio: 20.4 GW of which 8.1 GW is commissioned and 12.3 GW is under/ near construction
De-risked Project – Resource tie-up: Strategic sites with generation potential of ~40 GW with geotechnical, resource analysis & design work
Development done
– 20,000+ vendor relationships ensuring effective and timely execution

– 25-year long term PPA’s; ~86% sovereign / sovereign equivalent rated counterparties significantly reducing counterparty
risk

Predictable & Stable – Technology backed O&M: ENOC driven Predictive Analytics leading to cost efficient O&M and high performance with
cash-flows of OpCo’s consistent & industry-leading 90%+ EBITDA margins
– Rapid transition from majority development risk to primary stable operating assets
– Additional value enhancement from carbon credit sale

Capital Management – Fully funded growth ensured through Revolving Construction Framework Agreement of USD 1.64 bn
Philosophy – Takeout of construction debt post commissioning – templatizing the financing from debt capital markets

– Pedigree of Adani Group: leadership in infrastructure – energy & utility and transport & logistics sectors
Strong Sponsorship – Robust, reliable supply chain backed by strategic investments
– Strategic partnership with French Energy major TotalEnergies SE

ICMA: International Capital Markets Association; EBITDA: Earnings before Interest, Tax, Depreciation & Amortization; ENOC: Energy Network Operations Centre, O&M: Operations and Maintenance, PPA: Power Purchase
Agreement, ESG: Environment, social and governance 38
Appendix
Operational & Financial Highlights
Q4 FY23
AGEL: Operational Performance – Q4 FY23 (YoY) – Solar & Wind Portfolio
Solar Portfolio Performance Wind Portfolio Performance
CUF (AC) Sale of Energy (mn units) CUF (AC) Sale of Energy (mn units)
428
26.8% 6% 2,872 69%

`
2,717

`
26.4%
23.6%
20.4% 254

Q4 FY22 Q4 FY23 Q4 FY22 Q4 FY23 Q4 FY22 Q4 FY23 Q4 FY22 Q4 FY23

• Sale of Energy up by 6% backed by: • Sale of Energy up by 69% on the back of Capacity
increase from 497 MW 1 to 971 MW YoY.
- 212 MW commissioned in Rajasthan in FY23
- 40 bps improvement in CUF • The reduction in CUF is primarily due to

• Improved CUF performance backed by: - Lower wind speed

- 10 bps improvement in plant availability to 99.8% - Lower Plant Availability primarily on account of
proactive shutdown as part of preventive
- 40 bps improvement in grid availability to 99.6% maintenance to enable uninterrupted operation
- Improved solar irradiation during high wind season.

Solar CUF improves by 40 bps YoY to 26.8% backed by ~ 100% Sale of Energy increased by 69% backed by robust capacity
plant availability addition

1.This is excluding 150 MW assets which were then under acquisition for which revenue/ sale of energy was not accounted in Q4 FY22 and have been integrated from Q1 FY23. 40
AGEL: Operational Performance in Q4 FY23 - Hybrid Portfolio

Plant Availability Grid Availability

99.9% 95.6%
98.8%
99.5% 97.1% 98.9%

• 700 MW Solar-Wind Hybrid project

operationalized in Q4 FY23 taking the
total Hybrid Capacity to 2,140 MW:

Solar Wind Hybrid Solar Wind

- Solar – 1,980 MW
Hybrid

- Wind – 868 MW

CUF (AC) Sale of Energy (mn units) • High CUF of 36.9% backed by:
36.9%
30.7% 1051 1342 - Technologically advanced solar
25.2% modules, and wind turbine
generators (WTGs)

- High plant and grid availability

290

Hybrid Solar Wind Hybrid

Solar Wind

700 MW Solar-Wind Hybrid project operationalized in Q4 FY23 taking the total Hybrid Capacity to 2,140 MW
41
AGEL: Financial Performance – Q4 FY23 (YoY)
(All figures in INR Crore)

Revenue from Power Supply EBITDA from Power Supply 1

▪ The robust growth in revenues, EBITDA and Cash

2,130
89% 1,968 Profit is primarily driven by greenfield commissioning
`
86% of 2,676 MW.

