AGEL added 925 MW operational capacity in FY21 despite pandemic

 

AGEL has been awarded/ declared L1 bidder for 13,550 MW new renewable projects in FY21 taking locked-in growth up to ~ 20,000 MW(1)

 

AGEL’s Total Income for FY21 up by 34% YoY at Rs. 3,520 cr

Sale of Energy for FY21 up by 25% YoY at 5,482 mn units

 

EDITOR’S SYNOPSIS

 

  • Solar portfolio Plant availability up by 60 bps YoY at 99.5% in FY21 & Wind portfolio Plant availability up by 540 bps YoY at 95.1% in FY21

 

  • Cash Profit up by 121% YoY at Rs. 373 cr in Q4 FY21 and up by 136% YoY at Rs.1,250 cr in FY21(2)

 

  • Total EBITDA up by 33% at Rs. 715 cr in Q4 FY21 and up by 41% at Rs. 2,632 cr in FY21

 

  • Revenue from Power Supply up by 15% YoY at Rs. 690 cr in Q4 FY21 and up by 17% YoY at Rs. 2,419 cr in FY21

 

  • EBITDA from Power Supply up by 15% YoY at Rs. 626 cr in Q4 FY21 and up by 19%YoY at Rs. 2,207 cr in FY21

 

  • EBITDA margin from Power Supply consistent at 90% in Q4 FY21 and expands by ~ 200 bps YoY at 91% in FY21

 

  • Demonstrating AGEL’s strong ESG focus:

 

  • 648 MW Solar Plant at Kamuthi, Tamilnadu becomes First Water Positive Plant of its kind in the World and First Single Use Plastic (SUP) free plant of its kind in India; and was conferred EHS Excellence Award from CII

 

  • AGEL achieved Zero Loss time and recordable injury in FY21

 

  • AGEL is ranked 2nd best in Indian Electric Utility sector ESG benchmarking of DJSI-SP Global and assigned MSCI ESG Rating of ‘A’

 
  1. Locked-in growth includes operational, under implementation, awarded and L1 bid projects
  2. Cash Profit is before deduction of TOTAL Distribution (which is part of finance cost as per IndAS)

 

Ahmedabad, May 5, 2021: Adani Green Energy Ltd. [“AGEL”], a part of the Adani Group, today announced the financial results for the quarter and financial year ended March 31, 2021. The Operational Performance Snapshot for the period is follows:

 

 

Operational Performance:

 

Particulars

Quarterly performance

Yearly performance

Q4 FY21

Q4 FY20

% Change

FY21

FY20

% Change

Sale of Energy (Mn units)

 1,614 

 1,303 

24%

 5,482 

4,385 

25%

- Solar

 1,482 

 1,191 

24%

 4,886 

4,120 

19%

- Wind

 132 

 110 

20%

 596 

265 

125%

 

 

 

 

 

 

 

Solar portfolio CUF (%)

 24.3%

 25.4% 

 

 22.5% 

 22.6% 

 

Wind portfolio CUF (%)

 22.2% 

 25.5% 

 

 26.8% 

 26.7% 

 

 

  • Sale of Energy for FY21 increased by 25% YoY on the back of capacity addition of 925 MW and consistent Solar and Wind CUF.

 

  • Solar CUF remained consistent in FY21 with improvement of 60 bps YoY in plant availability at ~ 100%.

 

  • Wind CUF remained consistent in FY21 with improvement of 540 bps YoY in plant availability at 95%.

 

Financial Performance:                                                                                              (Rs. Cr.)

Particulars

Quarterly performance

Yearly performance

Q4 FY21

Q4 FY20

% Change

FY21

FY20

% Change

Total Income

 1,082 

 719 

51%

 3,520 

2,629 

34%

Revenue from Power Supply

 690 

 601 

15%

 2,419 

2,065 

17%

 

 

 

 

 

 

 

Total EBITDA 1

 715 

 539 

33%

 2,632 

 1,862 

41%

EBITDA from Power Supply 2

 626 

 546 

15%

 2,207 

 1,859 

19%

EBITDA from Power Supply (%)

90%

90%

 

91%

89%

 

 

 

 

 

 

 

 

Cash Profit 3

 373

 168 

120%

 1,250 

 529 

136%
  1. Total EBITDA = Total Income – Purchase of Stock in trade – Change in inventories – Employee Benefit Expenses – Other Expenses
  2. EBITDA from Power Supply = Revenue from Power Supply + prompt payment discount - Employee Benefit Expenses – Other Expenses excluding expenses pertaining to EPC/ sale of goods & loss on sale of assets
  3. Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items + TOTAL Distribution (which is part of finance cost as per IndAS)

 

  • Revenue from Power Supply in FY21 increased backed by added capacities and consistent Solar and Wind CUF.

