Consolidated net sales (including other operating income) of Adani Green Energy for the quarter ended Mar 2023 has increased 77.82% to Rs 2598 crore. Sale of energy was up 56% to
2872 million units primarily backed by strong capacity addition, analytics
driven O&M enabling high plant availability and deployment of latest
renewable technologies.
Operating profit margin has
jumped from 66.53% to 87.14%, leading to 132.92% rise in operating profit to Rs
2,264.00 crore. Purchase of finished goods cost fell from 21.22% to
16.90%. Employee cost decreased from 0.62% to 0.42%.
Other expenses fell from 11.64% to 4.46%. Exchange
brokerage and commission rose from 4.11% to 11.78%.
Other income rose 209.52% to Rs
390 crore. PBIDT rose 141.71% to Rs 2654 crore. Provision
for interest rose 100.60% to Rs 1338 crore. Loan funds rose to Rs
54,223.00 crore as of 31 March 2023 from Rs 52,832.00 crore as of 31 March
2022. Inventories rose to Rs 52.00 crore as of 31 March 2023 from Rs
17.00 crore as of 31 March 2022. Sundry debtors were higher at Rs
2,206.00 crore as of 31 March 2023 compared to Rs 1,809.00 crore as of 31 March
2022. Cash and bank balance rose to Rs 1,984.00 crore as of 31 March
2023 from Rs 1,593.00 crore as of 31 March 2022. Investments rose to
Rs 1,149.00 crore as of 31 March 2023 from Rs 574.00 crore as of 31 March 2022
.
PBDT rose 205.34% to Rs 1316
crore. Provision for depreciation rose 43.07% to Rs 392
crore. Fixed assets increased to Rs 53,548.00 crore as of 31 March
2023 from Rs 48,268.00 crore as of 31 March 2022. Intangible assets
declined from Rs 83.00 crore to Rs 79.00 crore.
Profit before tax grew 488.54% to
Rs 924.00 crore. Share of profit/loss were nil in both the
periods. Extraordinary items were decreased to Rs -125.00 crore. Provision
for tax was expense of Rs 307 crore, compared to Rs 21
crore. Effective tax rate was 37.71% compared to 14.79%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 319.01% to Rs 507.00 crore.
Full year results analysis
Net sales (including other operating income) of Adani Green Energy has
increased 51.80% to Rs 7792 crore.
Operating profit margin has
declined from 68.95% to 63.28%, leading to 39.33% rise in operating profit to
Rs 4,931.00 crore. Purchase of finished goods cost fell from 25.05%
to 22.43%. Employee cost decreased from 0.66% to 0.51%. Other
expenses rose from 5.34% to 13.77%. Exchange brokerage and
commission rose from 0.56% to 7.17%.
Other income rose 102.65% to Rs
841 crore. PBIDT rose 45.98% to Rs 5772 crore. Provision
for interest rose 11.23% to Rs 2911 crore. Loan funds rose to Rs
54,223.00 crore as of 31 March 2023 from Rs 52,832.00 crore as of 31 March
2022. Inventories rose to Rs 52.00 crore as of 31 March 2023 from Rs
17.00 crore as of 31 March 2022. Sundry debtors were higher at Rs
2,206.00 crore as of 31 March 2023 compared to Rs 1,809.00 crore as of 31 March
2022. Cash and bank balance rose to Rs 1,984.00 crore as of 31 March
2023 from Rs 1,593.00 crore as of 31 March 2022. Investments rose to
Rs 1,149.00 crore as of 31 March 2023 from Rs 574.00 crore as of 31 March 2022
.
PBDT rose 113.99% to Rs 2861
crore. Provision for depreciation rose 53.12% to Rs 1300
crore. Fixed assets increased to Rs 53,548.00 crore as of 31 March
2023 from Rs 48,268.00 crore as of 31 March 2022. Intangible assets declined
from Rs 83.00 crore to Rs 79.00 crore.
Profit before tax grew 219.88% to
Rs 1,561.00 crore. Share of profit/loss was 5,800% higher at Rs 59
crore. Provision for tax was expense of Rs 453 crore, compared to Rs
64 crore. Effective tax rate was 31.77% compared to 11.57%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 98.98% to Rs 973.00 crore.
Key business highlights
AGEL has added a massive 2,676 MW
renewable capacity to its operational fleet in FY23, which includes 2,140 MW
solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya
Pradesh and 212 MW solar power plants in Rajasthan. AGEL has signed PPAs for 450
MW wind projects and 650 MW solar projects with SECI in FY23 further
strengthening the firm project pipeline.