`
1,128 1,059 ▪ The state-of-the-art Energy Network Operation
Center (ENOC) enables real time monitoring of our
entire renewable portfolio with information access to
the minutest level and automated alerts. With the
Q4 FY22 Q4 FY23 Q4 FY22 Q4 FY23 analytics driven O&M approach, the plant availability
is maximized, enabling higher electricity generation
and higher revenues. It also helps curtail O&M costs,
EBITDA % Cash Profit 2
in turn enabling high EBITDA margins.

90.6% 91.4% ▪ Further, the receipt of Rs. 748 crore (incl. late
1365
142% payment surcharge) for the 288 MW Kamuthi projects

`
with tariff correction upheld by Supreme Court have
boosted the revenues, EBITDA and cash profit and will
563 have a recurring impact of ~ Rs. 90 crore per annum.

Q4 FY22 Q4 FY23 Q4 FY22 Q4 FY23

Consistent Strong Financial Performance backed by robust growth in capacities & analytics driven O&M

1. EBITDA from Power Supply = Revenue from Power Supply + Carbon credit income (part of Other Operating Income) + prompt payment discount - Employee Benefit Expenses excluding overseas expenses –
Other Expenses excluding loss on sale of assets and such one-off expenses.
2. Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items + Distribution to TOTAL (which is part of finance cost as per IndAS) – other non-cash adjustments
42
Appendix
43

AGEL: Receivables Details

AGEL: Receivables Ageing Profile
(in INR Cr)

Due
Not Due 31-Mar-23
Off Takers
31-Mar-23
0-60 days 61-90 days 91-120 days 121-180 days >180 days Total

TANGEDCO 183 16 - - - - 16
NTPC 197 0 0 - - - 0
SECI 278 0 - - 0 0 0
KREDL 58 16 1 6 16 45 85
TSSPDCL 40 0 - - 0 11 11
Others 267 30 0 0 1 44 75
Total 1,024 63 1 6 17 101 188

▪ MPPMCL and HESCOM have agreed to pay overdue receivable and Late Payment Surcharge under The Electricity (LPS related matters)
Rules, 2022 as notified on 3rd June 2022. Eight installments in this regard have been received.
▪ With higher share of NTPC/SECI in portfolio, receivables ageing expected to further improve in medium term.

TANGENDCO: Tamil Nadu Generation and Distribution Corporation; SECI: Solar Energy Corporation of India Limited ; KREDL : Karnataka Renewable Energy Development Ltd; TSSPDCL: Telangana State
Southern Power Distribution Co Ltd.
44
Appendix
45

RG1 & RG2 – Operational & Financial

Performance

RG1, RG2 & Holdco bond - Covenants

 AGEL: RG1 Portfolio (930 MW) Performance in FY23
Plant Availability Grid Availability
99.7% 99.0% 99.3% 99.0%

FY22 FY23 FY22 FY23 • Consistent high plant availability leading to consistent
CUF (AC) Sale of Energy (mn units) high CUF and sale of energy
23.2% 23.3% 1,892 1,895

FY22 FY23 FY22 FY23

Power Generation receivables Ageing

Key Financials
Off Takers Not Due* Due
Particulars (INR Cr.) FY23 FY22 (INR Cr) 31-Mar-23 31-Mar-23

Revenue from Power supply 953 897 0-60 61-90 91-120 121-180 >180 Total
days days days days days Due
Total Income 1,158 1,048
NTPC 73 0 0 - - - 0
EBITDA including Other income & VGF /
GST receipt under change in law 1,062 990 SECI 36 0 - - 0 - 0
Gross Debt 4,553 4,590 UPPCL 5 22 - - 0 0 22
Net Debt KREDEL** 53 0 0 0 0 2 2
3,940 4,163
PSPCL 20 5 - - - 0 5
Total 187 27 0 0 0 3 30
* includes unbilled revenue of INR 88 Cr

