Outcome

Date: February 07, 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 February 07, 2023
Re: Submission of Unaudited Financial Results (Standalone and

Consolidated) for the Quarter and nine months ended December 31,
2022 as per SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015
With reference to above, we hereby submit / inform that:
1. The Board of Dire ctors (“the Board”) at its me e ting he ld on February 07,
2023, which commenced at 1.30 p.m. and concluded at 3.00 p.m., has
approved and taken on record the Unaudited Financial Results
(Standalone and Consolidated) of the Company for the quarter and nine
months ended December 31, 2022.
2. The Unaudited Financial Results (Standalone and Consolidated) of the

Company for the Quarter and nine months ended December 31, 2022
prepared in terms of Regulation 33 of the SEBI (Listing Obligations and
Disclosures Requirements) Regulations, 2015 together with the Limited
Review Report of the Statutory Auditors are enclosed herewith.
The results are also being uploaded on the Company’s website at

www.adanigreenenergy.com.
The presentation on operational & financial highlights for the quarter and
nine months ended December 31, 2022 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
3. Press Release dated February 07, 2023 on the Unaudited Financial
Results of the Company for the quarter and nine months ended December
31, 2022 is enclosed herewith.
You are requested to take the same on your record.
Thanking You
Yours Faithfully,
For, Adani Green Energy Limited
Pragnesh Digitally signed by
Pragnesh Darji
Darji Date: 2023.02.07

15:15:12 +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
SRB C &CO LLP Dharmesh Parikh & Co LLP
Chartered Accountants, Chartered Accountants,
21 st Floor, B Wing, Privilon, 303/304, "Milestone",
Ambli BRT Road, Near Iskcon Temple, Nr. Drive-in-Cinema, Opp. T. V. Tower,
Off SG Highway, Ahmedabad 380 059 Thaltej, Ahmedabad 380 054
Independent Auditor's Review Report on the Quarterly Unaudited Standalone Financial Results of Adani
Green Energy Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended
Review Report to
The Board of Directors
Adani Green Energy Limiteds
1. We have reviewed the accompanying statement of unaudited standalone financial results of Adani Green
Energy Limited (the "Company") for the quarter ended December 31, 2022 and year to date from
April 0 I, 2022 to December 31, 2022 (the "Statement") attached herewith being submitted by the Company
pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (the "Listing Regulations").
2. The Company's Management is responsible for the preparation of the Statement in accordance with the
recognition and measurement principles laid down in Indian Accounting Standard 34, "Interim Financial
Reporting" (Ind AS 34) prescribed under Section 133 of the Companies Act, 2013, as amended (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 Statement has been approved by the
Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our
review.
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" .
issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform
the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A
review of interim financial information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Standards on Auditing and
consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.
4. We draw attention to Note 12 to the unaudited standalone financial results, relating to allegations made by
a short seller report on matters involving some of the Adani Group entities, including the Company. The
management of the Company is evaluating an independent assessment to look into the issues and compliance
with applicable laws and regulations, transaction specific issues, etc. The unaudited standalone financial
results for the quarter ended December 31, 2022 and year to date from April I, 2022 to December 31, 2022,
do not carry any adjustment.
(This space has been kept blank intentionally)

Chartered Accountants
5. Based on our review conducted as above, except for the possible effects of outcome of the evaluation
referred in paragraph 4 above, nothing has come to our attention that causes us to believe that the
accompanying Statement, prepared in accordance with the recognition and measurement principles laid
down in the aforesaid Indian Accounting Standards specified under Section 133 of the Act, read with
relevant rules issued thereunder and other accounting principles generally accepted in India, has not
disclosed the information required to be disclosed in tenns of the Listing Regulations, including the manner
in which it is to be disclosed, or that it contains any material misstatement.
For S R B C & CO LLP For Dharmesh Parikh & Co LLP

Chartered Accountants Chartered Accountants
IC irm registration number: 324982E/E300003 ICAI Firm registration number: l 12054W/Wl00725
per Santosh A per Anuj Jain

Partner Partner
Membership 93669 Membership No.: 119140
UDIN: Z 30 'I' 'I 81>1 I) 'I UDIN: 'l.i11') ly Ol36,vx H l.J5::2-4S-
Place of Signature: Ahmedabad Place of Signature: Ahmedabad

Date: February 07, 2023 Date: February 07, 2023
adani ADANI GREEN ENERGY LIMITED
R<::nl~v,1::;,t,lc".',. (CIN: L40106GJ2015PLC082007)
Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382421, Gujarat (India)
Phone: 079-25555555; Fax : 079-26565500; Email: [email protected]; Website : www.adanigreenenergy.com
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2022
(t in Crores)
Standalone
3 Months 3 Months 3 Months 9 Months 9 Months For the year
Sr.
Particulars ended ended ended ended ended ended
No.
31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
(Unaudited) (Audited)
1 Income
(a) Revenue from Operations
i. Power Supply 1 3 1 9 9 12
ii. Sale of Goods and Related Services 917 2,908 2,268 5,987 8,553 10,659
iii. Others 0 1 0 1 1 1
(b) Other Income (Refer Note 6) 134 130 111 646 329 438
Total Income 1,052 3,042 2,380 6,643 8,892 11,110
2 Expenses
(a) Cost of Materials Sold 1,390 1,004 2,660 3,402 8,643 12,559
(b) Changes in inventories (486) 1,851 (440) 2,480 (247) (2,071)
(c) Employee benefits expense (net) 9 8 7 25 18 26
(d) Finance Costs (net) (refer note 4) 222 154 317 483 487 775
(e) Foreign Exchange Loss/ (Gain) (net)
35 108 (92) 311 (42) (51)
(refer note 4)
(f) Depreciation and amortisation expense 3 3 2 8 5 7
(g) Other Expenses (net) 7 7 12 23 28 35
Total Expenses 1,180 3,135 2,466 6,732 8,892 11,280
3 (Loss)/ Profit before exceptional items and tax (1·
(128) (93) (86} (89) 0 (170}
2)
4 Add: Exceptional Items (Refer Note 8(i)) . 41 41
5 (Loss)/ Profit before tax {3+4} (128) (93} (86) (89) 41 (129}
6 Tax (Credit)/ Charge
· Current Tax Charge 0
- Deferred Tax (Credit) (1) (O) (7) (1) (18) (72)
7 (Loss)/ Profit after tax (5·6) (127) (93) (79} (88) 59 (57}
8 Other Comprehensive (Loss)/ Income
Items that will not be reclassified to profit or loss
in subsequent periods:
Remeasurement Gain/ (Loss) of defined benefit
1 3 (0) 3 (0) (3)
plans
Add/ Less: Income Tax Effect (0) (1) 0 (1) 0 1
Items that will be reclassified to profit or loss in
subsequent periods:
Effective portion of Loss on Cash Flow Hedges, net (37) (37) (15) (134) (10) (79)
Add/ Less: Income Tax Effect 10 9 4 34 3 20
Total Other Comprehensive (Loss) (Net of tax) (26) (26) (11) (98) (7) (61)
Total Comprehensive (Loss) / Income (Net of tax)
9 (153} (119) {90} (186) 52 (118}
(7+8}
Paid up Equity Share Capital (Face Value z10 per
10 1,584 1,584 1,564 1,584 1,564 1,564
share)
11 Other Equity excluding Revaluation Reserves (44)
Earnings Per Share (EPS) (t) (Not annualised) (Face
12
Value t 10 per share)
Basic and Diluted EPS (In z) (0.90) (0.68) (0.61) (0.85) 0.08 (0.76)
Rcncwoblc::.
ADANI GREEN ENERGY LIMITED

