Thu, May

Adani Green Energy Q4 loss widens to Rs 94 cr; plans to raise up to Rs 5K cr

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Adani Green Energy May 15 reported widening of its consolidated loss to Rs 94.08 crore for the...


Adani Green Energy May 15 reported widening of its consolidated loss to Rs 94.08 crore for the March quarter, mainly due to higher depreciation and borrowing cost. The company had posted a consolidated net loss of Rs 42.81 crore in the quarter ended March 31, 2018, it said in a statement.

Depreciation in the fourth quarter of 2018-19 was at Rs 293 crore, up by 77 per cent. Interest and bank charges rose to Rs 274 crore from Rs 142 crore a year ago

The increase in finance cost was primarily on account of capitalisation of interest during project phases and ramp up of capacity in the previous year, it added.

The company's total income in the March quarter was Rs 718.73 crore, up from Rs 416.68 crore in the same period of the previous year.

For the 2018-19 fiscal, the firm's consolidated loss swelled to Rs 475.05 crore from Rs 137.51 crore in the previous financial year. Total income in 2018-19 increased to Rs 2,130.99 crore from Rs 1,519.27 crore.

As on March 31, 2019, the company's gross debt stood at Rs 12,236 crore (including Rs 1,596 crore debt of group companies). Net debt was Rs 10,734 crore (gross debt less cash and cash equivalents including margin money deposits with banks of Rs 744 crore and trade receivable of Rs 758 crore).

The company also said it has won 250 MW wind and 150 MW solar bids in the March quarter. Post completion of all the bids won and projects under implementation, the company's operational capacity would be 4,560 MW.

The company's Chairman Gautam Adani said, "To fully take advantage of India's Renewable Energy potential over the next few years will require new initiatives from central and state governments -- beyond policy and programs currently in place -- to support the engagement and participation of power sector stakeholders including Renewable Energy industry and developers, grid operators, public and private finance providers, consumers, and others."

Jayant Parimal, CEO, Adani Green Energy, said, "We have reached an operational capacity of 2.02GW, and are on course to reach 4.56GW by FY 2021."

At its meeting Wednesday, the board also approved a proposal to raise up to Rs 5,000 crore through various means, including issue of equity shares and convertible bonds.

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