Adani Green Energy Limited announces FY 2019 Result

FY 2019 Revenues up 39% y-o-y to ₹ 2,058 Crore, FY 2019 EBITDA1 up 105% y-o-y to ₹ 1,710 Crore

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Editor’s Synopsis

 

 

Financial Highlights


FY 2019

  • Revenues of ₹ 2,058 Crore, up 39% y-o-y
  • EBITDA1 of ₹ 1,710 Crore, up 105% y-o-y
  • EBITDA margin2 of 91%
  • Cash Profit3 of ₹ 792 Crore, up 75% y-o-y

 

Q4 2019

  • Revenues of ₹ 681 Crore, up 68% y-o-y
  • EBITDA1 of ₹ 470 Crore, up 90% y-o-y
  • EBITDA2 margin of 90%
  • Cash Profit3 of ₹ 228 Crore, up 97% y-o-y

 

Operational Highlights

  • 2,020 MW of Renewable capacity operational (including 50 MW commissioned in May 2019)
  • On track to achieve 4,560 MW of Renewable capacity by FY 2021

 

Solar


FY 2019

  •  Capacity utilization factor 22.00%*, against 20.21% y-o-y
  •  Plant availability 99.63%, against 99.67% y-o-y
  •  Million units sold4 3,763, up 118% y-o-y. Average realization ₹ 5.09/Kwh

 

Q4 2019

  • Capacity utilization factor 25.89%, against 22.35% y-o-y
  • Plant availability 99.82%, against 99.54% y-o-y
  • Million units sold4 1,053, up 66% y-o-y. Average realization ₹ 5.08/Kwh

 

Wind
 

FY 2019

  • Capacity utilization factor 21.22%, against 15.87% y-o-y
  • Plant availability 79.16%, against 88.55% y-o-y
  • Million units sold 116, up 45% y-o-y. Average realization ₹ 4.25/Kwh

 

Q4’2019

  • Capacity utilization factor 20.02%, against 13.53% y-o-y
  • Plant availability 70.71%, against 87.45% y-o-y
  • Million units sold 29, up 71% y-o-y. Average realization ₹ 4.07/Kwh

 

Ahmedabad, May 15, 2019: Adani Green Energy Limited (“AGEL”), a part of Adani Group, today announced its operational and financial performance for the 12 month and fourth quarter ended 31st March 2019.

 

Consolidated Financial Performance: In ₹ Crore, except as stated

 

Particulars

FY-19

FY-18

%ge

Change

Q4 - 19

Q4 - 18

%ge

Change

Q3 - 19

Income from Operations

2058

1480

39%

681

406

68%

456

EBITDA 1

1710

834

105%

470

248

90%

399

EBITDA Margin 2

91%

86%

 

90%

85%

 

88%

Foreign Exchange (Gain) / Loss

184

-12

 

-2

-9

 

-170

Finance Cost

 

 

 

 

 

 

 

~ Interest & Bank Charges

985

418

136%

274

142

93%

277

~ Derivative & ERD

136

133

2%

23

31

-26%

178

Add: Other Income

73

37

97%

37

11

236%

14

Profit before Depreciation and taxes

478

332

44%

212

95

123%

128

Depreciation

1062

543

96%

293

166

77%

270

Income Tax Expenses

6

1

 

5

1

 

-2

Deferred Tax

-119

-74

61%

3

-29

-110%

-20

Profit/(loss) after taxes

-471

-138

 

-89

-43

 

-120

Share of Profit / (loss) of Joint venture

-4

0

 

-6

0

 

2

Profit/(loss) after Share of Joint venture

-475

-138

 

-95

-43

 

-118

Add: Other Comprehensive Income/(Expenses)

-27

0

 

-14

0

 

-12

Profit/(loss) after Comprehensive Income/ Expenses

-502

-138

 

-109

-43

 

-130

Cash Profit 3

792

452

75%

228

116

97%

138

Cash profit per share

5.06

2.89

 

1.46

0.72

 

0.88

Exchange rate (Rs/$)-Closing

69.16

65.18

6%

69.16

65.18

6%

69.78

 

