AGEL announces 9MFY19 results

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Editor’s Synopsis

 

Ahmedabad, February 07, 2019: Adani Green Energy Limited (“AGEL”), a part of Adani Group, today announced its operational and financial performance for the nine month and third quarter ended 31st December 2018.

 

 

 

Financial Highlights

 

9M’19

 

  • Revenues of 1,377 Crore, up 28% y-o-y

 

  • EBITDA1 of 1,240 Crore, up 112% y-o-y

 

  • EBITDA margin2  of 90%

 

  • Cash Profit3 of 562 Crore, up 67% y-o-y

 

Q3’19

 

  • Revenues of 456 Crore, up 4% y-o-y

 

  • EBITDA1 of 399 Crore, up 95% y-o-y

 

  • EBITDA2 margin of 87%

 

  • Cash Profit3 of 138 Crore, up 12% y-o-y

 

Operational Highlights

 

 

Solar

 

 

9M’19

 

  • Capacity utilization factor 21.24%, against 19.30% y-o-y

 

  • Plant availability 99.57%, against 99.73% y-o-y

 

  • Million units sold4 2,710, up 148% y-o-y. Average realization 5.09/Kwh

 

Q3’19

 

  • Capacity utilization factor 21.66%, against 18.25% y-o-y

 

  • Plant availability 99.64%, against 99.45% y-o-y

 

  • Million units sold4 907, up 137% y-o-y. Average realization 5.05/Kwh

 

 

 

Wind

 

 

9M’19

 

  • Capacity utilization factor 22.23%, against 16.64% y-o-y

 

  • Plant availability 80.83%, against 88.92% y-o-y

 

  • Million units sold 87, up 38% y-o-y. Average realization 4.31/Kwh

 

 

Q3’19

 

  • Capacity utilization factor 8.33%, against 13.87% y-o-y

 

  • Plant availability 73.64%, against 90.75% y-o-y

 

  • Million units sold 11, down 39% y-o-y. Average realization 4.31/Kwh

 

 

Consolidated Financial Performance: In Crore, except as stated

 

 

FY-18

 

 

Particulars

 

 

9M - 19

 

 

9M - 18

 

 

%

 

 

Q3 - 19

 

 

Q3 - 18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1480

 

Income from Operations

1377

 

1075

 

28%

 

456

 

437

 

834

 

EBITDA 1

1240

 

585

 

112%

 

399

 

205

 

86%

 

EBITDA Margin 2

90%

 

88%

 

 

 

 

87%

 

90%

 

-12

 

 

Foreign Exchange (Gain) / Loss

187

 

-3

 

 

 

 

-170

 

-6

 

 

 

 

 

Finance Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

418

 

 

~ Interest & Bank Charges

711

 

276

 

158%

 

277

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

133

 

 

~ Derivative & ERD

113

 

102

 

11%

 

178

 

28

 

37

 

 

Add: Other Income

35

 

27

 

30%

 

14

 

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

332

 

Profit before Depreciation and taxes

264

 

237

 

11%

 

128

 

101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

543

 

Depreciation

769

 

377

 

104%

 

270

 

133

 

1

 

Income Tax Expenses

2

 

0

 

 

 

 

-2

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-74

 

Deferred Tax

-123

 

-45

 

173%

 

-20

 

-18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-138

 

Profit/(loss) after taxes

-384

 

-95

 

 

 

 

-120

 

-14

 

0

 

 

Share of Profit / (loss) of Joint venture

3

 

0

 

 

 

 

2

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-138

 

Profit/(loss) after Share of Joint venture

-381

 

-95

 

 

 

 

-118

 

-14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0

 

Add: Other Comprehensive

-13

 

0

 

 

 

 

-12

 

0

 

 

Income/(Expenses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-138

 

Profit/(loss) after Comprehensive Income/

-394

 

-95

 

 

 

 

-130

 

-14

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

452

 

Cash Profit 3

562

 

336

 

67%

 

138

 

123

 

2.89

 

Cash profit per share

3.59

 

2.15

 

 

 

 

0.88

 

0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65.18

 

Exchange rate (Rs/$)-Closing

69.78

 

63.88

 

9%

 

69.78

 

63.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

Revenue in 9M’19 increased by 28% to 1,377 Crore from 1,075 Crore and in Q3’19 by 4% to 456 Crore from 437 Crore primarily on account of increase in operating capacity by 177% to 1,958 MW-AC (Solar-1,898 MW and Wind -60MW) from 708 MW-AC (Solar-648 MW and Wind -60MW) from commissioning of new plants. The revenue for Q3’19 and 9M’19 is after adjusting discount on prompt payment / deductions by off-takers of 3 Crore and 20 Crore respectively.

