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Adani Green Energy Ltd announces Q2 results for FY22

Adani Green Energy Ltd (AGEL), a part of the Adani Group, today announced the financial results for the quarter and half year ended September 30, 2021.

Ahmedabad: Adani Green Energy Ltd (AGEL), a part of the Adani Group, today announced the financial results for the quarter and half year ended September 30, 2021.

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The Operational Performance Snapshot for the period is as follows:

Financial Performance – Q2& H1 FY22:

(Rs. Cr.)

Particulars                    Quarterly performance                                       Half yearly performance

                            Q2 FY22    Q2 FY21    % Change                                 H1 FY22    H1 FY21    % change

Revenue from 

Power Supply           834           530             58%                                           1,682       1,139             48%

                        

EBITDA from 

Power Supply 2        787           490             61%                                          1,577        1,050             50%

EBITDA from 

Power Supply (%)   93.6%       92.1%                                                            93.1%      91.6%    

                        

Cash Profit                401          250            61%                                            859           593              45%

– Robust growth in Revenue from Power Supply is backed by robust growth in capacities and improved Solar and Wind CUF.

– Continuedgrowth in EBITDA from Power Supply and Cash Profit is supported by increase in revenues and cost efficiencies brought in through analytics driven O&M.

“It is gratifying to see that the focus on climate change has continued to accelerate at a pace that has taken everybody by surprise,” said Gautam Adani, Chairman of the Adani Group. 

“I believe this is a good indication of the progress the world can make when it combines forces to solve a global problem. Our journey towards becoming the world’s largest renewables player and further increasing the gap as the world’s largest solar player is manifested in the very significant investments that we continue to make in this business.”

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Operational Performance – Q2& H1 FY22:

Particulars                              Quarterly performance                                     Half yearly performance

                                    Q2 FY22    Q2 FY21    % change                           H1 FY22    H1 FY21    % change

Sale of Energy 

(Mn units)                       1,901        1,182            61%                                  3,954         2,567          54%

    Solar                         1,430        1,017            41%                                  3,080         2,203          40%

    Wind                            471           165          185%                                     874            364         140%

                        

Solar portfolioCUF (%)   21.4%       20.7%                                                    23.2%      22.7%    

Wind portfolioCUF (%)   42.9%      30.3%                                                     40.7%      33.6%    

– Sale of Energy increase backed by capacity addition of 2,610 MW5 and improved Solar and Wind CUF.

– Solar CUF improvementbacked bysignificant improvement in grid availability and consistently high plant availability of ~ 100%.

– Wind CUF improvement backed by technologically advanced and more efficient newly added Wind Turbine Generators, improved plant availability of~ 96% and improved wind speed.

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Other Recent Updates:

– AGEL closed India’s largest renewables M&A deal for USD 3.5 bn:

– In an all-cash deal, AGEL has successfully completed the acquisition of SB Energy Holdings Ltd (SB Energy India)for a fully completed enterprise valuation of USD 3.5 Bn (~Rs. 26,000 Cr). With this deal, SB Energy India is now a 100% subsidiary of AGEL.

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– The value accretive acquisition boosts AGEL’s operational portfolio to 5.4 GW and its overall portfolio to 20.3 GW 1implying a 4x locked-in growth. AGEL’s counterparty mix for its overall portfolio of 20.3 GW is further reinforced with 88% sovereign rated counterparties.

– PPA signing commenced with SECI towards Letter of Award previously received for manufacturing linked solar project of 8 GW with signing of PPAs for 867 MW in Oct 2021

– Earlier, AGEL had participated, through its subsidiary, in a tender issued by Solar Energy Corporation of India (SECI) andhad been awarded a PPA capacity of 8 GW Solar Generation projects linked with setting up of 2 GW Solar PV manufacturing capacity.

– AGEL, through its subsidiaries, has signed PPAs for total capacity of 867 MW at the tariff of Rs. 2.54 per unit for a period of 25 years.Further, Contract agreements have been signed with SECI for setting up of solar PV manufacturing plants for a total capacity of 2 GW. This will help AGEL move swiftly towards its target of 25 GW operational capacity by 2025.

– Awarded 450 MW Wind project from SECI in Oct 2021

– Adani Renewable Energy Holding Fifteen Limited, a Wholly-owned Subsidiary of Adani Green Energy Limited had participated in a Tender issued by Solar Energy Corporate of India Limited (SECI) for setting up 1,200 MW ISTS-connected Wind Power Project (Tranche-XI) and has received the Letter of Award (LOA) to set-up 450 MW Wind Power Project under this tender. 

– The fixed tariff for this project capacity is Rs. 2.70/ kWh for a period of 25 years.

– Board charter revised by forming new committees and increasing representation of independent directors in existing committees:

Board Committee                                                                              Board Independence

                                                                                                         Existing                 Approved

Audit Committee                                                                                  75%                      100%

Nomination and Remuneration Committee                                          75%                     100%

Corporate Social Responsibility Committee                                         33%          At least 75%

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Stakeholders Relationship Committee                                                 67%         At least 50%

Risk Management Committee                                                              33%        At least 50%

    Mergers & Acquisitions Committee (New)                                                      At least 50%

    Legal, Regulatory & Tax Committee (New)                                                     At least 50%

    Reputation Risk Committee (New)                                                                  At least 50%

Corporate Responsibility Committee (New)                                                                   100%

Info Tech & Data Security Committee (New)                                                        At least 50%

– AGEL has joined CDP’s The Science Based Targets Initiative Incubator Project (SBTiIP) in order to advance its SBTi commitment

– Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). It defines and promotes best practices in science-based target setting and independently assesses companies’ targets.

–  AGEL is committed to SBTi  and to advance further on this, 

– AGEL has joined CDP’s ‘The Science Based Targets Initiative Incubator Project’ (SBTiIP) wherein CDP provides technical support to the companies who wish to move from commitment stage to the target development stage.

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“The solid solar and wind portfolio performance,led by a considerable improvement in CUF,is a testament that we are on the right trackin terms ofincorporating the finest O&M practices and adopting the latest technology” said Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd. 

He further said, “Our teams are working relentlessly towards the target of 25 GW operational capacity by 2025 and the recent addition of SB Energy’s 5 GW portfolio has helped us move closer to that ambition. We have taken a number of strides ahead in terms of our commitment to ESG and we will continue to work in this direction.”

first published:Oct. 28, 2021, 5:28 p.m.

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