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED 31 5r DECEMBER 2022.
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 7th February, 2023.
2. The Statutory Auditors have carried out limited review of the standalone financial results of
the Company for the quarter and nine months ended 3,st December, 2022.
3. 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 on 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 /guidelines, if any, prescribed by
any other regulatory or statutory authorities.
The Company has fully utilized the amount of~ 3,850 Crores towards repayment of debts
and other general corporate purpose of the Company and its Subsidiaries.
4. (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 Loss /(Gain) other than adjustment to borrowing cost (i.e. finance
costs) is separately disclosed in the results.
5. Employee benefits expense, finance cost and other expenses are net of amount allocated
on project goods inventory which are sold/ to be sold to subsidiaries.
6. Other Income for the nine months ended 3pt December, 2022, 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.
7. During the reporting period of nine months ended 3pt December, 2022, the Company has
converted inter-corporate deposit including interest accrued but not due on the date of
conversion on 477 Crores (including~ 75 Crores during the current quarter) given to various
subsidiaries (including stepped down subsidiaries) into Unsecured Perpetual Securities.
Apart from above, the Company also invested ~ 884 Crores (including ~ 205 Crores during
the current quarter) in various subsidiaries into Unsecured Perpetual Securities.
Rcncwoblcs
The Company's investments in such securities are perpetual in nature with no maturity or
redemption and are callable only at the option of the issuer. The distributions on these
securities are cumulative and at the discretion of the issuer at the rate of 10.60% p.a. As
these securities are perpetual in nature and ranked senior only to the share capital of issuer
and the issuer do not have any redemption obligation, these are considered to be in the
nature of equity instruments.
8. (i) During the year ended 3pt 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 in the nine months ended 3pt December, 2021 and for the year ended on
3pt March, 2022.
(ii) During the nine months ended 3pt December, 2021. 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. ·
(iii) During the year ended 3pt March. 2022, the 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 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.
9. 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. The transfer of equity stake to AGPTE is pending on account of regulatory compliances
as at reporting date, and the investment in ASUINC has been fair valued in line with agreed
contracted rates with AGPTE.
10. The Company's activities involve sale of solar e- wind power equipments, renewable power
generation and other related ancillary activities. 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 requirements of Ind AS -108
~,,,_:::;=~c~•r perating Segments".
0 .
(
RcnCW.:)bfc:::
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. Subsequent to the quarter ended 3pt December, 2022, a short seller has issued a research
report, alleging certain issues against some of the Adani group entities, including the
Company. Adani group entities have denied the allegations.
To uphold the principles of good corporate governance, the management of Adani group
entities are evaluating an independent assessment. basis the requisite corporate approvals.
to look into the issues and compliance of applicable laws and regulations. transaction
specific issues. etc. The Management is confident that no material adverse impact on the
financial results is expected to arise upon such evaluation. management will assess the
necessary actions required. if any thereafter.
For and on behalf of the Board of Directors
Place: Ahmedabad
Date : 7 th February, 2023 Chairman
SRB C&CO LLP Dharmesh Parikh & Co LLP
Chartered Accountants, Chartered Accountants,
21 st Floor, B Wing, Privilon, 303/304, "Milestone",
Ambli BRT Road, Near Iskcon Temple, Nr. Drive-in-Cinema, Opp. T.V. Tower,
Off SG Highway, Ahmedabad 380 059 Thaltej, Ahmedabad 380 054
Independent Auditor's Review Report on the Quarterly and Year to date Unaudited Consolidated Financial
Results of Adani Green Energy Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended
Review Report to
The Board of Directors
Adani Green Energy Limited
1. We have reviewed the accompanying statement of unaudited 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"), and its share of net profit after tax and total comprehensive income of
its joint venture and associate for the quarter ended December 3 I, 2022 and year to date from April I, 2022
to December 31, 2022 (the "Statement") attached herewith, being submitted by the Holding Company
pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (the "Listing Regulations").
2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with
the recognition and measurement principles laid down in Indian Accounting Standard 34, "Interim Financial
Reporting" (Ind as 34) prescribed under Section 133 of the Companies Act, 2013, as amended (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 Statement has been approved by the
Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based
on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410, "Review oflnterim Financial Information Performed by the Independent Auditor of the Entity"
issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform
the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A
review of interim financial infonnation consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Standards on Auditing and
consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD 1/44/2019 dated
March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing
Regulations, to the extent applicable.
4. The Statement includes the results of the entities as mentioned in attached Annexure I.
5. We draw attention to Note 20 to the unaudited consolidated financial results, relating to allegations made
by a short seller report on matters involving some of the Adani Group entities, including the Group. The
management of the Group is evaluating an independent assessment to look into the issues and compliance
with applicable laws and regulations, transaction specific issues, etc. The unaudited consolidated financial
results for the quarter ended December 31, 2022 and year to date from April I, 2022 to December 31, 2022,
do not carry any adjustment.
O ased on our review conducted and procedures performed as stated in paragraph 3 above and based on the
(~ sideration of the review reports of one of the joint auditors and other auditors referred to in
~ graph 7 below, except for the possible effects of outcome of the evaluation referred in paragraph 5
!~ e, nothing has come to our attention that causes us to believe that the accompanying Statement,
~
1'.)~
~- ..
~ pared in accordance with recognition and measurement principles laid down in the aforesaid Indian
<S'~" r; ,
~<f: /j l\!,C.
, ,,/fr
/r
'·<:;::; .. . ~; ;;:.::;,,,-~
SRB C&CO LLP Dharmesh Parikh & Co LLP
Accounting Standards specified under Section 133 of the Act, read with relevant rules issued thereunder
and other accounting principles generally accepted in India, has not disclosed the information required to
be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that
it contains any material misstatement.
7. The accompanying statement includes unaudited interim financial results and other unaudited financial
infonnation (before consolidation related adjustments) in respect of:
• 64 subsidiaries, whose unaudited interim financial results and other unaudited financial infonnation
reflects total revenue of Rs 887 Crores and Rs 2,150 Crores, total net (loss) I profit after tax of Rs ( 121)
Crores and Rs 340 Crores and total comprehensive (loss)/ income of Rs (94) Crores and Rs 396 Crores
for the quarter ended December 31, 2022 and year to date from April O1, 2022 to December 31, 2022
respectively, as considered in the Statement, which hav,e been reviewed by one of the joint auditors,
individually or together with other auditor.
• 72 subsidiaries, whose unaudited interim financial results and other unaudited financial information
total revenue of Rs 446 Crores and Rs 1,205 Crores, total net profit after tax of Rs 154 Crores and Rs
237 Crores and total comprehensive income of Rs 112 Crores and Rs 259 Crores for the quarter ended
December 31, 2022 and year to date from April 01, 2022 to December 31, 2022 respectively, as
considered in the Statement, which have been reviewed by their respective independent auditors;
• 1 associate, whose interim financial results includes the Group's share of net profit of Rs 43 crores and
Rs 43 crores and Group's share of total comprehensive income of Rs 43 crores and Rs 43 crores for the
quarter ended December 31, 2022 and year to date from April 01, 2022 to December 31, 2022
respectively, as considered in_the Statement, which have_been reviewed by their respective independent
auditors.
The independent auditor's reports on unaudited interim financial results and other unaudited financial
information of these entities referred above have been furnished to us by the Management and our
conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these
subsidiaries and an associate is based solely on the reports of such auditors and procedures perfonned by us
as stated in paragraph 3 above.
8. The accompanying statement includes unaudited interim financial results and other unaudited financial
inforn1ation (before consolidation related adjustments) in respect of:
• 76 subsidiaries, whose interim financial results and other financial information reflects total revenue of
Rs Nil and Rs 2 Crores, total net (loss) after tax of Rs NIL and Rs (3) crores and total comprehensive
(loss) of Rs (2) Crores and Rs ( I 0) Crores for the quarter ended December 31, 2022 and year to date
from April OI, 2022 to December 31, 2022.
• I joint venture, whose interim financial results includes the Group's share of net profit of Rs Nil and
Rs Nil and Group's share of total comprehensive income of Rs Nil and Rs Nil for the quarter ended
December 31, 2022 and year to date from April O1, 2022 to December 31, 2022.
The unaudited interim financial results and other unaudited financial information of these subsidiaries and
joint venture have not been reviewed by any auditors and have been furnished to us by the Management
d our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries and a joint
nture is based solely on such interim financial results and other financial information as certified by the
anagement. According to the information and explanations given to us by the Management, the i11terh11
nancial results of these entities are not material to the Group.
Page 2 of 9
SRBC&COLLP Dharmesh Parikh & Co LLP
Our conclusion on the Statement in respect of matters stated in paragraphs 7 and 8 above is not modified
with respect to our reliance on the work done and the reports of the other auditors and the interim financial
results and other financial information certified by the Management.
For S R B C & CO LLP For Dharmesh Parikh & Co LLP
'f1
Fi,m ,egistrntion numbe,, 324982E/E300003
ICAI Firm registration number: l 12054W/Wl00725
"Q,,,iJi
per Santos per Anuj Jain
Partner Partner
Membershi Membership No.: 119140
UDIN: UDIN: 2 3 Ii Cj I Y 06[;- V X !'IV 55'½6""
2..30CI 3€.6"{t3C; IJ'I IJ
Place: Ahmedabad Place: Ahmedabad

