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Adani Green hits the roof on turnaround Q1 numbers

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Adani Green Energy hit an upper circuit of 5% at Rs 608.55 after the company reported a consolidated net profit of Rs 21.75 crore in Q1 June 2020 as against a net loss of Rs 97.44 crore in Q1 June 2019.

Total income jumped 30% to Rs 878.14 crore in Q1 June 2020 from Rs 675.23 crore in Q1 June 2019. Other income stood at Rs 99.6 crore in Q1 June 2020, steeply higher than Rs 14.42 crore in Q1 June 2019.

Adani Green reported pre-tax profit (PBT) of Rs 51.27 crore in Q1 June 2020 compared with pre-tax loss of Rs 131.24 crore in the corresponding period last year. Total tax expense stood at Rs 31.49 crore in Q1 June 2020. It received a tax rebate of Rs 33.23 crore in the same period last year.

During the quarter, the Adani Solar USA Inc. (a subsidiary company) sold its 100% ownership interest in Sigurd Solar LLC (project company and step down subsidiary of holding company) by way of membership interest sale agreement. The resultant loss of Rs 70.64 crore on account of the above transaction has been recognised as an exceptional item in above consolidated financial results.

The company said it exported 1,382 million units in Q1 June 2020, 24% higher than 1,114 million units in Q1 June 2019.

Total net export increased by 24% YoY on the back of capacity addition of 425 MW and steady Capacity Utilization Factor (CUF) performance. Solar CUF has remained steady at 24.8%, better than P75 target of 24.3%, supported by strong plant availability, grid availability and Solar irradiation. Wind CUF has improved from 35.8% to 40.1% with improved plant availability and high grid availability.

Commenting on the quarterly results of the company, Gautam Adani, Chairman said, "The growing domestic and international demand for cleaner and greener technology, has accelerated the green energy transition in the country and we are prepared to lead this change. Today, sustainability and economy go hand in hand and as such the goals of the organization must be aligned with the needs of the nation. The definitive steps taken by us in this journey are calculated to meet our ESG goals at each turn. This quarter, we have cemented our place in the global renewable space by winning the world's largest solar bid and with this we have been ranked as the largest solar power developer in the world by Mercom Capital."

Adani Green Energy develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, September 11 2020. 14:12 IST