Consolidated Q1FY22 results
- 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%.
- 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.
- 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.