Date: February 07, 2023 Date: February 07, 2023
Page3of9
Annexure I: List of entities whose financial results are included in the Consolidated financial results of Adani
Green Energy Limited for the Quarter and nine months ended December 31, 2022
A) Wholly - Owned Subsidiaries
Sr.No. Name of the Entity

1 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)
5 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 (formerly 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)
11 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 (fonnerly known as Adani Green Energy Twelve
Limited)
15 Ad.ani Renewable Energy Holding Four Limited (formerly known as Adani Green Energy Four Limited)
16 Adani 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 (fonnerly 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 Suraikiran 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)
B Wholl - Owned Ste -Down Subsidiaries

Sr. No. Name of the En tit
Adani H brid Ener Jaisalmer Four Limited fmmerl known as RSEPL H brid Power One Limited
2
3 Adani Wind Ener
4 Adani Wind Ener
imited
Limited)
Adani Solar Energy Jodhpur Two Limited (formerly known as Adani Green Energy Nineteen Limited)
Page 4 of9
Sr. No. Name of the Entity

11 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 Enernv 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 E
,,
" nergy 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 Ener2:v 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 Ener2:v 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
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 (fonnerly known as Adani Green Energy Seven Limited)
46 Adani Solar Energy Kutchh One Limited (formerly known Adani Green Energy One Limited)
47 Adani Hybrid Energy Jaisalmer Three Limited (fonnerly 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
"
/£1~0 59
,;~ ;_i,. C ~~.

lw:~
63 *
Adani Renewable Energy Eight Limited
Adani Phouc Minh Wind Power Company Limited
Adani Phuoc Minh Solar Power Company Limited
Adani Renewable Energy Devco Private Limited (formerly Known as SB Energy Private Limited)
Adani Solar Energy Jodhpur Three Private Limited (fonnerly Known as SB Energy One Private Limited)
64 1
~ Adani Solar Energy AP Six Private Limited (formerly known as SBG Cleantech Projectco Private
l if$, Limited) ..
A~~
~~DAC(f::S Page 5 of 9

65 Adani Solar Energy Jodhpur Four Private Limited (formerly known as SB Energy Three Private Limited)
66 Adani Solar Energy Jodhpur Five Private Limited (fom1erlv 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 (formerly 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 (formerly Known as SBE Renewables Sixteen Projects
Private Limited)
81 Adani Renewable Energy Holding Seventeen Private· Limited (fonnerly Known as SBE Renewables
Seventeen Private Limited)
82 Adani Solar Energy Barmer One Private Limited (formerly Known as SBE Renewables Twenty Three
83 Adani Renewable Energy Eighteen Private Limited (fom1erly Known as SBE Renewables Eighteen
Private Limited)
84 Adani Renewable Energy Nineteen Private Limited (fom1erly Known as SBE Renewables Nineteen
Private Limited)
85 Adani Renewable Energy Twenty Private Limited (formerly Known as SBE Renewables 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
Proiects Private Limited)
88 Adani Renewable Energy Twenty Three Private Limited (formerly Known as SBE Renewables Fourteen
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 Renewables Seventeen
Proiects Private Limited)
92 Adani Renewable Energy Twenty Eight Private Limited (formerly Known as SBE Renewables Nineteen
93 Adani Renewable Energy Thirty Private Limited (formerly Known as SBE Renewables Eleven Projects
Private Limited)
Adani Renewable Energy Thirty One Private Limited (formerly Known as SBE Renewables Eighteen
( ~
Adani Renewable Energy Thirty Two Private Limited (formerly Known as SBE Renewables Fifteen
95\~
I_J{ ~
~
cGG_,,."-'>" Paoe
b 6 of 9
Sr. No. Name of the Entitv

