Adani New Industries Q2 Revenue Declines Marginally at ₹6.13 Billion | Rare Techy
Adani New Industries (ANIL) Ecosystem, a wholly-owned subsidiary of Adani Enterprises, posted revenue of ₹6.13 billion (~$74.77 million) in the second quarter (Q2) of financial year (FY) 2023, down 0.6% year-over-year (YoY).
The subsidiary, which manufactures solar modules and assembles wind turbines, said lower sales of solar modules affected its revenue. The company sold 206 MW modules in the July-September quarter, down 28% YoY.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹520 million (~$6.34 million) in Q2, down 40% YoY. The company said EBITDA was impacted by lower volumes and higher raw material costs.
The company’s 1.5 GW solar cell plant has been upgraded to 2 GW with TOPCon cell technology, which is expected to start commercial operations by June 2023.
Adani New Industries also announced that its 2 GW module line began commercial operations in July this year. The new cell line will be operational by the end of fiscal year 2023.
The company said it has a module order book of 1.5 GW.
ANIL has installed the country’s largest wind turbine prototype of 5.2 MW at Mundra, which is currently undergoing testing and certification.
The company registered revenue of ₹12.27 billion (~$149.67 million) in the first half (1H) of FY 2023, down by 1% YoY.
EBITDA for the subsidiary was ₹ 930 million (~$11.34 million), which was down by 95.6% YoY.
The subsidiary sold 466 MW of solar modules in 1H FY 2023 compared to 538 MW YoY.
In July this year, the French oil and gas major TotalEnergies announced that it signed an agreement with Adani Business to acquire a 25% interest in ANIL to produce and commercialize green hydrogen in India.
Previously, the Adani Group has announced that it will invest $20 billion in renewable energy generation and component manufacturing over the next ten years and produce the cheapest green electrons in the world. Adani Group’s plans include tripling its renewable power generation capacity over the next four years, green hydrogen production, powering all data centers with renewable energy, and transforming its ports into net zero carbon by 2025.