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Adani Green Q3 Results 2022

24 May 2022

Adani Green Energy posted its quarterly earnings report for Q3 FY22 (October to December quarter) on February 2, 2022. The Adani Group company reported a whopping 51% QoQ (quarter on quarter) dip in its consolidated PAT to Rs 49 crore from Rs 100 crore in the previous quarter. On a YoY (year on year) basis, however, the profit after tax (PAT) rose 19.5% from Rs 41 crore in the year ago period.

The depreciation and amortisation costs jumped to Rs 260 crore from 164 crore in the previous quarter, and the adjustment to borrowing cost increased to Rs 239 crore in the quarter under review from Rs 65 crore in Q2 FY22.

Adani Green Energy’s revenue from operations jumped 8% QoQ to Rs 1,400 crore from Rs 1,295 crore in the previous quarter. On a YoY basis too, the revenue from operations increased an impressive 87% from Rs 749 crore in the year ago period.

In line, the company’s total income increased by 4.2% QoQ to Rs 1,271 crore from Rs 1,411 crore in Q2 FY22 while the figure climbed 74% YoY from Rs 843 crore in the corresponding quarter in the year ago period.

Meanwhile, Adani Green Energy Limited has signed a UN Energy Compact committing to develop and operate Renewable Energy Generation Capacity of 25 GW by 2025 and 45 GW by 2030 and to keep average tariff below Average Power Purchase Cost at national level. The company is working towards its ‘Net Zero’ ambition by 2050, while the operating renewable projects all over the world are slated to have 35 GW renewable capacity by 2025. 

Adani Green Energy’s stock closed in the green at Rs 1916.40 per share after gaining 0.65% at the end of the intraday trading session ahead of its quarterly results on February 2, 2022.

Hits: Adani Green Q3 Results 2022

  • PAT up 19.5% to Rs 49 crore from Rs 41 crore in the year ago period
  • Revenue from operations up 8% QoQ, 87% YoY to Rs 1,400 crore
  • increased by 4.2% QoQ, 87% YoY to Rs 1,271 crore in the quarter under review
  • Cash Profit increases by 47% to Rs. 1,292 crore
  • Revenue from Power Supply increases by 54% YoY to Rs.2,655 crore
  • Operational Capacity increases by 83% YoY to 5,410 MW

Misses

  • PAT down by 51% QoQ to Rs 49 crore from Rs 100 crore in the previous quarter
  • EPS largely flat on YoY terms at Rs 0.14, down from Rs 0.47 on QoQ terms.

Segment-wise sales

  • Sale of Energy (Wind): Sales up 96% YoY to 2,300 million units from 1,172 million units in Q3 FY21
  • Sale of Energy (Solar): Sales up 102% to 204 million units from 101 million units in Q3 FY21

What the Management says

Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd said, “The continued robust operational performance and improving visibility of growth with firm PPAs demonstrate that we are well on track to become the largest renewable player by 2030. Our commitment towards ESG is only getting stronger with the global recognition of our efforts to light up the world with green energy and to further incorporate the best ESG practices on all fronts.”

Other things to know about Adani Green Energy

  • 65% of Adani Green Energy Limited’s total operating capacity is now single-use plastic (SUP) free with SUP free certification received for additional 37 operational plants in Q3 FY22
  • Adani Green Energy Limited signs world’s largest green PPA with SECI to supply 4,667 MW
  • Adani Green Energy is the largest renewable energy company in the country with a market capitalization of Rs 2.97 lakh crore (as of February 2, 2022). 
  • The company’s P/E ratio is at 1,418 against the industry average of 29.3 while its P/B ratio is at 140 against the industry average of 3.24.

To read the RA disclaimer, please click here.

Research Analyst: Bavadharini KS

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