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
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 Proiects Private Limited)
100 Adani Wind Energy MP One Private Limited (formerly known as SBESS Services Projectco Two
Private Limited)
101 Adani Cleantech One Limited (fonnerly known as SBG Cleantech One Limited)
102 Adani Cleantech One Holdings Limited (formerly known as SBG Cleantech One Holdings Limited)
" 103 Adani Cleantech Two Limited (fonnerly 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)
114 Adani Seven A Limited (formerly known as SBE Seven A Limited)
115 Adani Nine Limited (formerly known as SBE Nine Limited)
116 Adani Nine A Limited (fonnerly known as SBE Nine A Limited)
117 Adani Ten Limited (formerly known as SBE Ten Limited)
118 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 (fonnerly 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 (fonnerly known as SBE Seventeen Limited)
126 Adani Seventeen A Limited (fom1erly known as SBE Seventeen A Limited)
127 Adani Wind India Limited (fonnerly known as SBE Wind India Limited)
128 Adani Wind One Limited (fonnerly 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 (formerly known as SB Energy Cleantech Three
Holdings Limited)
132 Adani Four A Holdings Limited (fonnerly 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 (formerly 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 (fonnerly known as SBE Nine A Holdings Limited)
137 Adani Ten A Holdings Limited (fonnerly 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 (fonnerly known as SBE Fifteen A Holdings Limited)
~
Adani Sixteen A Holdings Limited (formerly known as SBE Sixteen A Holdings Limited)
~~G£ Adani Seventeen A Holdings Limited (formerly known as SBE Seventeen A Holdings Limited)
Adani Wind India Holdings Limited (formerly known as SBE Wind India Holdings Limited) ' '
*
0
::i:
' 143\,~ I 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)
i,
~
D!,?::,~ Page 7 of9
SRBC&COLLP Dharmcsh Parikh & Co LLP

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 (fonnerly 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 (formerly known as SBE Fifteen Holdings Limited)
154 Adani Sixteen Holdings Limited (formerly known as SBE Sixteen Holdings Limited)
155 Adani Seventeen Holdings Limited (fonnerly known as SBE Seventeen Holdings Limited)
156 Adani Energy Global Wind Holdings Limited (formerly known as SB Energy Global Wind Holdings
Limited)
157 Adani Green Energy S L Limited
158 Vento Enernv Infra Private Limited
159 Adani Solar Energy Jodhpur Seven Private Limited (Formerly Known as SBE Renewables Twenty Two
Cl Private Limited)
160 Adani Solar Energy Jodhpur Eight Private Limited (Formerly Known as SBE Renewables Twenty Two
C2 Private Limited)
161 Adani Solar Energy Jodhpur Nine Private Limited (Formerly Known as SBE Renewables Twenty Two
C3 Private Limited)
162 Adani Solar Energy Jodhpur Ten Private Limited (Formerly Known as SBE Renewables Twenty Two
C4 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 Enern·v Forty Eight Limited
C) Controlled Subsidiary & its Wholly owned subsidiaries, including step down subsidiaries

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 (fmmerly known as Adani Green Energy Ten Limited)
"'i:.4. KN Indi Vijayapura Solar Energy Private Limited
(~~!- f::..'e.!·5ff•~\.'\,. KN Bijapura Solar Energy Private Limited
16\½1 KN Muddebihal Solar Ener_gy Private Limited
17 \~ \ KN Sindagi Solar Energy Private Limited
,_,
C")
::i::. 18 ,~ J Essel Gulbarga Solar Power Private Limited '
Page 8 of9

19 Essel Bagalkot Solar Energy Private Limited
20 PN Clean Energy Limited
21 PN Renewable Energy Limited
22 TN Uria Private Limited
23 Essel Uria Private Limited
D) Subsidiaries of Wholly Owned Subsidiary

Adani Renewable Energy Fifteen Private Limited (formerly known as SBG Cleantech Energy Eight
Private Limited)
E) Joint Venture Company
Sr. No. Name of the Entit

1 Adani Renewable Ener Park Ra·asthan Limited
F) Associate Company
Sr. No. Name of the Entit

1 Mundra Solar Ener Limited
In addition to above list of entities, during the nine months period ended December 31, 2022, the Group has dissolved
67 wholly - owned step-down subsidiaries. Refer note 4 in the unaudited consolidated financial results in this regard.
Page9of9
ADAN! GREEN ENERGY LIMITED
adani (CIN: L40106GJ2015PLC082007)
Rcnc\lV-;·btc::; Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382421, Gujarat (India)
Phone : 079•25555555; Fax : D79-26565500; Email : [email protected]; Website : www.adanigreenenergy.com
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ANO NINE MONTHS ENDED 31ST DECEMBER, 2022
~ in Crores)
Consolidated
3 Months ended 3 Months ended 3 Months ended 9 Months ended 9 Months ended For the year ended
Sr.
Particulars 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
No.
(Unaudited)
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
(Refer note 18)
1 Income
(a) Revenue from Operations
i. Power Supply 1,260 1.107 973 3,695 2,655 3,783
ii. Sale of Goods and related services 699 352 418 1,314 994 1,288
iii. Others 14 127 9 185 23 62
(b) Other Income (Refer note 5) 285 100 71 451 289 415
Total Income 2,258 1,686 1,471 5,645 3,961 5,548
2 Expenses
(a) Cost of materials sold 694 352 407 1,309 976 1,286
(b) Employee benefits expense (net) 11 9 9 29 25 34
(c) Finance Costs (net) (Refer note 13) 617 498 813 1,573 1,950 2,617
(d) Foreign Exchange loss/ (gain) (net) (Refer note 13) 314 244 (139) 865 (89) (29)
(e) Depreciation and amortisation expense 330 298 260 908 575 849
(f) Other Expenses (net) 101 115 80 324 193 303
Total Expenses 2,067 1,516 1,430 5,008 3,630 5,060
Profit before share of profit from joint venture. associate, 191 170 41 637 331 488
3
exceptional items and tax (1·2)
Add/ Less : Exceptional item (loss)/ gain (Refer note 6, (69) (69) 79 64
4
14(i), 15(i), 15(ii)) ~
Profit before share of profit from Joint Venture, associate 122 170 41 568 410 552
5
and tax (3+4)
6 Tax charge/ (credit)
• Current Tax charge/ (credit) 1 (1) (2) 1 2 (0)
- Tax relating to earlier periods 0 0 0 (0) (4)
- Deferred Tax charge/ (credit) 62 25 (5) 145 41 68
Profit after tax and before share of profit from Joint 59 146 48 422 367 488
7
Venture and associate (5·6)
Add: Share of Profit from Joint Venture and associate (net 44 3 1 44 1 1
8
of tax)
9 Profit for the period/ vear (7+8) 103 149 49 466 368 489
10 Other Comprehensive Income/ (loss)
Items that will not be reclassified to profit or loss in
subsequent periods:
(a) Remeasurement gain/ (loss) of defined benefit plans 1 3 (0) 3 (0) (3)
Add/ less: Income Tax effect (0) (1) 0 (1) 0 1
Items that will be reclassified to profit or loss in
subsequent periods:
(a) Exchange differences on translation of foreign (1) (3) 3 (7) 3 1
operations
(b) Effective portion of (loss)/ gain on cash flow hedges, (62) 30 (24) (179) (93) (143)
(net)
Add/ Less: Income Tax effect (1) 19 7 53 24 60
Total Other Comprehensive (Loss)/ Income (net of tax) (63) 48 (14) (131) (66) (84)
11 Total Comprehensive Income (net of tax) (9+10) 40 197 35 335 302 405
12 Paid up Equity Share Capital (Face Value t 10 per share) 1,584 1.584 1,564 1,584 1.564 1,564
13 Other Equity excluding Revaluation Reserves (374)
14
Earnings Per Share (EPS) ro (Not annualised) (Face Value
{ 10 per share)
Basic and Diluted EPS (In~ 0.47 0.74 0.14 2.39 1.84 2.41
Rcncwab!cs
ADANI GREEN ENERGY LIMITED