Consistent high plant availability backed by analytics driven O&M

EBITDA = Revenue from Operation + Other income & VGF / GST receipt under change in law (net of amortization) - non-recurring income - Cost of Material consumed - Admin and General Expense including Employee benefit expense
Gross Debt = Long Term Borrowings + Current Maturities of long term borrowings + processing fees (Ind AS adjustment) - Unsecured loans from related parties +/- Derivavite liabilities / Derivative assets - Hedge fund
Net debt = Gross Debt - cash and cash equivalents - bank and other bank balances - current investments - Balance held as margin money

** HESCOM, BESCOM, CESC, MESCOM and GESCOM are part of KREDEL.

NTPC: National Thermal Power Corporation: SECI: Solar Energy Corporation of India Limited: UPPCL: Uttar Pradesh Power Corporation Limited PSPCL: Punjab State Power Corporation Limited:KREDEL: Karnataka Renewable 46
Energy Development Ltd: GESCOM: Gulbarga Electricity Supply Company Limited: HESCOM: Hubli Electricity Supply Company Ltd; BESCOM: Bangalore Electricity supply company Ltd; MESCOM: Mangalore Electricity Supply Company Limited
AGEL: RG2 Portfolio (570 MW) Performance in FY23
Plant Availability Grid Availability
99.9% 99.5% 98.9% 99.0%

FY22 FY23 FY22 FY23

• Consistent high plant availability leading to consistent high
CUF (AC) Sale of Energy (mn units) CUF and sale of energy
26.4% 1,313 1,320
26.3%

FY22 FY23 FY22 FY23

Key Financial number (INR Cr) (INR Cr)

Particulars (INR Cr) FY23 FY22 Particulars 31-Mar-23

Revenue from Power supply 486 484 Receivables - Not due * 60

Total Income 600 582 Receivables – Due 1

EBITDA including Other income & VGF / * includes unbilled revenue of INR 46 Cr
GST receipt under change in law 579 596

Gross Debt 2,488 2,540

Net Debt 2,079 2,204

Consistent high plant availability backed by technology driven O&M excellence

EBITDA = Revenue from Operation + Other income & VGF / GST receipt under change in law (net of amortization) - non-recurring income - Cost of Material consumed - Admin and General Expense including Employee benefit expense
Gross Debt = Long Term Borrowings + Current Maturities of long term borrowings + processing fees (Ind AS adjustment) - Unsecured loans from related parties +/- Derivative liabilities / Derivative assets
Net debt = Gross Debt - cash and cash equivalents - bank and other bank balances - current investments - Balance held as margin money
47
AGEL: RG1 & RG2 – Bond Covenants v/s Actual

RG1 – Covenants
Particulars Stipulated Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22
Debt Service Coverage Ratio 1.55* 1.67 1.94 2.05 1.88 1.84 1.83 1.76
FFO/ Net Debt 6% 10.32% 9.87% 9.71% 13.32% 14.97% 10.68% 8.13%
Project Life Coverage Ratio 1.6 1.73 1.79 1.78 1.81 1.83 1.82 1.71
EBITDA from Sovereign Equivalent
55% 61.67% 61.50% 65.90% 62.21% 60.82% 63.62% 61.45%
Counterparty

RG2 - Covenants
Particulars Stipulated Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22

Debt Service Coverage Ratio 1.55* 2.22 2.01 2.25 2.36 2.42 2.41

FFO/ Net Debt 6% 12.44% 16.45% 20.60% 16.26% 16.15% 14.51%

Project Life Coverage Ratio 1.6 1.78 1.79 1.8 1.81 1.75 1.85
EBITDA from Sovereign Equivalent
65% 75.46% 76.13% 74.57% 72.82% 74.60% 74.61%
Counterparty
* for maximum distribution level

Holdco Bond – Covenants

Particulars Stipulated Mar-22 Sep-22
Cash Flow Coverage Ratio >1.10 2.90 2.64
Net Senior Debt Sizing
a) Discounted FCFE/ Net Senior Debt >1.6 3.33 3.59
b) Net Senior Debt/ Forecasted FCFE <5 4.04 2.98
Consolidated Net Debt/ Run-rate EBITDA <7.5 6.53 5.93
48
Appendix
ABEX: Driving Controllership at AGEL
 ABEX : Driving Controllership at AGEL
(in INR Cr)

