Adani Green Energy Limited announces Q1 FY20 Result

Ahmedabad, August, 2019.

Adani Green Energy Limited (AGEL), a part of Adani Group, today announced the financial results for Q1 FY20 ended 30th June 2019.

Revenues

Total Revenue for Q1 was up by 40% to Rs. 661 crore from Rs. 472 crore y-o-y

Revenue from Power generation for Q1 up by 17% to Rs. 554 crore from Rs. 472 crore y-o-y on account of full period operationalisation and additional project commissioning. The total number of units’ sold5 in Q1 was 1,118 Mu’s up 15% y-o-y. The revenue for Q1’2020 and Q1’2019 is after adjusting discount on prompt payments by off-takers of Rs. 9 crore and Rs. 3 crore respectively.

EBITDA and EBITDA Margins

EBITDA1 for Q1 at Rs. 496 crore was up 13% on account of increased operating capacity.

EBITDA margin2 during the quarter was at 90% compared to 93% y-o-y.

Depreciation and Amortization

Depreciation was at Rs. 248 crore, higher by 9% y-o-y on account of full period impact of projects capitalized in Q4 of FY’ 2019 and additional project commissioning.

The Group follows Written down value (WDV) method of depreciation. The depreciation based on Straight-line method would have been Rs. 102 crore in Q1 FY2020, Rs. 84 crore in Q1 FY2019 and Rs. 110 crore in Q4 2019

Finance Cost and other income

Interest and other borrowing cost during the quarter was Rs. 250 crore, up by Rs. 57 crore primarily on account of charging of interest to profit and loss account as compared to capitalization of interest in previous quarters being in project phases and additional debt on account of ramp up of capacity.

Other income was up by Rs. 4 crore primarily due to interest income on deposits and income from Mutual funds investment.

Exceptional items

During the current quarter, the Group has refinanced its earlier borrowings of Rs. 5,844 crore, through issuance of secured senior notes (US$ denominated bonds) and rupee term loans from a bank and financial Institutions. On account of such refinancing activities, the Group has incurred a onetime expense aggregating to Rs. 98.41 Crore which comprises of prepayment charges, unamortized portion of other borrowing cost related to earlier borrowings and cost of premature termination of derivative contracts.

Loss after tax and Cash Profit

Loss after tax for the quarter was Rs. 77 Crore.

Cash profit3 for current quarter was ₹ 257 crore. Since the Group follows accelerated depreciation, it reported a net loss. Management uses Cash Profit as an important metric of intrinsic performance.

Projects

The Group has won bids for 130 MW wind and 600 MW Hybrid in Q1’2020. Post completion of all the bids won and projects under implementation, the Group’s operational capacity would be 5,2906 MW.

Commenting on the quarterly results of the company, Mr. Gautam Adani, Chairman, Adani Group said, “Our business focus is aligned with government’s vision to raise renewables based power generation capacity and make our nation a world leader in the renewables space. Adani Green Energy Limited continues to invest in developing capabilities to provide reliable, sustainable, round the clock green power for India’s growing power needs.”

Mr. Jayant Parimal, CEO, Adani Green Energy Ltd said, “The last quarter has seen significant growth for the business with Solar and Wind. AGEL is among the largest renewable energy generation companies in India, and with our focus on new technology evaluation, we plan to commission a total of ~800 MW of new capacity of wind and solar projects in FY2020. As a corporate, we aspire to be among the leading global players in renewables.”

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