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31 st DECEMBER, 2022
1. The above consolidated financial results have been reviewed by the Audit Committee and approved
by the Board of Directors of Adani Green Energy Limited (the "Holding Company") in their respective
meetings held on 7th February, 2023.
2. The Statutory Auditors have carried out limited review of the consolidated financial results of the
Group for the quarter and nine months ended 31 st December, 2022.
3. During the nine months ended 31 st December. 2022, 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
4. During the nine months ended 3pt December, 2022, the Group has dissolved its 67 overseas step
down subsidiaries 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 and nine months ended 3pt December, 2022. There is no material financial
impact on dissolution of these 67 Subsidiaries. (Refer annexure -1 for the list of these overseas step
down subsidiaries).
5. At the time of Purchase Price allocation during business combination accounting for SB Energy
acquisition, the Holding Company had not allocated any value against land advances of z 122 Crores
considering uncertainty e, 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 quarter, 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 z 122 Crores in the consolidated financial statements for the period ended
3pt December, 2022. Such income has been classified under "Other Income".
Rcncwoblcs
6. During the quarter. 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 and nine months ended 3pt December. 2022.
7. (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 date by PSEPL. PSEPL received a
favorable order from Karnataka Electricity Regulatory Commission ("KERC") on 10 th July, 2020
directing DISCOM to make payment against supply of energy by PSEPL at contractual rate of z 5.35
/ kWh instead of reduced rate of z 4.36 I kWh. Considering such favorable order. PSEPL had
recognised incremental revenue for differential rate during the year ended 31 st March. 2022 of z 9
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 making payment at reduced rate
of Z 4.36 I kWh.
Based on such appeal. the Group based on the principles of prudence. have not recognised revenue
for the differential rate for supply of energy for the current period pt April, 2022 to 31 st December.
2022. However. the management believes that the favorable order as passed by KERC will continue
to be upheld at APTEL and expect favorable outcome in future.
(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 date by AGEUPL. AGEUPL received
a favorable order from Karnataka Electricity Regulatory Commission ("KERC") on 11 th November.
2020 directing DISCOM to make payment against supply of-energy by AGEUPL at contractual rate
of z 4.79 I kWh instead of reduced rate of z 4.36 I kWh. Considering such favorable order. AGEUPL
had recognised incremental revenue for differential rate during the year ended 31 st March. 2022 of
z 13 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 making payment at reduced rate
of Z 4.36 I kWh.
Based on such appeal. the Group based on the principles of prudence. have not recognised revenue
for the differential rate for supply of energy for the current period 1st April. 2022 to 31 st December.
2022. However. the management believes that the favorable order as passed by KERC will continue
to be upheld at APTEL and expect favorable outcome in future.
8. 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 date by AGEUPL. 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 rate of z 7.02 I kWh instead of
reduced rate of z 5.07 / kWh setting aside the earlier order of Uttar Pradesh Electricity Regulatory
Commission (UPERC) on 12 th February. 2018 adopting tariff of z 5.07 / kWh. Considering such
favorable order. 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·
and accordingly recognised incremental revenue for differential rate during the quarter and period
,,:::::.=~ ded 31 st December. 2022 of z 66 Crores including z 53 Crores pertaining to earlier years.
Rcncwoblcs
9. 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 { 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 favour to PSPCL. PDPL has filed an appeal before
Appellate Tribunal for Electricity ("APTEL") contending that there is no violation of any PPA
conditions. The management expects favorable outcome in the matter and considers the amount
to be recoverable and hence, no adjustments has been taken in the books.
10. During the quarter ended 3pt December, 2022, in the matter relating to Kamuthi Solar Power
Limited and Ramnad Renewable Energy Limited (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). APTEL, in its order, hold that both the Companies have
achieved commissioning within the control period ending on 3pt March, 2016. However, TANGEDCO
has yet to confirm Group's claims and the payment liability thereof despite reminders and has
further preferred an appeal with Honourable Supreme Court of India. Thus. the Group is yet to
determine collection as "probable" for "revenue recognition purpose" in line with relevant 'Ind AS
115 - Revenue from Contracts with Customers'. Accordingly, the management has not recognized
the incremental revenue of { 597 Crores for the past periods and for the current reporting period
pt April, 2022 to 3pt December, 2022 as a matter of prudence and on conservative basis.
11. 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 subsidiar.ies of deemed Controlled Subsidiary, Adani Green
Energy Twenty Three Limited) i.e Kamuthi Project. had signed energy purchase agreements (EPAs)
with Tamilnadu Generation and Distribution Corporation (TANGEDCO) for 648 MW solar project.
TANGEDCO issued a circular dated 1Nh June, 2017 stating excess units generated beyond 19% of
annual Capacity Utilization Factor (CUF) shall be deducted. The same was upheld by Tamilnadu
Energy Regulatory Commission (TNERC) in the order dated 22 nd December. 2020. Against such
TNERC order, National Solar Energy Federation of India (NSEFI) had filed an appeal before APTEL
and during the current quarter, APTEL in its order dated 28 th November. 2022 has rejected the claim
of TANGEDCO to deduct the excess power generation beyond 19% CUF and directed to make
compensation at the rate of 75% of the EPA tariff for such excess power generation supplied to
TANGEDCO, outstanding receivables as at 3,st March, 2022 for the said matter is { 110 Crores. On a
prudence basis the Group has decided not to make any adjustment to the already recognised
receivables in the books up to 31 st March, 2021 and has not recognised any additional revenue for
the subsequent periods. However, the management is confident that the outcome of the case
would be in favor of the Group.
12. The board of directors of the Holding CofT•pany, 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
Rcncwob!cs
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.
13. (i) The finance costs (net) includes (Gain)/ Loss on derivative Contracts (net) against hedging of its
foreign currency borrowings and exchange difference Loss/ (Gain) regarded as an adjustment to
borrowing cost.
(ii) Exchange difference Loss / (Gain) other than adjustment to borrowing cost is separately
disclosed in the results.
14. (i) During the year ended 3pt 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~ 42 Crores and gain on settlement of derivative contracts entered
for payment of purchase consideration for the above acquisition amounting to ~ 41 Crores
recognised as exceptional Items during the nine months ended 31 st December, 2021 and year ended
3,st March, 2022.
(ii) 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.
(iii) During the year ended 3,st 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 th October, 2022.
The management concluded that the acquisition does not meet the definition of "Business" under
Ind AS 103 - Business Combination. Accordingly, the transaction accounted for as acquisition of
Rcncwablcs
15. (i) As at 3pt 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 1st June, 2021. The
transfer of equity stake to AGPTE is pending on account of regulatory compliances as at reporting
date, and the consideration had been fair valued in line with agreed contracted rates with AGPTE.
Accordingly, the net carrying balance of ASUINC in other equity of~ 80 Crores was derecognised
and shown as exceptional gain in the consolidated financial results for the nine months ended 31 st
December, 2021 and for the year ended 31 st March, 2022. An amount of ~ 0.04 Crores will be
recoverable from AGPTE at the time of transfer of equity shares to AGPTE.
(ii) During the year ended 31 st 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 portion 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 st March, 2022.
16. 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.
17. 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".
18. During the year ended 3pt March, 2022. The Holding Company has made acquisition of renewable
power business and business assets, as well as transfer of business. The results for the nine months
ended 3pt December, 2022 may not be comparable with those of corresponding previous period.
19. The Consolidated Financial Results of the Group 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 "O".
pfi_.
Rcncwoblcs
20. Subsequent to the quarter ended 3,st December. 2022, a short seller has issued a research report.
alleging certain issues against some of the Adani Group entities. including the Group. Adani Group
entities have denied the allegations.
To uphold the principles of good corporate governance. the management of Adani Group entities
are evaluating an independent assessment. basis the requisite corporate approvals, to look into the
issues and compliance of applicable laws and regulations. transaction specific issues, etc. The
Management is confident that no material adverse impact on the consolidated financial results is
expected to arise upon such evaluation. management will assess the necessary actions required. if
any thereafter.
If of the Board of Directors
Place: Ahmedabad
Date: 7th February, 2023 Chairman
Rcncwablcs
Annexure-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 Holdings Limited (formerly known as SBE Thirty Holdings Limited)
35. Adani Thirty One Holdings 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)
38. Adani Thirty Four Holdings Limited (formerly known as SBE Thirty Four Holdings Limited)
*
nr Jt
"'
iJ\
":;>i
"'~\~'° I
'11
f)f(
Rcncwnblcs
Sr. No. Name of Company
39. Adani Thirty Five Holdings Limited (formerly known as SBE 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 SBE 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 SBE Twenty Nine Limited)
49, Adani Thirty Limited (formerly known as SBE Thirty Limited)
50. Adani Thirty One Limited (formerly known as SBE Thirty One Limited)
51. Adani Thirty two Limited (formerly kn~own as SBE 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 SBE 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. Adani 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 SBE 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 SBE Eleven Holdings Limited)
67. Adani Energy Investments PLC (formerly known as SB Energy Investments Limited)
Media Release
Adani Green Energy Ltd announces 9M FY23 Results