 

 

As per Ind AS 103 - "Business Combinations", the previous period figures have been restated to provide a comparative considering that the demerger had occurred with effect from 1st April, 2017. Accordingly total income for the year ended 31st March, 2018, Q3’18, 9M’18 is restated to include a revenue of 632 Crore, 282 Crore and 563 Crore respectively and net profit / (loss) of (73 Crore), 19 Crore and (18 Crore) respectively.

 

EBITDA and EBITDA Margins

 

EBITDA1 for 9M’19 has increased by 112% to 1,240 Crore from 585 Crore primarily on account of capacity addition resulting into increased generation. EBITDA1 margin during the nine months was at 90% compared to 88% in 9M’18.

 

 

Depreciation and Amortization

 

 

Depreciation was at 769 Crore, higher by 104% y-o-y on account of new projects capitalized in 9M’18. Depreciation in Q3’18 was at 270 Crore, up by 103% y-o-y. The Company follows Written down value (WDV) method of depreciation. The depreciation based on Straight-line method would have been ₹ 283 Crore in 9M’19, ₹ 116 Crore in 9M’Y18, ₹ 99 Crore in Q3’19, ₹ 40 Crore in Q3’18.

 

 

Finance Cost and other income

 

 

Interest and Bank Charges during 9M’19 was 711 Crore, compared to 276 Crore in 9M’18 and 277 Crore in Q3’19 as compared to 100 Crore in Q3’18. The increase in finance cost was primarily on account of capitalisation of interest during the project phases and ramp up of capacity in previous year. 

 

Other income during the nine months was up by 8 Crore from 27 Crore in 9M’18 to 35 Crore in 9M’19 primarily due to interest income on fixed deposits and mutual funds.

 

 

Loss after tax and Cash Profit per Share

 

 

Loss after tax for 9M’19 was 381 Crore.

 

Cash profit 3 for the 9M’19 was 562 Crore, i.e 3.59 per share.

 

 

Balance Sheet

 

As on 31 December 2018, gross debt was at 11,159 Crore (including 1,613 Crore of debt given by Adani group companies) and net debt was 9,935 Crore (gross debt less cash and cash equivalents including margin money deposits with banks of 620 Crore and trade receivable of 604 Crore).

 

 

New Projects

 

The company has won bids for 390 MW Hybrid and 75 MW solar bids in Q3’19. Post completion of all the bids won and projects under implementation, the company’s operational capacity would be 4,160 MW.

 

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Green Energy Limited said, “As our Hon’ble Finance Minister Piyush Goyal talked about making renewables a major component of the Indian energy sector and strengthening the energy storage infrastructure at the Interim Budget for 2019-20, we are motivated and focused to help India to be self-sufficient country in renewable energy. We are strongly moving towards the path of government’s 2030 Vision of reducing dependence on imports for fossil fuel needs and developing solar power as a prime source of energy.”

 

 

Mr. Jayant Parimal, CEO, Adani Green Energy Ltd said, “With this positive result, AGEL is slowly cementing its place as one of the leading players in the renewable energy sector. The Interim Budget will further strengthen our endeavours in the renewable energy sector and we shall accelerate our pace to meet the country’s demand of energy through renewable energy.”

 

 

 

Notes:

 

 

1.Calculation of EBITDA excludes foreign exchange (gain) / loss.

 

2.EBITDA margin % represents EBITDA earned from Power Sales. Hence, it excludes cost and revenue for EPC business & trading of goods including demerger.

 

3.Cash profit = EBITDA1 + Other Income – Interest and Bank Charges - Income tax expenses.

 

4.Includes units generated during plant stabilization period, against which the revenue has been capitalised. 9M’19 15 Crore (31.37 Mu’s)

 

5.Operational highlights includes highlights of Joint Venture Company having an operational capacity of 20 MW solar. The company has acquired 100% stake in the said company in January 19.

 

 

About Adani Green Energy

 

Adani Green Energy Limited (AGEL), a part of Adani Group, is one of the largest in Renewable power generation in India. The company builds, owns and operates power plants powered by renewable sources of energy like solar and wind. The company has an installed capacity of 1958 MW as at 31st Dec 2018 (Additional 12 MW commissioned in Jan 2019) spread across eleven states in India.

 

 

 

For more information please visit - www.adanigreenenergy.com

© 2018 Adani Group