Adani Green's profit jumps six fold to Rs 100 cr in Q2FY22

Total income doubles, energy sales up 54% to nearly four billion units

Adani Green Energy ltd (AGEL) reported a six-fold increase in its net profit for the quarter ending September 2021. The company posted a profit after tax of Rs 100 crore during Q2FY22 as against Rs 17 crore during the corresponding period in previous fiscal.

The company's total income stood at Rs 1,411 crore in the second quarter of the current fiscal as against Rs 718 crore in the same period a year ago. AGEL said the EBITDA from power supply up by 50 per cent YoY to Rs 1,577 crore with 150 bps improvement in EBITDA margin to 93.1 per cent in H1 FY22

The company said, sale of energy increased by 54 per cent to 3,954 million units in H1 FY22. The capacity utilisation factor (CUF) improves by 50 bps year-on-year to 23.2 per cent and wind CUF improved by 710 bps YoY to 40.7 per cent in H1 FY22

“The solid solar and wind portfolio performance, led by a considerable improvement in CUF, is a testament that we are on the right track in terms of incorporating the finest O&M practices and adopting the latest technology” said Vneet S Jaain, MD and CEO, AGEL.

He said the company is working towards having 25 GW of operational capacity by 2025.

AGEL recently in an all-cash deal, completed the acquisition of SB Energy Holdings Ltd at an enterprise valuation of Rs 26,000 crore. With this deal, SB Energy India is now a 100 per cent subsidiary of AGEL.

The company said the value accretive acquisition boosts AGEL’s operational portfolio to 5.4 GW and its overall portfolio to 20.3 GW.

Adani Transmission raises $700 million revolving projects finance

Adani Transmission ltd (ATL), the power transmission company of the Adani Group, said it has raised $700 million revolving project finance – the largest such financing. The revolving facility will finance ATL’s four transmission projects in Gujarat and Maharashtra.

The company, as per the agreement, eight international banks - DBS Bank, Intesa Sanpaolo SpA, Mizuho Bank, MUFG Bank, Siemens Bank GmbH, Société Générale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation, have committed for the facility.

This strategic transaction will meet the capital recycling needs of the banks and make the same capital available for current and future projects of ATL. The revolving nature of the facility will help ATL to achieve its goal of 20,000 circuit-km of transmission lines by 2022, the company said in a statement.

Anil Sardana, MD and CEO, ATL said, “This project financing deal is the first of its kind sanctioned by international banks in the transmission sector. ATL is at forefront of grid stability and providing sustainable, reliable and affordable energy solutions. Our development agenda is coupled with overall capital stewardship maintained through our capital management philosophy focused on equitable growth.”