Adani Business Excellence (ABEX) delivers accounting & compliance services to group companies with an objective of providing
assurance of process controls, timely compliance and risk mitigation through standardization, Simplification and automation

BUY 2 PAY ORDER 2 CASH TREASURY

Transactional Processes Contextual Processes

99K
15K 6K 3100+
1100+
BUY 2 PAY (B2P) Vendor Sales Bank INDIRECT TAX (IDT)
Vendor & Employee Invoice & Claim Payment Accounts GST Compliances & Reconciliations
Invoice
Processing and Payments. (In Rs. Crs) Reconciliaton Monhtly and annual returns, Audits and
Processing
assessments

ORDER 2 CASH (O2C)

Customer Collection & Billing, Ageging DIRECT TAX (DT)
analysis & reporting Income Tax Compliances, Quartely
INDIRECT TAX DIRECT TAX RECORD 2 REPORT returns, Annual returns, tax audits,
notices & Assessments

TREASURY (TRM)
908
268 377
163 163
Loan & Investment accounting, Debt GST Legal Entity RECORD 2 REPORT (R2R)
Servicing Tax / TP Financial Statement and Staturoty Audit,
Registrations audits & IT closure
each month Capitalization, Intercompany Reconcliation
Compliance Returns

Sustainability Consistency Growth Mindset

• Role based Organization • Surprise Free Operations • Automation Catalyst
• Capability & Capacity Building • External Benchmarking • Culture of Continuous Improvement
• Career & succession planning • Robust Internal & External Governance • Gold Standard Transition Toolkit

50
* Above mentioned volume is annualized for AGEL and its domestic subsidiaries managed by ABEX
Appendix
51

AGEL: Asset Level Details

Asset Level Details – Operational

Contracted Capacity Capacity COD/ Counterparty PPA

SPV Project Location Type Tariff Capitalizati
(AC) (DC) on Name Term
Tamil Nadu (AGETNL) Solar 216 260 7.01 Mar-16 TANGEDCO 25
Tamil Nadu (RSPL) Solar 72 86 7.01 Feb-16 TANGEDCO 25
AGETNL Tamil Nadu (KREL) Solar 72 86 5.76 Mar-16 TANGEDCO 25
Tamil Nadu (KSPL) Solar 216 260 7.01 Sep-16 TANGEDCO 25
Tamil Nadu (RREL) Solar 72 86 7.01 Sep-16 TANGEDCO 25
Karnataka Solar 240 302 4.56 Mar-18 Karnataka ESCOMS 25
AGEUPL
Uttar Pradesh Solar 50 60 5.07 May-19 UPPCL 25
KSPPL Karnataka Solar 20 23 4.36 Jan-18 BESCOM 25
Punjab Solar 100 105 5.88 Jan-17 PSPCL 25
Uttar Pradesh Solar 50 70 4.78 Jul-17 NTPC 25
PDPL
Andhra Pradesh Solar 50 70 5.13 Oct-17 NTPC 25
Rajasthan Solar 20 26 4.36 Nov-17 NTPC 25
Telangana Solar 50 66 4.67 Dec-17 NTPC 25
Telangana Solar 50 66 5.19 Dec-17 NTPC 25
Karnataka Solar 100 140 4.79 Jan-18 NTPC 25
Chhattisgarh Solar 100 147 4.43 Mar-18 SECI 25
PSEPL
Karnataka Solar 50 66 4.86 Feb-18 NTPC 25
Karnataka Solar 40 56 4.43 May-18 SECI 25
Karnataka Solar 10 13 5.35 Oct-17 GESCOM 25
Maharashtra Solar 20 29 4.16 Mar-18 SECI 25
Wardha Solar Karnataka Solar 350 515 4.43 May-18 SECI 25
ARERJL Rajasthan Solar 200 281 2.71 Aug-19 MSEDCL 25
ASEFPL Rajasthan Solar 50 72 2.54 Jul-20 SECI 25
EUPL Uttar Pradesh Solar 50 55 9.27 Oct-21 UPPCL 25
TNUPL Uttar Pradesh Solar 50 55 7.02 Aug-21 UPPCL 25