Robust growth in revenues, EBITDA and Cash Profit
Operational Capacity increases by 35% YoY to 7,324 MW; on track to
complete ~ 8,300 MW, the largest in India, by end of FY23
EBITDA from Power Supply increases by 44% YoY to Rs.3,570 Cr with high
EBITDA margin of 91.7%
EDITOR’S SYNOPSIS
Capacity addition & Operational Performance:
• Commissioned 1,915 MW renewable projects in 9M FY23:

✓ 1,440 MW solar-wind Hybrid plants in Rajasthan, India’s first and World’s largest
✓ 325 MW Wind Power Plant, the largest in Madhya Pradesh
✓ 150 MW Solar Power Plant in Rajasthan
• PPAs signed for 450 MW wind and 50 MW solar projects with SECI in Q3 FY23 and Jan 2023
respectively further strengthening the firm pipeline
• Solar portfolio CUF at 24.0% with 140 bps improvement YoY
• Wind portfolio CUF at 27.1% with 610 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 strong 34.0% backed by cutting-edge tech
• Sale of Energy increases by 59% YoY at 10,235 Mn units
Financial Performance:
• Revenue from Power Supply increases by 39% YoY to Rs 3,695 Cr
• Realized 3.8 Mn Carbon Credits generating revenue of Rs. 153 Cr
• Cash Profit increases by 41% YoY to Rs 1,827 Cr
• Run-rate EBITDA stands at a strong Rs. 7,380 crore with Net Debt to Run-Rate EBITDA of 5.6x
as of Dec 2022 well within stipulated covenant of 7.5x for holdco bond
Other Key Updates:

• 97% of AGEL’s rated credit facilities are rated between ‘A’ to ‘AAA’ equivalent credit rating scale
(India) 1 and rating affirmations are received from majority of the rating agencies in the last few
days
• Credit Rating for 648 MW Kamuthi solar plants increased from ‘A+’ to ‘AA-’ by India Ratings
backed by improved receivables further improving liquidity cover
• AGEL continues to maintain a strong counterparty profile with 89% sovereign/ sovereign
equivalent rated counterparties
• AGEL’s entire operating capacity is now ‘Zero Waste to Landfill’ certified
• Won ‘Leaders Award’ at the Sustainability 4.0 Awards, conferred jointly by Frost & Sullivan and
The Energy & Research Institute (TERI)
• Honored with the ‘Platinum Award’ at The Asset ESG Corporate Awards 2022
Ahmedabad, 7 February 2023: Adani Green Energy Ltd (AGEL), the renewable energy arm
of the diversified Adani Group, today announced financial results for the third quarter and
nine months ended 31 December 2022.
The performance snapshot for the period is as follows:
Operational Performance – Q3 & 9M FY23:

