AGEL Q2 FY 22 Results Out: ₹859 cr Cash Profit in H1, RE Portfolio 20,284 MW

Highlights :

The increase in AGEL’s renewable portfolio can be attributed to:

  • Completion of acquisition of SB Energy’s India Renewable portfolio of 4,954 MW, which includes 1,700 MW operational assets.
  • Award of 450 MW Wind project from SECI in Oct 2021

Adani Green Energy Ltd. (AGEL), the green arm of the Adani Group, has released the financial results for the quarter and half year ended September 30, 2021, reporting that cash profit increased by 45% to Rs. 859 crores in H1 FY22. The company’s overall renewable portfolio increased to 20,284 MW during this period.

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The Operational Performance Snapshot for the period is as follows:

  • Robust growth in Revenue from Power Supply is backed by robust growth in capacities and improved Solar and Wind CUF.
  • Continued growth in EBITDA from Power Supply and Cash Profit is supported by increase in revenues and cost efficiencies brought in through analytics driven O&M.

At a consolidated level for the quarter, net sales at Rs 1,295.00 crore in September 2021 were up 111.63% from Rs. 611.91 crore in September 2020.

Net Profit at Rs. 100.00 crore in September 2021 is up 432.02% from Rs. 18.80 crore in September 2020.

EBITDA stands at Rs. 886.00 crore in September 2021 up 45.22% from Rs. 610.12 crore in September 2020.

“It is gratifying to see that the focus on climate change has continued to accelerate at a pace that has taken everybody by surprise,” said Mr. Gautam Adani, Chairman of the Adani Group. “I believe this is a good indication of the progress the world can make when it combines forces to solve a global problem. Our journey towards becoming the world’s largest renewables player and further increasing the gap as the world’s largest solar player is manifested in the very significant investments that we continue to make in this business.”

  • Sale of Energy increase backed by capacity addition of 2,610 MW 5 and improved Solar and Wind CUF.
  • Solar CUF improvement backed by significant improvement in grid availability and consistently high plant availability of ~ 100%.
  • Wind CUF improvement backed by technologically advanced and more efficient newly added Wind Turbine Generators, improved plant availability of ~ 96% and improved wind speed.

Other Recent Updates:

  • AGEL closed India’s largest renewables M&A deal for USD 3.5 bn: In an all-cash deal, AGEL has successfully completed the acquisition of SB Energy Holdings Ltd (SB Energy India) for a fully completed enterprise valuation of USD 3.5 Bn (~Rs. 26,000 Cr). The deal boosts AGEL’s operational portfolio to 5.4 GW and its overall portfolio to 20.3 GW 1 implying a 4x locked-in growth. AGEL’s counterparty mix for its overall portfolio of 20.3 GW is further reinforced with 88% sovereign rated counterparties.
  • PPA signing commenced with SECI towards Letter of Award previously received for manufacturing linked solar project of 8 GW with signing of PPAs for 867 MW in Oct 2021: Earlier, AGEL had participated, through its subsidiary, in a tender issued by Solar Energy Corporation of India (SECI) and had been awarded a PPA capacity of 8 GW Solar Generation projects linked with setting up of 2 GW Solar PV manufacturing capacity. AGEL, through its subsidiaries, has signed PPAs for total capacity of 867 MW at the tariff of Rs. 2.54 per unit for a period of 25 years. Further, Contract agreements have been signed with SECI for setting up of solar PV manufacturing plants for a total capacity of 2 GW. This will help AGEL move swiftly towards its target of 25 GW operational capacity by 2025.
  • Awarded 450 MW Wind project from SECI in Oct 2021: Adani Renewable Energy Holding Fifteen Limited, a Wholly-owned Subsidiary of Adani Green Energy Limited had participated in a Tender issued by Solar Energy Corporate of India Limited (SECI) for setting up 1,200 MW ISTS-connected Wind Power Project (Tranche-XI) and has received the Letter of Award (LOA) to set-up 450 MW Wind Power Project under this tender. The fixed tariff for this project capacity is Rs. 2.70/ kWh for a period of 25 years.

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.