Adani Green Registers 56% Growth in Revenues in FY 22, Energy Sales up by 72%

Adani Green Energy, the renewable energy arm of the Adani Group, reported revenue of ₹37.83 billion (~$495.29 million) from the power supply for the financial year (FY) 2021-22, a 56% year-over-year (YoY) increase from ₹24.19 billion (~$316.71 million) recorded in FY 2020-21.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) was reported at ₹35.30 billion (~$462.19 million), a 60% YoY increase from ₹22.07 billion (~$288.97 million) in FY21.

The total cash profit for FY 22 was recorded at ₹18.54 billion (~$242.75 million), a 48% YoY increase from ₹12.50 billion (~$163.66 million) in the previous year.

The revenue growth was attributed to the new capacity addition of 1.94 GW and improved solar and wind capacity utilization factor (CUF).

The company reported sales of 9,426 MU of energy during FY22, a 72% YoY increase compared to 5,482 MU in FY21.

The solar energy assets contributed 8,097 MU during the year, a 66% YoY increase from the previous year, and wind energy assets contributed 1,329 MU increasing by 123% YoY.

Adani Green also reported an improvement in the CUF of the solar and wind assets in FY22. The solar portfolio CUF increased to 23.8% by 130 basis points (bps) from 22.5%, and the wind portfolio CUF grew to 30.8% by 400 bps from 26.8% in the previous year.

The improvement in solar CUF was backed by the near 100% plant availability and value-adding acquisition of SB Energy’s portfolio. The improvement in wind CUF was backed by technologically advanced wind turbine generation systems and improved plant availability by nearly 97%.

Adani Green FY 22 results

Source: Adani Green Energy

Quarterly Results

Adani Green generated total revenue of ₹11.28 billion (~$147.69 million) from the power supply in the fourth quarter (Q4) FY22, a 63% increase compared to ₹6.9 billion (~$90.33 million) for the same period last year.

The revenue increased by 16% quarter-over-quarter (QoQ) compared to ₹9.73 billion (~$127.36 million) in Q3 FY22.

The EBITDA from the power supply was reported at ₹10.59 billion (~$138.62 million), a 69% YoY growth compared to ₹6.26 billion (~$81.94 million) in the Q4 FY21.

The company reported a total cash profit from the power supply at ₹5.63 billion (~$73.70 million), a 51% YoY increase from ₹3.73 billion (~$48.83 million).

The continued growth in EBITDA from the power supply and cash profit was supported by increased revenues and cost efficiencies brought in through analytics-driven operation and maintenance.

The company sold 2,971 MU of energy during the quarter, an 84% YoY increase compared to the same period last year. Out of this, solar contributed 2,717 MU, a growth of 83% YoY, and wind contributed 254 MU, a growth of 92% YoY.

The company’s overall operational capacity increased to 5.41 GW, a 56% YoY increase compared to 3.47 GW in FY 21.

Adani Green’s total portfolio now stands at 20.43 GW with the latest receipt of the letter of award and signing of PPA for the 150 MW solar project with Punjab State DISCOM in Q4 FY22

Vneet S. Jaain, MD & CEO, Adani Green Energy, said, “The last fiscal year has been very eventful for us. We successfully completed the acquisition of the high-quality SB Energy portfolio, which has been truly value accretive, as evident in the overall improvement in operational performance and further strengthening of the counterparty profile. At the same time, we have fulfilled our commitment to fast-track greenfield renewable capacity development. Further, we are aiming to integrate newer technologies that will improve the efficiency of power generation while also lowering the cost of electricity.”

In April, Abu Dhabi-based public joint-stock company International Holding Company PJSC (IHC) announced an investment of $2 billion in three of Adani Group’s companies. Adani Green would receive $500 million out of this investment.

Adani Green Energy had recently raised a $288 million financing facility by extending its construction financing framework to $1.64 billion for its under-construction renewable asset portfolio through agreements signed with leading lenders.

Earlier this year, three subsidiaries of Adani Green Energy (UP), Prayatna Developers, and Parampujya Solar Energy had raised ₹6.123 billion (~$80.15 million) by their maiden domestic bond issuance on a private placement basis.