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Adani Green Energy Q1FY22 Result Analysis

Adani Green Energy Q1FY22 Result Analysis

Published on 11 August 2021 Views 29 Comments 0

Standalone Q1FY22 results

  • The revenue for Q1FY22 stood at Rs. 1,446 crores. This shows a decline of (-29%) and a YoY  growth of 806% due to lower base of revenue in Q1.
  • The operating profit declined by (-46%) QoQ in Q1FY22 and stood at Rs. 130 crores. It also saw a growth of 47% on YoY basis.
  • The operating profit margin stood at 9%. In Q1FY21 the margin was 55% due to higher other income and in Q4FY21, the operating profit margin stood at 12%.
  • Profit before tax stood at Rs. 36crores, a QoQ decline of (-76%) and YoY decline of (-80%).
  • Profit after tax stood at Rs. 37 crores. This was a decline of (-73%) on both QoQ and YoY basis.

Consolidated Q1FY22 results

  • The revenue for Q1FY22 stood at Rs. 977 crores. This shows a decline of just (-1%) QoQ and a YoY  growth of 25%.
  • The growth in revenues is supported by growth in capacities and improvement in Solar and Wind CUF.
  • The operating profit increased by 18.6% QoQ in Q1FY22 and stood at Rs. 856 crores. It also saw a growth of 26% on YoY basis.
  • YoY growth in operating profit was led by increase in revenues and cost efficient O&M.
  • The operating profit margin stood at 88%. In Q1FY21 the margin was 68% and in Q4FY21, the operating profit margin stood at 73%. Such operating margin is due to high other income.
  • Profit before tax stood at Rs. 261 crores, a QoQ growth of 161% and YoY growth of 422%.
  • Profit after tax stood at Rs. 219 crores. The company posted profit of Rs. 96 crores during Q1FY21 and Rs. 105 crores in Q4FY21, resulting in growth of 128% QoQ and 108.6% YoY.

Revenue Trend

  • The improvement in revenue has come on the back of rise in capacity and increase in electricity consumption.
  • The company has expanded its capacity even in the environment of the pandemic.
  • The improvement in performance of the company can also be attributed to increase in CUF in solar and wind plants.

  • Other income has been keeping the EBITDA margins for the company at higher levels.

Operational Highlights

  • The sale of energy increased by 48% YoY. 2,054 Million units of energy sold in Q1FY22. In which 1,650 Million units (80.3%) was Solar energy and 404 Million units (19.7%) was Wind energy.
  • The sales of Solar energy have increased by 103% YoY and Wind energy sale has increased bby 103% YoY.
  • This increase in sales was led by capacity addition of 1,075 MW and improvement in Solar and Wind CUF.
  • Due to improvement in grid availability, consistently high plant availability of 99.65 and consistency in solar radiation, the solar CUF has improved by 20 bps.
  • The improvement in Wind CUF was due to higher efficiency of new wind plants which have advanced Wind Turbine Generators.

Business Highlights

  • 200 MW renewable projects have been commissioned in Q1FY22.
  • The installed capacity currently is 3,520 MW. The company is in process of acquiring 150 MW capacity from Inox, which will lead to total capacity of 3,600 MW.
  • The company will have 9000 MW operation capacity by the end of the year.
  • The company maintains the guidance of increase in capacity to 25 GW by the year 2025.
  • The company has entered into agreement to acquire SB Energy’s 5 GW Renewable portfolio in India from Soft Bank and Bharti Group. This was the largest M&A transaction in India.
  • Post this acquisition, the operational capacity would increase to 5.4 GW from 3.5 GW.
  • Solar portfolio CUF currently is at 99.6%. Wind portfolio CUF is also 94.6%.
  • The company added 200MW renewable capacity greenfield project in Q1FY22
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