52
Solar Wind Hybrid
Asset Level Details – Operational (Contd.)

Contracted Capacity Capacity COD/ Counterparty PPA

SPV Project Location Type Tariff Capitaliza
(AC) (DC) Name Term
tion
PNCEL Punjab Solar 20 21 8.7 Mar-21 PSPCL 25
PNREL Punjab Solar 10 10.5 8.65 Feb-21 PSPCL 25
KNSSEPL Karnataka Solar 5 6.3 4.36 Oct-21 GESCOM 25
KNIVSEPL Karnataka Solar 20 25 4.36 Mar-21 BESCOM 25
KNBSEPL Karnataka Solar 20 25 4.36 Feb-21 BESCOM 25
KNMSEPL Karnataka Solar 20 25 4.36 Mar-21 HESCOM 25
Gulbarga Karnataka Solar 5 5.5 8.37 Jul-21 HESCOM 25
Bagalkot Karnataka Solar 5 5.5 8.46 Oct-21 UPPCL 25
ASEJTL Rajasthan Solar 50 74 NA Nov-20 Merchant NA
ASEKTPL Gujarat Solar 100 150 2.44 Dec-20 GUVNL 25
ASECOL Uttar Pradesh Solar 25 37 3.08 Jan-21 NPCL 25
ASEKOL Gujarat Solar 150 225 2.67 Jan-21 GUVNL 25
SEIL Uttar Pradesh Solar 20 23 7.54 Jan-21 UPPCL 25
ASEFPL Uttar Pradesh Solar 100 145 3.21 Feb-21 UPPCL 25
SRRPL Telangana Solar 50 57.5 5.37 Oct-17 TSSPDCL 25
DTTPL Telangana Solar 25 25.94 5.17 Sep-17 TSSPDCL 25
SSTPL Telangana Solar 50 57.5 5.26 Oct-17 TSSPDCL 25
ASECOL Uttar Pradesh Solar 50 73 3.07 Apr-21 UPPCL 25
ASEJFPL Rajasthan Solar 100 145 2.63 Nov-18 SECI 25
ASEJFPL Rajasthan Solar 200 290 2.48 Jul-19 SECI 25
ASEJTPL Rajasthan Solar 300 435 2.45 Oct-18 SECI 25
ASEAPSPL Andhra Pradesh Solar 250 375 2.73 Mar-20 NTPC 25
ASEKANPL Karnataka Solar 200 300 2.82 Dec-19 SECI 25
ASEAPSPL Andhra Pradesh Solar 350 455 4.63 Jul-17 NTPC 25
ASERJOPL Rajasthan Solar 300 453 2.48 Jun-21 NTPC 25
VEIPL Odisha Solar 40 40 4.24 Dec-19 SECI 25
SPCEPL Rajasthan Solar 150 215 2.61 Nov-22 SECI 25
SPCEPL Rajasthan Solar 62 87 NA Mar-23 Merchant NA

53
Solar Wind Hybrid
 Asset Level Details – Operational (Contd.)

Contracted Capacity Capacity COD/ Counterparty PPA

SPV Project Location Type Tariff Capitaliza
(AC) (DC) Name Term
tion
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 Mar-17 GUVNL 25
AREKAL Gujarat Wind 12 12 3.46 Feb-19 MUPL 25
AWEKOL - SECI 1 Gujarat Wind 50 50 3.46 Nov-19 SECI 25
AWEKSL Gujarat Wind 75 75 2.85 Jan-20 MSEDCL 25
AWEKOL - SECI 2 Gujarat Wind 50 50 2.65 Mar-20 SECI 25
WORL - INOX 17 Gujarat Wind 50 50 3.46 Apr-19 PTC India Ltd 25
WTRL - INOX 27 Gujarat Wind 50 50 3.46 May-19 PTC India Ltd 25
WFRL - INOX7 Gujarat Wind 50 50 3.46 Jul-19 PTC India Ltd 25
AWEKTL Gujarat Wind 250 250 2.82 Mar-21 SECI 25
SSPTPL Madhya Pradesh Wind 324 324 2.83 Sep-22 SECI 25

