Adani Green Energy reported a consolidated net profit of Rs 56 crore in Q4 March 2020 (Q4 FY20) as against net loss of Rs 94 crore in Q4 March 2019 (Q4 FY19).
Income from operations rose 2% YoY to Rs 696 crore in Q4 FY20. On a sequential basis, revenue from power generation increased by 10% to Rs 601 crore quarter over quarter (QoQ) due to increase in operational capacity. EBITDA increase by 10% at Rs 516 crore during the quarter. EBITDA margin during quarter was 91% compared to 89% QoQ. Increase in EBITDA and margin is attributable to operational efficiency, the company said.
The company reported a consolidated net loss of Rs 68 crore for the year ended on 31 March 2020 (FY20) as against net loss of Rs 475 crore crore in the year ended on 31 March 2019 (FY19). Income from operations rose 24% to Rs 2549 crore in FY20 over FY19.
Interest and other borrowing cost increased to Rs 1,075 crore in FY20 from Rs 985 crore in FY19, due to charging of interest due to projects which were being implementing were commissioned in FY20 and additional debt on account of ramp up of capacity and refinancing.
The group has refinanced its earlier borrowings through issuance of secured senior notes ($ denominated bonds) and rupee term loans from bank and financial Institutions. On account of such refinancing activities, the group has incurred one-time expenses aggregating to Rs 173 crore during the year. These expenses comprise of prepayment charges, unamortized portion of other borrowing cost related to earlier borrowings and cost of premature termination of derivative contracts.
During the fourth quarter of FY20, Adani Green Energy, Adani Green Energy Twenty Three and TOTAL Solar Singapore have entered into a joint venture agreement (JVA) to accept 50% approximately Rs 3,700 crore investment in form of equity and other instruments from TOTAL for 2148 MW of operational solar projects of the Group. The company's board on 23 March 2020 has approved the said transaction.
Jayant Parimal, CEO, Adani Green Energy said, Adani Green Energy is determined to cement its place as a leading renewable energy player in India. With our completed mergers and joint ventures, the most recent one being with Total, we have showcased strong performance. COVID-19 disruption has not materially affected the renewable plant operations, billing or collections from counterparties. Renewable energy plants enjoys a must-run status will continue to operate and generate at optimum level, in our assessment. All under-construction activity which was mandatorily suspended during lockdown, is poised to restart, as per GoI guidelines.
Adani Green Energy, part of the diversified Adani Group, is one of the largest renewable companies in India, with a current project portfolio of 6 GW including under construction capacity.
Shares of Adani Green Energy fell 0.38% to end at Rs 209.45 on Monday.
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