Adani Green, on Thursday, 28th October 2021, declared its quarterly results for the second quarter of the financial year 2021-22. The results highlighted a 488% increase in the consolidated net profit of the company to Rs 100 crore on a yearly basis from the previous year. Adani Green had declared Rs 219 crore profit in the April to June quarter.
While the total income almost doubled up to Rs. 1,411 crores compared to Rs. 718 crores in Q2 FY21 and is higher than the Rs 1079 crore reported in Q1 FY22, the total expenses the company has had to undertake has also expanded significantly. Total expense stood at Rs 1,302 crore in the quarter under review, against Rs 898 crore reported in the previous quarter and Rs 711 crore reported in the previous year.
The sale of energy grew by 61% year-on-year (YoY) after the company increased its power generating capacity by adding 2610 MW of energy capacity and improved solar and wind Capacity Utilisation Factor. The energy sales jumped from 1182 MU to 2610 MW. Solar energy sales also grew by 41% YoY from 1017 MU to 1430 MU.
The company’s operational capacity increased 93% YoY and amounted to 5410 MW. EBITDA from the power supply vertical jumped 50% YoY from Rs.1050 crores to Rs.1577 crores. The EBITDA margin also improved by 150 bps YoY, to stand at 93.1%, after the end of the July-September 2021 quarter.
Before the results were declared, the stock of Adani Green closed at Rs.1147.15 after a fall of 4.89% intraday (28 October, 2021).
Gautam Adani, the Chairman of the Adani Group said that it was gratifying to see the focus on climate change accelerate considerably to take everyone by surprise. He said that this acceleration is a good indicator of the progress that the world can make if they combine their powers together towards solving a global problem. He said that the company’s journey towards becoming the world’s largest renewable energy player and increasing the gap in becoming the world’s largest solar energy player is manifested through the significant investments that the company is making in the renewable energy business.
The overall renewable portfolio of Adani Green stood at 20,284 MW after registering an increase after acquiring SB Energy’s India Renewable portfolio. Other contracts that the company entered into are as follows –
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Research Analyst: Bavadharini KS