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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