Total Solar + Wind 5,946 7,754 3.91

Contracted Capacity Planned Capacity Planned Capacity Counterparty PPA

SPV Project Location Type Tariff
(AC) (AC) (DC) Name Term
390 Solar: 360 Solar: 540
AHEJOL Rajasthan Hybrid 2.69 SECI 25
Wind: 100 Wind: 100
AHEJTL & 600 Solar: 600 Solar: 840
Rajasthan Hybrid 2.69 SECI 25
AHEJET Wind: 150 Wind: 150
450 Solar: 420 Solar: 630
ASEJOPL Rajasthan Hybrid 2.61 SECI 25
Wind: 105 Wind: 105
Solar: 600 Solar: 870
AHEJFL Rajasthan Hybrid 700 3.24 AEML 25
Wind: 510 Wind: 510

Total Hybrid 2,140 2,845 3,745 2.85

8,086 11,499
Total Operational 3.62
(Contracted AC) (DC)
54
Solar Wind Hybrid
Asset Level Details – Under execution

Contracted Capacity Capacity Counterparty PPA

SPV Project Location Type Tariff
(AC) (DC) Name Term
Various SPVs Rajasthan/ Gujarat Solar+ Mfg 4,667 6,767 2.42 SECI 25
Various SPVs Rajasthan/ Gujarat Solar+ Mfg 1,300 1,885 2.54 SECI 25
AREEL Gujarat Solar 150 225 2.22 Torrent 25
ASERJOPL Rajasthan Solar 300 453 2.48 NTPC 25
SPCEPL Rajasthan Solar 88 124 NA Merchant NA
ASEAPEHL Andhra Pradesh Solar 250 375 2.7 SECI 25
ASERJTPL Rajasthan Solar 330 495 2.65 SECI 25
ASEBOPL Rajasthan Solar 600 900 2.55 NHPC 25
ASEAPTL Rajasthan Solar 150 218 2.34 PSPCL 25
ASEJSPL Rajasthan Solar 600 900 2.5 SECI 25
AWEKFL Gujarat Wind 300 NA NA Merchant NA
AWEKFL Gujarat Wind 130 130 2.83 SECI 25
ARESL – SECI X Karnataka Wind 300 300 2.77 SECI 25
AREFL Karnataka Wind 450 450 2.70 SECI 25

Total Solar + Wind 9,615 13,522 2.50

55
Solar Wind Hybrid
Asset Level Details – Under execution (Contd.)

Contracted Capacity Planned Capacity Planned Capacity Counterparty PPA

SPV Project Location Type Tariff
(AC) (AC) (DC) Name Term
600 Solar: 570 Solar: 855
AHEJFL Rajasthan Hybrid 2.41 SECI 25
Wind: 200 Wind: 200

Total Hybrid 600 770 1,055 2.41

10,215 14,577
Total Under Execution 2.49
(Contracted AC) (DC)

56
Solar Wind Hybrid
 Asset Level Details – Near Construction

Contracted Capacity Capacity Counterparty PPA

SPV Project Location Type Tariff
(AC) (DC) Name Term
Various SPVs Rajasthan/ Gujarat Solar+ Mfg 2,033 2,948 2.92 SECI 25
Various SPVs Rajasthan Solar 100 142 NA Merchant NA

Total Near Construction 2,133 3,090 2.92

20,434 29,166
Overall Capacity (Operational + Under Construction + Near Construction) 2.99
(Contracted AC) (DC)

57
Solar Wind Hybrid
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 future developments of the business and
the competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of
such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in
their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic,
regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of
any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of AGEL’s shares.
Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to
constitute an offer of or an invitation by or on behalf of AGEL.
AGEL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy,
completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current
as of the date of this presentation. AGEL assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent
development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information
and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. AGEL may alter, modify
or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.
No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such
information or representation must not be relied upon as having been authorized by or on behalf of AGEL.
This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of its
should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None
of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from
registration therefrom.

Investor Relations

VIRAL RAVAL
Lead - Investor Relations
[email protected]
+91 79 2555 8581

58
 Renewables

59

Thank You