
In today’s briefing:
- Adani Green Energy – Earnings Flash – H1 FY 2023-24 Results – Lucror Analytics
- Morning Views Asia:

Adani Green Energy – Earnings Flash – H1 FY 2023-24 Results – Lucror Analytics
Adani Green Energy Limited (AGEL) has released acceptable H1/23-24 results, with the company reporting strong earnings growth and robust margins. Leverage improved on the back of the higher earnings, even though net debt increased slightly. That said, we anticipate that the negative FCF will deepen in H2 and FY 2024-25, as AGEL has guided for significant capex in order to expand capacity.
Positively, management has affirmed its plans to repay the USD 750 mn ADANIG 4.375 24 using funds already set aside at the promoter level. It also plans to refinance the USD 500 mn ADGREG 6.25 24 through a new bond issuance. The company is likely to formally announce its refinancing plans by December 2023 (as required under the bond indentures).
Morning Views Asia:
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.