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Adani Green Energy Announces 9M FY22 Results; Cash Profit Increases by 47% to INR 1292 Cr

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Adani Green Energy Ltd (AGEL), the renewable energy arm of the diversified Adani Group, announced the financial results for the quarter and nine months ended December 31, 2021.

Pixon
  1. AGEL’s Cash Profit increases by 47% to Rs. 1,292 cr
  2. Revenue from Power Supply increases by 54% YoY to Rs.2,655 cr
  3. Operational Capacity increases by 83% YoY to 5,410 MW
  4. 65% of AGEL’s total operating capacity is now single-use plastic (SUP) free with SUP free certification received for additional 37 operational plants in Q3 FY22.

Key Updates:

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.

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

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EBITDA from power supply up by 56% YoY to Rs. 2,474 cr with 160 bps improvement in EBITDA margin to 92.4% in 9M FY22

Key updates on ESG Front:

AGEL receives CDP 2021 score of ‘B’ surpassing the Global average, Asia average and Renewable Energy sector average

AGEL receives initial FTSE ESG score of ‘FTSE4Good’ leading to its inclusion in the FTSE Russel’s ESG focused indices

AGEL becomes the first Indian member of GRI South Asia charter on sustainability imperatives strengthening its commitment towards UN SDG 7, 9 and 13
AGEL adopts a technical standard developed in association with CII to ensure ‘No Net Loss’ of biodiversity across all plants as a voluntary commitment under the India Business and Biodiversity Initiative (IBBI)

AGEL commits to gradual adoption of Electric Vehicles (EVs) in the company-owned fleet of new vehicles with a goal of 65% EV adoption by 2030 under an initiative of the World Business Council for Sustainable Development (WBCSD) that seeks a new national climate ambition for transport

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The performance snapshot for the period is as follows:

Financial Performance – Q3 & 9M FY22:

                                                                                                                             

ParticularsNine months performanceQuarterly performance
9M FY229M FY21% ChangeQ3 FY22Q3 FY21% change
Revenue from Power Supply2,6551,72954%97359165%
       
EBITDA from Power Supply 12,4741,58256%89553268%
EBITDA from Power Supply (%)92.4%90.8% 91.2%90.0% 
       
Cash Profit 21,29287747%43228552%
  • Robust growth in revenue from power supply is backed by strong growth in capacities and improved solar and wind CUF. 
  • Continued growth in EBITDA from power supply and cash profit is supported by increase in revenues and cost efficiencies brought in through analytics driven O&M.

Operational Performance – Q3 & 9M FY22:

ParticularsNine months performanceQuarterly performance
9M FY229M FY21% changeQ3 FY22Q3 FY21% change
Sale of Energy (Mn units)6,4563,85767%2,5041,27397%
Solar5,3803,39259%2,3001,17296%
Wind1,076465131%204101102%
       
Solar portfolio CUF (%)22.6%22.1% 21.9%20.8% 
Wind portfolio CUF (%)33.2%28.5% 18.6%18.5% 
  1. Increase in sale of energy in 9M FY22 is backed by capacity addition of 2,460 MW and improved solar and wind CUF.
  2. 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%.
  3. 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.
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“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.”

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