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Q4FY21 Conference call highlights of Adani Green

Q4FY21 Conference call highlights of Adani Green

Published on 11 May 2021|
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  • FY21 Results
    • AGEL added 925 MW operational capacity in FY21 despite COVID-19 pandemic. This included 575MW greenfield addition of renewable assets, commissioning the plants five months ahead of  scheduled time.
    • Overall company has ~3.5GW assets operational capacity.
    • According to management, Overall company’s disciplined yet transformational capital management will continue to ensure steady progress towards 25GW by 2025.Currently,  capital employed for operational assets to the tune of  Rs. 17,800 crore.
    • Company has sealed revolving project finance facility to the tune of $1.35mn  i.e. ~Rs. 10,500 crore. It is Asia’s one of the largest project finance deals with participation of 12 international banks. As of FY21, debt for under-construction projects is ~Rs 2,400 crore.
    • Foreign currency borrowing is 100% hedged.
    • Achievement on ESG front like zero recordable injury in FY21, company’s largest plant of 648 MW at Kamuthi has turned water positive and single use plastic free.
    • Solar portfolio plant availability improved by 60bpsYoY to 99.5% and wind portfolio plant availability improved  540bps YoY to 95.1% in FY21.
    • Sale of energy up by 25% on YoY basis to 5482mn units on the back of capacity addition of 25MW.
    • Good performance in case of receivables. 
    • Company’s all under construction projects are on track despite the second wave of COVID-19.
    • Out of the 8GW project from SECI with 2GW to be commissioned in FY22 – FY25 each. Company is ready with the deployment of 2GW capacity to be commissioned in FY22 and has tied up 50% of the capacity through various PPAs and is sure of the remaining 50% soon to be tied up in other PPA.   
  • FY22 Guidance:
    • Company is planning to commission additional 2.5GW in FY22 and capex ~Rs. 15,000 crore. 1.6 GW is a hybrid project and other are SECI projects which are on track despite second wave of COVID-19.
    • Long strategic relationship with solar module manufacturers and does not see any challenges in project execution and delivery. Overall company has ~30,000 approved vendors.
    • Major tendering of projects from SECI and state DISCOMS majorly Andhra Pradesh DISCOM.
    • Company does not witness any price escalation wrt prices of solar modules.
    • Company expects to double the revenue and EBITDA from current levels and achiev above 30% CUF (Capacity utilisation factor) from incremental capacity addition.  
      CUF = actual electricity output/Maximum possible output.  
      • Solar CUF to rise ~210bps as compared to FY21 of 22.5%. Wind CUF to increase by ~800 bps to 26.8%.    
    • Company expects to generate free cashflows ~Rs. 20,000 crore in FY22.
    • ~Rs. 500 crore debt repayment due in FY22 and Rs. 741 crore in FY23.
    • Company is targeting EBITDA margins to increase by 150-200bps in FY22. It is also optimistic about the blended electricity rate above Rs. 2.5/ unit.
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