Particulars Quarterly performance Nine month performance
Q3 FY23 Q3 FY22 % 9M FY23 9M %
change FY22 change
Operational Capacity 7,324 5,410 35% 7,324 5,410 35%
- Solar 4,913 4,763 3% 4,913 4,763 3%
- Wind 971 647 50% 971 647 50%
- Solar-Wind Hybrid 1,440 - - 1,440 - -
Sale of Energy (Mn 3,621 2,504 45% 10,235 6,456 59%

units) 2
- Solar 2,507 2,300 9% 7,585 5,380 41%
- Wind 300 204 47% 1,392 1,076 29%
- Solar-Wind Hybrid 814 - - 1,258 - -
Solar portfolio CUF (%) 23.3% 21.9% 24.0% 22.6%

Wind portfolio CUF (%) 14.0% 18.6% 27.1% 33.2%
Solar-Wind Hybrid (%) 32.9% - 34.0% -
The Solar CUF and Sale of Energy has improved with integration of high-quality SB Energy
portfolio having a CUF of 26.0% in 9M FY23, consistent high plant availability, improved
grid availability and improved solar irradiation. Sale of Energy for Wind portfolio 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 150
MW plant at Gujarat, which is now fully restored while.
The newly commissioned solar-wind hybrid plants of 1,440 MW deploy latest technologies
such as 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.
“We are making steady progress in our endeavor to lead the way towards large-scale
adoption of affordable clean energy in India and we are on track to achieve our long-term
renewable capacity addition target. The relentless efforts of our people have enabled
development of large-scale hybrid capacities, which are not only the first in India but also
the largest in the world. These capacities deploy cutting-edge technologies to harness the
power of the sun and enable cost effective power extraction from the wind resources as
also they make India future ready with better stability and integration into the national
grid.” said Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.
Financial Performance – Q3 & 9M FY23:
(Rs. Cr.)
Particulars Quarterly performance Nine month performance
Q3 Q3 FY22 % 9M FY23 9M FY22 %
FY23 change change
Revenue from Power Supply 1,260 973 29% 3,695 2,655 39%
EBITDA from Power Supply 3 1,174 895 31% 3,570 2,474 44%
EBITDA from Power Supply (%) 91.9% 91.2% 91.7% 92.4%
Cash Profit 4 546 432 26% 1,827 1,292 41%
The robust growth in revenues, EBITDA and Cash Profit is primarily driven by greenfield
commissioning of 1,915 MW. 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.
“The continued strong performance demonstrates the resilience of AGEL’s business model
supported by a robust capital management program with leverage well aligned with the
business model. We appreciate that, in the last few days, this has further been reaffirmed
by the rating agencies, equity and credit research analysts and various banks, financial
institutions, long term investors and other key stakeholders have also reassured their
confidence in AGEL’s strong business model.” said Mr. Vneet S. Jaain, MD & CEO, Adani
Green Energy Ltd. He further said, “I am also proud of the continued progress towards our
ESG commitment and we are determined to continue our journey forward in this direction.”
OTHER KEY HIGHLIGHTS
Over the years, AGEL has emerged as the largest renewable player in India and one of the
largest in the world backed by its focus on four key pillars (i) project development
excellence by way of advance planning, (ii) analytics driven O&M and (iii) a disciplined yet
innovative capital management program while also (iv) contributing to the world’s
endeavor to adopt sustainable ways of living. Key updates in this regard are given as
follows:
1. On track to reach ~ 8,300 MW commissioned capacity, the largest in India, by end

of FY23:
▪ Commencing its renewable journey with commissioning of 648 MW in

Kamuthi, Tamil Nadu, then the largest single location plant in the world in
the year 2016, AGEL’s operating capacity is now set to increase to ~ 8,300
MW, the largest in India, by end of FY23.
▪ AGEL follows a unique project development philosophy that has enabled this
fast-track growth and completion well within budgets in turn enabling high
project returns:
✓ 3 years of advance resource planning, supply chain planning &

engineering; land tied up with renewable capacity of ~ 40 GW
✓ Gigawatt scale development with cluster based approach leading to
significant scale efficiencies
✓ Centralized and standardized project execution through Project

Management and Assurance Group (PMAG) enabling simultaneous
execution of projects across multiple states
✓ Long term relationships with Bloomberg Tier 1 suppliers enabling

cost-cutting on equipment procurements and on-time delivery
✓ Early adoption of cutting-edge technologies such as Bifacial modules

and horizontal single-axis tracking (HSAT) technology
2. Data analytics driven Energy Network Operation Center (ENOC) continues to

enable best-in-class O&M:
AGEL’s intelligent Energy Network Operation Center (ENOC) has continued to

enable real time monitoring of all plants across 12 states enabling ~ 100% plant
availability (solar) and industry leading EBITDA margins of ~ 92%. The capabilities
include:
▪ Remote management of all sites from single location to help rapid scale up
of capacity
▪ Cutting-edge advanced analytics cloud based platform:
✓ Provides predictive maintenance inputs optimizing frequency of

scheduled maintenance and optimizing mean time between failures
(MTBF)
✓ Automatically recommends smart corrective actions in real time

optimizing 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
▪ AGEL has taken up in-house O&M of Wind Turbine Generators developed by

various globally renowned OEMs by up-skilling the manpower and this would
probably be the first time that any renewable developer is conducting O&M
of WTG.
▪ ENOC is a ‘plug and play’ and scalable platform which can seamlessly
integrate any new platform housing even a third party portfolio.
AGEL’s O&M practices are being further improved with enhanced integration of
Internet of Things (IOT) and Artificial Intelligence (AI) for module level monitoring
that would in turn lead to further improvement in CUF and curtailment of O&M
costs.
3. Disciplined yet innovative Capital Management Program:
While ensuring the best-in-class execution and O&M, AGEL has always been focused
on maintaining a strict discipline in its debt management. Some of the key
highlights are as follows:
▪ AGEL has a diversified financing pool that includes access to domestic

banks/ FIs, international banks, domestic bond markets and global bond
markets.
▪ AGEL has set up a revolving construction facility of USD 1.64 bn with 26

international lenders to ensure availability of project financing. The facility
won an award from Project Finance International (PFI) for its unique
revolving structure and alignment with the global green loan framework.
▪ Two international bonds issued at operating SPV level and one holdco bond
have strict financial covenants and cash flow waterfall mechanism to
protect the interest of bond holders and maintain a complete cashflow
discipline. The bond covenants have continued to remain well within the
stipulated covenants over time. Some of the key ratios are given as follows:
Covenants for Two International Bonds at Operating SPVs
RG1 - Covenants RG2 - Covenants