 

  • EBITDA from Power Supply in FY21 increased backed by improved revenue performance and optimization of O&M cost.

 

  • EBITDA margin from Power supply in FY21 improved by ~ 200 bps to 91% backed by improved plant availability leading to higher energy generation and optimization of O&M cost.

 

  • Significant improvement in Cash Profit backed by increased revenue and EBITDA.

 

 

AGEL added 925 MW operational capacity in FY21 despite pandemic:

 

  • 575 MW Green field commissioning: In FY21,AGEL commissioned 100 MW solar plant in Rajasthan, 250 MW solar plant in Gujarat, 125 MW solar plant in Uttar Pradesh and 100 MW wind plant in Gujarat.

 

  • 350 MW Acquisitions completed: In FY21, AGEL completed acquisition of 205 MW solar plants from Essel Group, 75 MW solar plants from Sterling & Wilson, 50 MW solar plants from Sky Power Global, 20 MW solar plant from Hindustan Power projects.

 

AGEL is awarded/ declared L1 bidder for 13,550 MW new renewable projects in FY21 taking locked-in growth up to ~ 20,000 MW

 

  • In FY21, AGEL received Letters of Award for 8,900 MW renewable projects. This includes (i) 8,000 MW solar projects from Solar Energy Corporation of India, (ii) 600 MW Solar-Wind Hybrid project from Solar Energy Corporation of India and (iii) 300 MW wind project from Solar Energy Corporation of India.

 

  • Additionally, during FY21, AGEL was declared L1 bidder for 4,800 MW renewable projects. This includes (i) solar tender for 3000 MW with green-shoe option for 1,500 MW from Andhra Pradesh Green Energy Corporation Ltd. (ii) Solar tender for 150 MW from Torrent Power Ltd. In April 2021, AGEL has received Letter of Award for 150 MW solar project.

 

Other Key Achievements in FY21:

 

  • AGEL is ranked as the Largest Developer of Solar Power in the world by US based Mercom Capital.

 

  • ‘Leadership in Performance’ award conferred to AGEL’s solar plant in Karnataka and Wind plant in Gujarat from shortlisted top performing plants across India at CII Performance Excellence Awards 2020

 

  • AGEL sealed USD 1.35 billion senior debt facility in one of Asia’s largest project financing deals with participation from 12 international banks to finance its under-construction renewable portfolio. This strengthens AGEL’s strategy to fully fund its under construction asset portfolio and brings it a step closer to its vision of 25 GW capacity by 2025.

 

  • Adani and TOTAL deepened their strategic alliance with (i) Conclusion of 50:50 JV between AGEL and TOTAL that houses 2,353 MW operational solar assets and (ii) acquisition of 20% equity stake in AGEL by way of purchase of shares held by Adani Promoter group. TOTAL made aggregate investment of USD 2.5 bn towards acquisition of aforesaid JV and 20% stake in AGEL. The investment in AGEL is another step in the strategic alliance between Adani Group and TOTAL, across various businesses and companies of the Adani Group, covering investments in LNG terminals and gas utility business. This is in-line with the commitment of both Adani & TOTAL to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable energy.

 

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Green Energy Limited said, “I am gratified to see Adani Green Energy's results. About three years back we made a commitment to our shareholders that we would showcase India’s ability to lead the renewable power revolution. Our ranking this year as the world’s largest developer of solar power is testimony to this commitment, as is the investment that global majors are making in the AGEL portfolio. Despite all the challenges resulting from the pandemic, we have been resolute in our execution and stay confident of emerging as the world’s largest renewable player before the end of the decade. We are also on track to contribute meaningfully to India’s COP21 goals as well as to the wider UNFCCC goals of sustainability.”

 

Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd said, “FY21 has been an eventful year for Adani Green Energy witnessing robust operational performance and rapid capacity build-up despite the pandemic, new strategic alliances and tie up of a revolving project finance facility.

 

On ESG front, we had Zero Loss time and recordable injury in FY21. The 648 MW Solar Plant at Kamuthi, Tamilnadu becoming the First Water Positive Plant of its kind in the World and the First Single Use Plastic (SUP) free plant of its kind in India. The plant has also been conferred EHS Excellence Award from CII in FY21.

 

AGEL’s data analytics driven O&M, advance de-risking based development approach and disciplined yet transformational capital management will continue to ensure a steady progress towards target of having 25 GW operational capacity by 2025.”