Revenues


Revenue in FY’19 increased by 39% to ₹ 2058 Crore from ₹ 1,480 Crore and in Q4’19 by 68% to ₹ 681 Crore from ₹ 406 Crore primarily on account of increase in operating capacity by 12% to 1,970 MW-AC (Solar-1,898 MW and Wind -72MW) from 1,758 MW-AC (Solar-1,698 MW and Wind -60MW) from commissioning of new plants and round the year operation of entire capacity. The revenue for Q4’19 and FY’19 is after adjusting discount on prompt payment by off-takers of ₹ 4 Crore and ₹ 24 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, Q4’18, is restated to include a revenue of ₹ 632 Crore and ₹69 Crore respectively and net profit / (loss) of ₹ (73 Crore), and ₹ (54 Crore) respectively.

 

EBITDA and EBITDA Margins


EBITDA1 for FY’19 has increased by 105% to ₹ 1,710 Crore from ₹ 834 Crore primarily on account of round the year operation of projects commissioned in last year and efficient operation and maintenance. EBITDA1 margin during the Q419 is at 90% compared to 85% in Q4’18.

 

Depreciation and Amortization


Depreciation was at ₹ 1,062 Crore, higher by 96% y-o-y on account of full year impact of projects capitalized in the last quarter of FY’18. Depreciation in Q4’19 was at ₹ 293 Crore, up by 77% y-o-y.


The Company follows Written down value (WDV) method of depreciation. The depreciation based on Straight-line method would have been ₹ 393 Crore in FY’19, ₹ 164 Crore in FY’18, ₹ 110 Crore in Q4’19, ₹ 47.94 Crore in Q4’18 respectively.

 

Finance Cost and other income


Interest and Bank Charges during FY’19 was ₹ 985 Crore, compared to ₹ 418 Crore in FY’18 and ₹ 274 Crore in Q4’19 as compared to ₹ 142 Crore in Q4’18. 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 FY’19 is up by ₹ 36 Crore from ₹ 37 Crore in FY’18 to ₹ 73 Crore primarily due to increase in interest income on fixed deposits and mutual funds.


Loss after tax and Cash Profit per Share


Loss after tax for FY’19 was ₹ 502 Crore
Cash profit 3 for the FY’19 was ₹ 792 Crore, i.e ₹ 5.06 per share up sharply by 75% as compared to ₹2.89 per share FY18. Since the company follows accelerated depreciation, it reported a net loss. Management uses Cash Profit as an important metric of intrinsic performance.


Balance Sheet


As on 31 March 2019, gross debt was at ₹ 12,236 Crore (including ₹ 1,596 Crore of debt given by group companies) and net debt was ₹ 10,734 Crore (gross debt less cash and cash equivalents including margin money deposits with banks of ₹ 744 Crore and trade receivable of ₹ 758 Crore).


New Projects


The company has won bids for 250 MW wind and 150 MW solar bids in Q4’19. Post completion of all the bids won and projects under implementation, the company’s operational capacity would be 4,560 MW.

 

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Green Energy Limited said, “One of India’s major advantages is that its Renewable Energy potential is vast and largely untapped. Recent estimates indicate that India’s solar potential is greater than 10,000 GW and its wind potential over 2,000 GW. To fully take advantage of India’s Renewable Energy potential over the next few years will require new initiatives from central and state governments — beyond policy and programs currently in place — to support the engagement and
participation of power sector stakeholders including Renewable Energy industry and developers, grid operators, public and private finance providers, consumers, and others."


Mr. Jayant Parimal, CEO, Adani Green Energy Ltd said, “With the strong results for FY 2019, Adani Green Energy is rapidly cementing its place as one of the leading Renewable Energy players in India. We have reached an operational capacity of 2.02GW, and are on course to reach 4.56GW by FY 2021. Going forward, the company aspires to be among the leading global players in renewables. We follow a disciplined investment framework and capital management policies to create shareholder value by driving Return on Equity along with accretive growth.”

 


Notes:

1. Calculation of EBITDA excludes foreign exchange (gain) / loss.
2. EBITDA margin % represents EBITDA earned from Power Sales and excludes other items.
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. FY’19 ₹19 Crore (38.38 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 1970 MW as at 31st March 2019 spread across eleven states in India’s.


For more information please visit - www.adanigreenenergy.com

 

© 2018 Adani Group