The consolidated revenue for Q1FY22 stood at Rs. 9,968 crores. The revenue declined by (-1.6%) on a QoQ basis and increased by 54.5% on a YoY basis.
The rise in YoY revenue was majorly due to the acquisition of Odisha DISCOM and strong execution across solar EPC.
The operating profit increase by 16.1% on a YoY basis to Rs. 2,365 crores. On a QoQ basis, the operating profit increased by 41.8%.
The operating profit margin stood at 24%. In Q1FY21 the margin was 32% and in Q4FY21, the operating profit margin stood at 16%. The margins were impacted due to increase in module prices and AT&C losses during the second COVID wave.
In Q1FY22, the Profit Before Tax stood at Rs. 672 crores and it more than doubled as it saw an increase of 121.8% on YoY basis. The PBT has increased steeply by 489.5% when compared on QoQ basis.
Profit after tax stood at Rs. 391 crores. The company had PAT of Rs. 207 crores during Q1FY21, registering a growth of 88.9%. Net profit had a small decline of (-0.5%) QoQ.
Standalone Q1FY22 results
The standalone revenue for Q1FY22 stood at Rs. 1,818 crores. The revenue increased by 16.5% on a QoQ basis and by 28.5% on a YoY basis.
The operating profit increase by 44.4% on a YoY basis to Rs. 937 crores. On a QoQ basis, the operating profit increased by 29.6%.
The operating profit margin stood at 52%. The operating profit margins in Q1FY21 and Q4FY21 were at 46%.
In Q1FY22, the Profit Before Tax stood at Rs. 401 crores and saw a huge increase of 322.1% YoY. It has also more than doubled by 124% on a QoQ basis.
Profit after tax stood at Rs. 198 crores. The company had a PAT of Rs. 45 crores during Q1FY21, registering a growth of 340%. On a QoQ basis, the Net Profit increased by 26.1%.
Business Highlights
Infusion from promoters and divestment measures have led to debt reduction.
EPC and Renewables Businesses have a healthy project pipeline.
The backlog for solar EPC currently is strong at Rs. 7260 crores.
Liquidation across REC business is expected to happen during FY22.
The delicensing drive in UTs and some states are leading to bigger opportunities in the DISCOM privatization space.
Engineering, Procurement, and Construction (EPC) showed a huge growth of 381% YoY, led by strong execution. The module prices led to orders being executed at lower margins. The new orders received will be benchmarked with new module prices, leading to improved margins.
The merger of CGPL with standalone is in the final stages.
The company will be partnering with Tata Projects for bidding on good quality greenfield projects in Power Transmission.
Odisha Discoms were impacted due to COVID second wave and cyclones, affecting collections and restoration of networks.
Green Energy
The green segment has strong momentum as the company enjoys a 40% market share in EV charging segments.
The solar pump business saw a growth of 8x while the solar rooftop business also grew by 4x during Q1FY22.
The order book is currently highest ever at Rs. 1100 crores.
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