Adani Green Energy Q1 Results Deliver Record Revenues, Profits Over Year Ago No’s

Highlights :

  • AGEL maintains it strong growth momentum with a record Q1 quarter for 2021-22.
  • Revenues from power sales grew 39% YOY

Adani Green Energy Ltd. [“AGEL”], a part of the Adani Group, today announced the financial results for the quarter ended June 30, 2021. The Operational Performance Snapshot for the period is as follows.

Particulars Quarterly performance
Q1 FY22 Q1 FY21 % Change
Total Income 1,079 878 23%
Revenue from Power Supply 848 609 39%
Total EBITDA 3 892 680 31%
EBITDA from Power Supply 4 789 560 41%
EBITDA from Power Supply (%) 92.5% 91.2%
Cash Profit 5 460 342 35%

Operational performance was a significant jump too, with a 48% jump in electricity units sold over Q1 of 2020-21 at 2054 million units. The firm’s shift towards solar continued, with solar energy unit sales at 1650 million units versus 404 units for wind energy units. Most of the firm’s project pipeline is solar based now.

However, when it comes to Quarter on quarter performance however, the firm clearly struggled on topline, with barely any growth over the March 21 quarter in revenues. It had reported total income of Rs 1092 crores during Q4, or the March 21 quarter in fact. Profits however grew from Rs 104 crores in March to Rs 219 crores in June 2021.

Renewable projects of 200 MW were commissioned in Q1 FY22 under existing portfolio

AGEL in the process of acquiring SB Energy’s 5 GW India renewable portfolio for a fully completed EV of USD 3.5 billion – India’s largest renewables M&A transaction. Post SB Energy’s acquisition, Operational Capacity will increase from 3.5 GW to 5.4GW  and total confirmed project pipeline  to increase from current 19.2 GW  to 24.3 GW. Just a shade below its 25 GW target for 2025.

The firm’s Solar portfolio CUF was up by 20 bps YoY at 25% with 99.6% plant availability

The Wind portfolio CUF up by 160 bps YoY at 38.5% with 94.6% plant availability

“With the data analytics driven O&M, deployment of latest technologies and continued capacity additions despite the pandemic, AGEL has been able to consistently report strong operational performance for both solar and wind portfolios.” said Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd. He further said “The visibility of our growth path has steadily improved over the years and we now have a locked-in growth of 24.3 GW. On the ESG front, we are working on initiatives like single use plastic free certification, zero waste to landfill and net water neutrality for all our operating renewable plants. While we are already ranked as the 3rd best in DJSI-S&P Global ESG Benchmarking in Electric Utility sector in India, we endeavor to further improve on our ESG commitment.”

For Adani Green Energy, the strong quarterly growth is a trend it will need to maintain to keep up with the high expectations from the firm, when it comes to investors and other stakeholders. With major groups like Reliance Industries announcing their entry into Solar and clean energy, and competition increasing on the manufacturing side, the firm needs to deliver every quarter to maintain its high stock valuation of around Rs 900 odd. Which gives is a market cap of over Rs 1.41 lac crore.

Note: This story is based on a release sent by the firm, that does not provide relevant QOQ details. We will update the same after confirming it with relevant authorities.

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