Renewable energy company Adani Green Energy Limited (AGEL) has released its audited financial results for the financial year (FY) ended March 31, 2021.
AGEL’s total income for FY21 has reportedly gone up by 34% year over year (YoY) with ₹35.2 billion (~$476.48 million) from the sale of energy for FY21, up by 25% at 5,482 million units.
As per the financial statement released by the company, AGEL added 925 MW of operational capacity to its portfolio in FY21, of which 825 MW was solar.
The company was declared the lowest bidder for 13,550 MW new renewable projects in FY21, strengthening its pipeline of projects up to around 20,000 MW.
In FY 2021, AGEL received letters of award (LoA) for 8,900 MW of renewable projects, including 8,000 MW of solar projects, a 600 MW solar-wind hybrid project, and a 300 MW wind project – all from the Solar Energy Corporation of India (SECI).
AGEL was also declared the lowest bidder for 4, 800 MW of solar projects – 3,000 MW of solar, with a green-shoe option for 1,500 MW from Andhra Pradesh Green Energy Corporation, and a 150 MW solar project from Torrent Power.
AGEL raised $1.35 billion (~₹97.93 billion) in debt financing package for its under-construction renewable asset portfolio in March this year. The funding was raised to support a 1.69 GW of solar-wind hybrid projects being set up in Rajasthan. It marks one of Asia’s largest project financing deals, with participation from 12 international banks.
The company upped its solar portfolio by 60 basis points (bps) YoY at 99.5% in FY21, while its wind portfolio went up by 540 bps YoY at 95.1% in the same period.
The firm’s cash profit also shot up by 121% YoY at ₹3.73 billion (~$50.49 million) in Q4 FY21. It was up by 136% YoY at ₹12.5 billion (~$169.21 million) for FY21.
The firm’s revenue from the power supply increased by 15% YoY at ₹6.9 billion (~$93.41 million) in Q4 FY21, a 17% YoY increase at ₹24.19 billion (~$327.45 million) in FY21.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA), a parameter used to evaluate a company’s operating performance, from power supply also saw an upward trend by 15% YoY at ₹6.26 billion (~$84.74 million) in Q4 FY21, an increase of 19% YoY at ₹22.07 billion (~$298.75 million) in FY21.
EBITDA margin from power supply settled at 90% in Q4 FY21 and expanded by around 200 bps YoY at 91% in FY21.
Despite the multiple challenges in the light of the Covid-19 pandemic, AGEL clocked sound growth.
Commenting on the company’s quarterly results, Gautam Adani, Chairman, AGEL, said, “I am gratified to see Adani Green Energy’s results. About three years back, we made a commitment to our shareholders that we would showcase India’s ability to lead the renewable power revolution. Our ranking this year as the world’s largest developer of solar power is testimony to this commitment, as is the investment that global majors are making in the AGEL portfolio.”
“Despite all the challenges resulting from the pandemic, we have been resolute in our execution and stay confident of emerging as the world’s largest renewable player before the end of the decade. We are also on track to contribute meaningfully to India’s COP21 goals as well as to the wider UNFCCC goals of sustainability,” he added.
Vneet S. Jaain, Managing Director, and Chief Executive Officer, AGEL, said, “FY21 has been an eventful year for Adani Green Energy, as we witnessed robust operational performance and rapid capacity build-up despite the pandemic, new strategic alliances, and tie up of a revolving project finance facility.”
The company had recorded a 33-fold increase YoY in its cash profits in Q3 FY 2021. The company reported a 61% rise in total income in Q3 2021 compared to the same quarter the previous year. During the quarter, AGEL earned ₹8.43 billion (~$1.16 billion), compared to ₹5.23 billion (~$71.7 billion) in the same period a year earlier.
Image Credit: AGEL
Srinwanti is a copy editor at Mercom India, where she writes and edits news stories across the clean energy spectrum. Prior to Mercom, she has worked in book publishing at Macmillan Publishing House and Integra and honed her editorial and writing skills in both online and print media such as Reuters, Times Group Books, The Times of India, and Pune Mirror, covering local to international stories. More articles from Srinwanti Das.