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Results
03-Feb-22
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Analysis
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Adani Green Energy
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Net up 12% dragged by lower OPM, lower OI and higher depreciation
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Consolidate net sales (including other operating income) of Adani Green
Energy for the quarter ended Dec 2021 has increased 87% to Rs 1400 crore. Sale
of energy up 97%YoY to 2504 million units led by 96% growth in solar power to
2300 MUs and 102% jump in wind power to 204 MUs. The solar portfolio CUF expanded
by 110 bps to 21.9% and that of wind portfolio CUF inched up by 10 bps to
18.6%.
Operating profit margin has declined from 81.03% to 74.50%, leading to
71.93% rise in operating profit to Rs 1,043.00 crore. Purchase of
finished goods cost rose from 18.38% to 29.07%. Employee cost
decreased from 1.73% to 0.64%. Other expenses rose from 0.55% to
4.21%.
Other income fell 24.68% to Rs 71
crore. PBIDT rose 58.93% to Rs 1114 crore. Provision for
interest rose 49.10% to Rs 813 crore. PBDT rose 93.37% to Rs 301
crore. Provision for depreciation rose 108.95% to Rs 260
crore.
Profit before tax grew 31.28% to Rs
41.00 crore. Provision for tax was credit of Rs 7 crore, compared to
credit of Rs 10.19 crore. Effective tax rate was negative 16.67%
compared to negative 32.69%. Minority interest was nil in both the
periods. Net profit attributable to owners of the company increased
11.97% to Rs 49.00 crore.
Nine Month performance
Net sales (including other operating income) of Adani Green Energy has
increased 71.66% to Rs 3672 crore. Sale of energy increases
by 67% YoY to 6,456 mn units in 9M FY22. Solar CUF improves by 50 bps YoY to 22.6% and
wind CUF improves by 470 bps YoY to 33.2% in 9M FY22 . Increase in sale of energy
in 9M FY22 is backed by capacity addition of 2,460 MW and improved solar and
wind CUF. Solar CUF improvement in 9M FY22 is backed by integration of
high-quality SB Energy portfolio, consistent high plant availability of ~ 100%
and improved grid availability of ~ 99%. Wind CUF improvement is backed by
technologically advanced and more efficient newly added Wind Turbine Generators
(WTG), improved plant availability of ~ 96%, improved grid availability of ~
100% and improved wind speed.
Operating profit margin has declined from 79.03% to 69.91%, leading to
51.85% rise in operating profit to Rs 2,567.00 crore. Purchase of
finished goods cost rose from 14.47% to 26.58%. Employee cost
decreased from 1.71% to 0.68%. Other expenses fell from 3.73% to
2.83%.
Other income fell 3.71% to Rs 289
crore. PBIDT rose 43.47% to Rs 2856 crore. Provision for
interest rose 32.10% to Rs 1950 crore. PBDT rose 76.10% to Rs 906
crore. Provision for depreciation rose 62.63% to Rs 575
crore. Profit before tax grew 105.72% to Rs 331.00
crore.
Share of profit/loss was 82.73% lower
at Rs 1 crore. Provision for tax was expense of Rs 43 crore,
compared to Rs 15.35 crore. Effective tax rate was 10.46% compared
to 15.98%. Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 241.18% to Rs 368.00
crore.
Management comment
“The continued robust operational
performance and improving visibility of growth with firm PPAs demonstrate that
we are well on track to become the largest renewable player by 2030” said Mr.
Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd. He further said, “Our commitment
towards ESG is only getting stronger with the global recognition of our efforts
to light up the world with green energy and to further incorporate the best ESG
practices on all fronts.”
Other developments
AGEL signs world’s largest green PPA
with SECI to supply 4,667 MW. With this, AGEL has signed PPAs for close to
6,000 MW out of 8,000 MW awarded to it under SECI’s manufacturing linked solar
tender.
Promoters’ stake was 61.27% as of 31
December 2021, compared to 74.92% as of 31 December 2020. Promoters
pledged stake was 0.98% as of 31 December 2021, compared to 5.28% as of 31
December 2020.
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Adani
Green Energy : Consolidated Results
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Particulars
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202112
(3)
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202012(3)
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Var.(%)
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202112
(9)
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202012
(9)
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Var.(%)
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202103
(12)
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202003
(12)
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Var.(%)
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Net
Sales (including other operating income)
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1400.00
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748.65
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87
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3672.00
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2139.08
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72
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3124.00
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2548.63
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23
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OPM (%)
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74.5
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81.0
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69.9
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79.0
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74.1
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56.9
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OP
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1043.00
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606.65
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72
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2567.00
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1690.52
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52
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2314.00
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1450.18
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60
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Other
Inc.
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71.00
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94.27
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-25
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289.00
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300.13
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-4
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396.00
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80.45
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392
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PBIDT
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1114.00
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700.92
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59
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2856.00
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1990.65
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43
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2710.00
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1530.63
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77
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Interest
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813.00
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545.26
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49
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1950.00
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1476.18
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32
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1953.00
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994.77
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96
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PBDT
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301.00
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155.66
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93
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906.00
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514.47
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76
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757.00
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535.86
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41
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Depreciation
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260.00
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124.43
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109
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575.00
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353.57
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63
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486.00
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394.31
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23
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PBT
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41.00
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31.23
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31
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331.00
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160.90
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106
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271.00
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141.55
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91
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Share of
Profit/(Loss) from Associates
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1.00
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-0.06
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LP
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1.00
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5.79
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-83
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6.00
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-6.68
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LP
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PBT
before EO
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42.00
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31.17
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35
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332.00
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166.69
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99
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277.00
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134.87
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105
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EO
Income
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0.00
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0.00
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-
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79.00
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-70.65
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LP
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-84.00
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-191.44
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56
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PBT
after EO
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42.00
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31.17
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35
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411.00
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96.04
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328
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193.00
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-56.57
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LP
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Taxation
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-7.00
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-10.19
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31
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43.00
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15.35
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180
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11.00
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11.39
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-3
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PAT
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49.00
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41.36
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18
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368.00
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80.69
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356
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182.00
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-67.96
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LP
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Minority
Interest (MI)
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0.00
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-2.40
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0.00
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-27.17
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-28.00
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-44.73
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37
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Net
profit
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49.00
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43.76
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12
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368.00
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107.86
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241
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210.00
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-23.23
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LP
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P/(L)
from discontinued operations net of tax
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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Net
profit after discontinued operations
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49.00
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43.76
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12
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368.00
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107.86
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241
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210.00
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-23.23
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LP
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EPS
(Rs)*
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0.31
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0.21
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1.9
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1.2
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1.93
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0.18
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Notes
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* EPS is
on current equity of Rs 1,564.01 crore, Face value of Rs 10, Excluding extraordinary
items.
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# EPS is
not annualised
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bps :
Basis points
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EO :
Extraordinary items
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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