With New Solar Capacity Additions, Adani Green's Revenues Increases 15% in Q2 of FY 2021

Adani Green Energy Limited (AGEL), a part of the Adani Group, has released the financial results for the second quarter (Q2) of the financial year (FY) 2020-21.

According to the company’s financial statement, the revenue from power supply stood at ₹5.3 billion (~$71.07 million) for Q2 2021, increasing by 15%, compared to the same period last year. The figure for the first half (1H) of the financial year 2021 stood at ₹11.4 billion (~$152.8 million), an increase of 12% compared to 1H 2020.

The company’s total income stood at ₹7.18 billion (~$96.3 million), an increase of 1% compared to ₹7.12 billion (~$95.4 million) in Q2 2020. For 1H 2021, the total income increased by 15% from ₹13.87 billion (~$186.05 million) to ₹15.06 billion (~$201.5 million).

The company registered earnings before interest, taxes, depreciation, and amortization (EBIDTA) of ₹4.9 billion (~$65.7 million), an increase of 19% compared to Q2 2020. The figure stood at ₹10.5 billion (~$140.8 million) in 1H 2021, up by 15% compared to the same period last year.


The company’s cash profit increased by 80% and stood at ₹2.5 billion (~$33.5 million) for Q2 2021. The cash profit figures increased by 69% for 1H 2021 and stood at ₹5.9 billion (~$79.1 million) compared to 1H 2020.

Financial Performance

The company registered a sale of 1,187 million units (MUs) of energy, up by 22% compared to Q2 2020. The figure stood at 2,569 MUs for 1H 2020, up by 23% year-over-year (YoY).

The solar capacity utilization factor (CUF) remained steady, supported by strong plant availability and consistent solar irradiation at 20.7% in Q2 2021, compared to 20.1% in Q2 2020. The CUF for 1H 2021 was 22.7%, the same as 1H 2020.

The company expanded its base during 1H 2021 with the addition of 205 MW of solar assets from the Essel Group at an estimated value of ₹16.3 billion (~$218.6 million), taking the total operating portfolio under the joint venture to 2.35 GW.

The sale of solar energy increased by 11% to 1025 MUs from 921 MUs, with an increase in capacity from 1.9 GW to 2.4 GW in Q2 2021, compared to the same period last year. For 1H 2021, the sale of solar energy increased by 11% from 1,981 MUs to 2,206 MUs, compared to 1H 2020.

As per the financial statement, the sale of wind energy increased by 230% in Q2 2021 and stood at 162 MUs, compared to 49 MUs in Q2 2020.

Speaking on the quarterly results, Gautam Adani, Chairman of AGEL, said, “Today, India is amongst the only eight nations on track to meet their COP 21 commitments. Adani Group is committed to supporting the nation’s transition towards green energy. We are delighted to expand our joint venture with other global players and are committed to growing our renewables platform. The company is coming together in line with our ambition of achieving renewable power capacity of 25 GW by 2025 and becoming the world’s largest renewable power company by 2030.”

The company’s total renewable portfolio stood at 14.19 GW, out of which 2.8 GW is in operations, and 8 GW is in the pipeline. The company has a diversified portfolio consisting of 74% solar, 12% wind, and 14% wind-solar hybrid projects. The company is planning 23 GW of solar tenders soon.

AGEL

The company registered a 2.5-million-ton reduction in CO2 emissions in 1H 2021.

In terms of cumulative installed capacity, Adani continues to be the largest utility-scale developer, as of June 2020. The company also owns the largest project pipeline. The findings were released in the recently published Mercom’ India Solar Market Leaderboard 1H 2020.

In September this year, AGEL declared its financial results for the first quarter of the FY 2020-2021. Despite COVID, the company’s revenue and ‘earnings before interest taxes depreciation amortization’ (EBITDA) from the power supply had grown by 10% year-over-year (YoY) and 12% YoY, respectively, due to added capacities, steady solar capacity utilization factor, and improved wind CUF.

 

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