The solar portfolio CUF has
improved by 90 bps YoY to 24.7% in FY23 with integration of high-quality SB
Energy portfolio having a CUF of 26.6% in FY23, consistent high plant availability,
improved grid availability and improved solar irradiation. For the wind
portfolio, the sale of energy has increased significantly backed by strong
capacity addition, though, the wind CUF has reduced primarily due to one-off
disruption in transmission line (force majeure) for the 150 MW plant at
Gujarat, which is now fully restored.
The newly operationalized
solar-wind hybrid portfolio of 2,140 MW deploys latest technologies like
bifacial PV modules and horizontal single-axis tracking (HSAT) technology to
capture maximum energy from the sun as well as technologically advanced wind
turbine generators leading to a high hybrid CUF of 35.5%.
Management comment
“Our business model has
demonstrated remarkable resilience as evidenced by our strong financial
performance,” said Mr Gautam Adani, Chairman, Adani Group. “We are leaders in the
green energy space and have consistently set new industry standards in
efficiency, performance and capacity development. We are expediting the
transition to sustainable energy and playing a pivotal role in fulfilling
India’s obligations to a greener future.”
“We have added massive greenfield
capacity of 2,676 MW renewable assets this year. This feat is attributed to the
relentless efforts of our teams,” said Mr Vneet S Jaain, MD & CEO, Adani
Green Energy Ltd. “AGEL`s operational capacity has grown at a CAGR of 33% over the
last five years, outpacing overall renewable capacity growth at ~ 15% CAGR in
India in the same period. De-risked project development, analytics driven
O&M, disciplined capital management and a strong governance framework
continue to be the backbone of our sustained growth. We are proud that we have
been able to lead the way towards large scale renewable adoption in India
helping the country move closer to its Sustainable Development Goals.”
Other developments
Equity capital increased from Rs
1,564.00 crore as of 31 March 2022 to Rs 1,584.00 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 57.26% as of
31 March 2023 ,compared to 61.27% as of 31 March 2022 . Promoters
pledged stake was 3.50% as of 31 March 2023 ,compared to 0.96% as of 31 March
2022 .
Cash flow from operating
activities increased to Rs 7,265.00 crore for year ended March 2023 from Rs
3,127.00 crore for year ended March 2022. Cash flow used in
acquiring fixed assets during the year ended March 2023 stood at Rs 3,376.00
crore, compared to Rs 14,859.00 crore during the year ended March
2022. Adani Green Energy : Consolidated Results | | Quarter ended | Year ended |
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Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
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Net Sales (including other operating income) | 2,598.00 | 1,461.00 | 77.82 | 7,792.00 | 5,133.00 | 51.80 | OPM (%) | 87.14 | 66.53 | 2,061 bps | 63.28 | 68.95 | -566 bps | OP | 2,264.00 | 972.00 | 132.92 | 4,931.00 | 3,539.00 | 39.33 | Other Inc. | 390.00 | 126.00 | 209.52 | 841.00 | 415.00 | 102.65 | PBIDT | 2,654.00 | 1,098.00 | 141.71 | 5,772.00 | 3,954.00 | 45.98 | Interest | 1,338.00 | 667.00 | 100.60 | 2,911.00 | 2,617.00 | 11.23 | PBDT | 1,316.00 | 431.00 | 205.34 | 2,861.00 | 1,337.00 | 113.99 | Depreciation | 392 | 274 | 43.07 | 1300 | 849 | 53.12 | PBT | 924.00 | 157.00 | 488.54 | 1561 | 488 | 219.88 | Share of Profit/(Loss) from Associates | 15 | 0 | - | 59 | 1 | 5,800.00 | PBT before EO | 939 | 157 | 498.09 | 1620 | 489 | 231.29 | EO Income | -125 | -15 | -733.33 | -194 | 64 | PL | PBT after EO | 814 | 142 | 473.24 | 1426 | 553 | 157.87 | Taxation | 307 | 21 | 1,361.90 | 453 | 64 | 607.81 | PAT | 507 | 121 | 319.01 | 973 | 489 | 98.98 | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | Net profit | 507 | 121 | 319.01 | 973 | 489 | 98.98 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 507 | 121 | 319.01 | 973 | 489 | 98.98 | EPS (Rs)* | 3.69 | 0.84 | 336.52 | 6.96 | 2.73 | 155.01 | | * EPS is on current equity of Rs 1,584.03 crore, Face value of Rs 10, Excluding extraordinary items. | # EPS is not annualised | bps : Basis points | EO : Extraordinary items | Figures in Rs crore | Source: Capitaline Corporate Database |
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