Particulars
Stipulated Sep 22 Stipulated Sep 22
Debt Service Coverage Ratio (DSCR) * 1.55 1.76 1.55 2.41
FFO / Net Debt 6% 8.13% 6% 14.51%
Project Life Cover Ratio (PLCR) 1.6 1.71 1.6 1.85
EBIDTA from Sovereign Equivalent
55% 61.45% 65% 74.61%
Counterparty
* For maximum distribution level
Covenants for International Bond at Holding company
Holdco Bond - Covenants

Particulars Stipulated Sep 22
Cash Flow Coverage Ratio >1.10 2.64
Net Senior Debt Sizing
a) Discounted FCFE / Net Senior Debt (times) >1.6 3.59
b) Net Senior Debt / Forecasted FCFE (times) <5 2.98
Consolidated Net Debt/ Run Rate EBITDA <7.5 5.93
The bonds are further aligned with the global green loan/ bond frameworks.
4. Continued ESG commitment:
AGEL has adopted an ESG framework that is guided by globally accepted ESG
principles such as United Nations Global Compact, UN SDGs and Science Based
Targets Initiative (SBTi). Further, ESG disclosures are published in line with several
globally accepted disclosure standards such as TCFD, GRI Standards, CDP
Disclosure and so on.
Some of the key ESG commitments and progress towards the same given below:
ESG Commitment FY25 Target Status: 9M FY23
Water neutral operating capacity (MW) for
100% 42%
plants > 200 MW
Zero waste to landfill operating capacity
100% 100%
(MW)
Single use plastic free operating capacity 100% *
100% (already achieved in FY22)
(MW)
* Certification in progress for plants commissioned in 9M FY23.
In order to improve the governance practices, in Q2 FY22 board meetings, AGEL

adopted several changes in board committees leading to (i) increase in the
percentage of independent directors in various board committees including Audit
Committee well beyond the statutory thresholds, (ii) creation of new committees to
monitor specific aspects such as M&A, Information Technology & Data security,
Legal Regulatory and Tax matters and also (iii) creation of a new committee i.e.
Corporate Responsibility Committee (CRC). CRC is a voluntarily formed committee
constituted to monitor and assure on the progress towards the company’ ESG
commitments. The detailed board committee charters are available on the website.
Some of the ESG ratings assigned to AGEL and recent awards are given below:
ESG Ratings:
ESG Ratings AGEL’s Rating

CSRHub (Consensus Ranking of 89 percentile, with consistent ranking above
ESG Rating) Alternative Energy global industry average
ESG Risk Rating of ‘Low Risk’ with a score of 14.7, the
Sustainalytics significantly better than global Utilities sector average of
33.5
DJSI-S&P Global Scored 66/ 100, 2nd best in Indian Electric Utility sector and
Corporate Sustainability significantly better than average World Electric Utility score
Assessment of 38/ 100
MSCI ESG Rating of ‘A’
ISS ESG Prime Band
CDP 2021 score of ‘B’
ESG rating of 3.2 and constituent of ‘FTSE4Good’ index
FTSE
series
CRISIL ESG score of 66/ 100, the highest in Power sector
ESG Awards in 9M FY23:
✓ Won ‘Leaders Award’ at the Sustainability 4.0 Awards, conferred jointly by

Frost & Sullivan and The Energy & Research Institute (TERI)
✓ Honored with the ‘Platinum Award’ at The Asset ESG Corporate Awards 2022
✓ Won CII’s Climate Action Program (CAP) 2.0° ‘Committed’ Award that
signifies identification of primary risk, GHG management, targets decided
and participatory culture at AGEL
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
Tel: +91 7925556628
[email protected]
[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. 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.
2. This includes sale of energy of towards non-capitalized plants (410 mn units in 9M FY23 and 109 mn units in 9M FY22).
3. 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.
4. Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items + Distribution to TOTAL (part of finance cost as per IndAS).

Outcome

Uploaded by

Copyright:

Available Formats

Outcome

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Outcome

Uploaded by

Copyright:

Available Formats

Date: February 07, 2023

Sub: Outcome of Board Meeting held on February 07, 2023

Re: Submission of Unaudited Financial Results (Standalone and

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

2. The Unaudited Financial Results (Standalone and Consolidated) of the

The results are also being uploaded on the Company’s website at

You are requested to take the same on your record.

Darji Date: 2023.02.07

Adani Green Energy Limited Tel +91 79 2555 5555

(This space has been kept blank intentionally)

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

per Santosh A per Anuj Jain

Place of Signature: Ahmedabad Place of Signature: Ahmedabad

ADANI GREEN ENERGY LIMITED

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

For and on behalf of the Board of Directors

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

Place: Ahmedabad Place: Ahmedabad

A) Wholly - Owned Subsidiaries

Sr.No. Name of the Entity

B Wholl - Owned Ste -Down Subsidiaries

Sr. No. Name of the Entity

,;~ ;_i,. C ~~.

Sr. No. Name of the Entity

Sr. No. Name of the Entitv

Sr. No. Name of the Entity

Sr. No. Name of the Entity

Sr. No. Name of the Entity

D) Subsidiaries of Wholly Owned Subsidiary

Sr. No. Name of the Entity

E) Joint Venture Company

Sr. No. Name of the Entit

Sr. No. Name of the Entit

ADANI GREEN ENERGY LIMITED

Sr.No. Name of Company

2. Adani Renewable Energy Thirty Five Limited

If of the Board of Directors

Sr. No. Name of Company

Adani Green Energy Ltd announces 9M FY23 Results

• Commissioned 1,915 MW renewable projects in 9M FY23:

Other Key Updates:

The performance snapshot for the period is as follows:

Operational Performance – Q3 & 9M FY23:

Sale of Energy (Mn 3,621 2,504 45% 10,235 6,456 59%

Solar portfolio CUF (%) 23.3% 21.9% 24.0% 22.6%

Cash Profit 4 546 432 26% 1,827 1,292 41%

OTHER KEY HIGHLIGHTS

1. On track to reach ~ 8,300 MW commissioned capacity, the largest in India, by end

▪ Commencing its renewable journey with commissioning of 648 MW in

✓ 3 years of advance resource planning, supply chain planning &

✓ Centralized and standardized project execution through Project

✓ Long term relationships with Bloomberg Tier 1 suppliers enabling

✓ Early adoption of cutting-edge technologies such as Bifacial modules

2. Data analytics driven Energy Network Operation Center (ENOC) continues to

AGEL’s intelligent Energy Network Operation Center (ENOC) has continued to

▪ Cutting-edge advanced analytics cloud based platform:

✓ Provides predictive maintenance inputs optimizing frequency of

✓ Automatically recommends smart corrective actions in real time

✓ Detailed insights into plant and portfolio performance with access

✓ Backend machine learning and artificial Intelligence for continuously