Adani Green Energy reports Q1 FY19 net loss at Rs 74 crore

Despite a nearly two-fold increase in revenues, Adani Green Energy's (AGEL) net loss widened to Rs 74 crore mainly due to forex losses and higher finance cost, the company today said.

This is the maiden result announcement of the company following its listing at the bourses in June after it got demerged from Adani Enterprise, AGEL said in a statement.

AGEL had reported a net loss of Rs 17 crore in the corresponding quarter last fiscal.

Its total revenues for the April-June period increased by a whopping 148 per cent to Rs 472 crore from Rs 190 crore in Q1 FY2018 as most of the projects got operationalised, the company said.

During the quarter, the company witnessed a significant rupee depreciation against the dollar of six per cent resulting in a forex loss of Rs 176 crore.

Similarly, the finance cost during the quarter was Rs 145 crore, up by Rs 55 crore mainly due to additional capacity in solar portfolio, it said.

"We believe the adoption of renewable energy and developing low cost renewable energy plant is important in a country like ours. We are in alignment with the government's agenda of generating 225 GW of renewable energy by 2022 and increasing the scope of incorporating green energy and enabling last-mile connectivity to power," AGEL Chairman Gautam Adani said.

The company's operating capacity has increased to 1,958 MW including 1,898 MW of solar and 60 MW of wind. AGEL sold 970 million units in Q1 FY2019, the release said.

Company's CEO Jayant Parimal said AGEL is seeing huge opportunity in hybridization of renewable energy.

"We are one of the largest company in India's renewable energy sector and with the added thrust on green energy by the government we would further strengthen the company's standing and create value for our stakeholders," he added.

As of June 30, 2018, the company's gross debt stood at Rs 9,981 crore (including Rs 1,461 crore of debt given by Adani group companies) and net debt was Rs 9,477 crore (gross debt less cash and cash equivalents including margin money deposits with banks).

The company is developing 300 MW of solar projects and 937 MW of wind projects having a weighted average tariff of Rs 3.08 per unit and Rs 2.68 per unit, respectively, the release said.