Gautam Adani-promoted Adani Green Energy reported a profit before tax of Rs 69 crore for the March 2020 ended quarter against a loss reported in the same period a year ago. The profit came on the back of lower expenses.
Company executives said Covid-19 and its impact on power demand did not have any significant effect on Adani Green’s operations and financial performance. They added, the company looks to re-open all under construction projects and invest Rs 8,000 to 10,000 crore as capital expenditure in the current financial year.
Adani Green’s profit before tax and exceptional items was at Rs 69 crore, while it posted a loss of Rs 80 crore in the corresponding quarter a year ago. Profit after Tax (PAT) for the quarter under review was at Rs 56 crore, against a loss of Rs94 crore for the same period year ago. Total income for the company was marginally lower at Rs718.66 crore, compared to Rs718.73 crore a year ago. Revenue from power generation, however, saw a jump of 10 per cent on a year on year basis.
“We have received our payments regularly so far and have also dispatched power on a regular basis,” said Jayant Parimal, chief executive officer for Adani Green. He added, “We have faced no issues over our operating assets. The worse is behind us, demand should recover in one or two month’s time.” Parimal expects construction work to take more time to recover due to labour issues. The company looks to add 1.1 gigawatt to 1.6 gigawatt worth capacity in this year. The executive added the company has so far refrained from any job or salary cuts.
The company said its total receivables overdue for power generation were at Rs 467 crore, of which Rs 437 was pending with Tamil Nadu Generation and Distribution Corporation (TANGEDCO). As on 31st March, 2020, Gross debt was at Rs 13,943 crore and net debt was at Rs 11,470 crore.