Adani Green Energy Limited (AGEL), the green energy wing of the Adani Group, announced that its revenue rose 24% to ₹25.49 billion (~$339.8 million) in the financial year (FY) 2020, with revenue from power generation alone contributing ₹20.65 billion (~$275.3 million), thanks to new projects being commissioned.
The Gujarat-based solar and wind power developer said it sold 4,373 million units (MU) of power during the year, a 13% increase from last year, with newly commissioned projects, and the full period operationalization impact. Meanwhile, its earnings before interest, taxes, depreciation, and amortization (EBIDTA) during the financial year were up 4% at ₹17.82 billion (~$237.6 million), while its cash profit stood at ₹7.87 billion (~$104.9 million).
AGEL said the group incurred a one time-expense of ₹1.73 billion (~$23.1 million) during the year due to refinancing activities which prepayment charges, the unamortized portion of other borrowing cost related to earlier borrowings and cost of premature termination of derivative contracts.
It also said it also incurred a one-time exceptional loss of ₹190 million (~$2.5 million) because of the Midland project sale in the United States. Profit before exceptional items was up notably at ₹1.23 billion (~$16.4 million), compared to a loss of ₹4.75 billion (~$63.3 million) in the previous year.
On the quarterly front, revenue stood at ₹6.96 billion (~$92.8 million), up 2% from the previous year. Revenue from power generation alone was up 10% from the same period last year at ₹6.01 billion (~$80.1 million) due to increases in the operational capacity.
EBITDA rose 10% to ₹5.16 billion (~$68.8 million) during the quarter, while profit before exceptional items stood at ₹750 million (~$9.9 million) compared to a loss of ₹940 million (~$₹12.5 million) previously.
In terms of projects, the group said it had won bids for 130 MW of wind projects and 1.3 GW of hybrid projects in FY 2020. Once these are operational, AGEL’s total operational capacity would stand at 5,990 MW.
“With the long-lasting impact that COVID-19 is due to have on all sectors, sustainability-driven business is imperative. Green Energy and Renewable Energy motivated investments will continue in this coming fiscal year,” said Gautam Adani, Chairman, AGEL.
“COVID-19 disruption has not materially affected the renewable plant operations, billing, or collections from counterparties. Renewable energy projects enjoy a must-run status and will continue to operate and generate at optimum levels in our assessment. All under-construction activity which was mandatorily suspended during the lockdown is poised to restart, as per government guidelines,” Jayant Parimal, CEO, AGEL, noted.
Earlier, AGEL announced that it entered into a joint venture with TOTAL Solar Singapore PTE Limited for about 2.1 GW of operating solar power projects presently owned by Adani.
Previously, Mercom reported that AGEL’s total revenue from operations in the first nine months of the financial year stood at ₹18.53 billion (~$260.12 million), up by 35% on a year-on-year (YoY) basis. Revenue from power generation was up by 7% YoY to ₹14.64 billion (~$205.51 million) from ₹13.71 billion (~$192.45 million) during the same period last year.
Image credit: AGEL
Nithin is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai. More articles from Nithin.