Adani Green Energy Ltd announces 9M FY22 Results

Adani Green Energy Ltd announces 9M FY22 Results

Cash Profit increases by 47% to Rs. 1,292 cr

Revenue from Power Supply increases by 54% YoY to Rs.2,655 cr

Operational Capacity increases by 83% YoY to 5,410 MW

65% of AGEL’s total operating capacity is now single-use plastic (SUP) free with SUP free certification received for additional 37 operational plants in Q3 FY22

EDITOR’S SYNOPSIS

 

  • AGEL signs world’s largest green PPA with SECI to supply 4,667 MW. With this, AGEL has signed PPAs for close to 6,000 MW out of 8,000 MW awarded to it under SECI’s manufacturing linked solar tender.

     

  • Sale of energy increases by 67% YoY to 6,456 mn units in 9M FY22

     

  • Solar CUF improves by 50 bps YoY to 22.6% and wind CUF improves by 470 bps YoY to 33.2% in 9M FY22

     

  • EBITDA from power supply up by 56% YoY to Rs. 2,474 cr with 160 bps improvement in EBITDA margin to 92.4% in 9M FY22

     

Key updates on ESG Front:

  • AGEL receives CDP 2021 score of ‘B’ surpassing the Global average, Asia average and Renewable Energy sector average

     

  • AGEL receives initial FTSE ESG score of ‘FTSE4Good’ leading to its inclusion in the FTSE Russel’s ESG focused indices

     

  • AGEL becomes the first Indian member of GRI South Asia charter on sustainability imperatives strengthening its commitment towards UN SDG 7, 9 and 13
  • AGEL adopts a technical standard developed in association with CII to ensure ‘No Net Loss’ of biodiversity across all plants as a voluntary commitment under the India Business and Biodiversity Initiative (IBBI)

     

    • AGEL commits to gradual adoption of Electric Vehicles (EVs) in the company-owned fleet of new vehicles with a goal of 65% EV adoption by 2030 under an initiative of the World Business Council for Sustainable Development (WBCSD) that seeks a new national climate ambition for transport

       

     

 

Ahmedabad, 2 February 2022: Adani Green Energy Ltd (AGEL), the renewable energy arm of the diversified Adani Group, today announced the financial results for the quarter and nine months ended December 31, 2021. The performance snapshot for the period is as follows:

Financial Performance – Q3 & 9M FY22:

                                                                                                                              (Rs. Cr.)

Particulars

Nine months performance

Quarterly performance

9M FY22

9M FY21

% Change

Q3 FY22

Q3 FY21

% change

Revenue from Power Supply

2,655

1,729

54%

973

591

65%

 

 

 

 

 

 

 

EBITDA from Power Supply 1

2,474

1,582

56%

895

532

68%

EBITDA from Power Supply (%)

92.4%

90.8%

 

91.2%

90.0%

 

 

 

 

 

 

 

 

Cash Profit 2

1,292

877

47%

432

285

52%

 

  • Robust growth in revenue from power supply is backed by strong growth in capacities and improved solar and wind CUF.

     

  • Continued growth in EBITDA from power supply and cash profit is supported by increase in revenues and cost efficiencies brought in through analytics driven O&M.

 

Operational Performance – Q3 & 9M FY22:

 

Particulars

Nine months performance

Quarterly performance

9M FY22

9M FY21

% change

Q3 FY22

Q3 FY21

% change

Sale of Energy (Mn units)

6,456

3,857

67%

2,504

1,273

97%
  • Solar

5,380

3,392

59%

2,300

1,172

96%
  • Wind

1,076

465

131%

204

101

102%

 

 

 

 

 

 

 

Solar portfolio CUF (%)

22.6%

22.1%

 

21.9%

20.8%

 

Wind portfolio CUF (%)

33.2%

28.5%

 

18.6%

18.5%

 

 

  • Increase in sale of energy in 9M FY22 is backed by capacity addition of 2,460 MW and improved solar and wind CUF.
  • Solar CUF improvement in 9M FY22 is backed by integration of high-quality SB Energy portfolio, consistent high plant availability of ~ 100% and improved grid availability of ~ 99%.
  • Wind CUF improvement is backed by technologically advanced and more efficient newly added Wind Turbine Generators (WTG), improved plant availability of ~ 96%, improved grid availability of ~ 100% and improved wind speed.

    • “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” said Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd. He further said, “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 Recent Updates:

 

  • AGEL becomes the first Indian member of GRI South Asia charter strengthening its commitment for sustainability imperatives as per UN SDG 7, 9 and 13

    Adani Green Energy Ltd (AGEL) has received approval for being a member of the GRI South Asia Charter on Sustainability Imperatives. AGEL became signatory to the charter in April 2021. Firming up further, the company has now submitted a declaration with clearly identified UN Sustainable Development Goals (SDG) where it can make an impact in following years. Pursuant to this submission, AGEL has received the approval to become a member.

    The commitments are towards SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation and Infrastructure) and SDG 13 (Climate Action). AGEL has announced a target of having operating renewable energy generation capacity of 25 GW by 2025 and 45 GW while keeping the average tariff below national Average Power Purchase Cost (APPC). The cost reduction will be achieved by improvement of technology, optimization of resources using Internet of Things (IoT) and machine learning related digital interventions.

    The GRI South Asia Charter on Sustainability Imperatives - a unique creation by GRI South Asia Hub - is a clarion call for business and its stakeholders. It is anchored to a framework of transparency and disclosure, as enshrined in the GRI Standards, and provides an ameliorating way out of the quagmire. The Charter serves as an important stimulus to implement sustainability-oriented imperatives that help realize the UN Sustainable Development Goals by the end of the current decade.

  • AGEL receives initial FTSE ESG score of ‘FTSE4Good’ leading to its inclusion in the FTSE Russel’s ESG focused indices.

    FTSE Russel is a global provider of benchmarks, analytics, and data solutions with multi-asset capabilities. With AGEL’s strong commitment towards ESG, it has received initial ESG score of ‘FTSE4Good’. This leads to AGEL’s inclusion in The FTSE4Good Index Series.

    The FTSE4Good Index Series is designed to measure the performance of companies demonstrating strong ESG practices. Transparent management and clearly defined ESG criteria make FTSE4Good indexes suitable tools to be used by a wide variety of market participants when creating or assessing sustainable investment products.

    AGEL is also included in several ESG focused indices from some of the well renowned global index providers such as MSCI, Solactive AG and Bloomberg.