Adani Green Energy Posts 35% Increase in Revenue in First 9 Months of FY20

Adani Green Energy has announced its financial results for the first 9 months, reporting revenue from operations of Rs 1852 crore, a 35% growth YoY

Adani Green Energy (AGEL), a part of the Adani Group, has announced its financial results for the first 9 months of FY 20 and quarter ended December 31, 2019. And the firm has reported the total revenue from operations of Rs 1852 crore, recording a 35 percent growth year on year (YoY) from the same period last year.

Total revenue from operations in the third quarter was Rs 504 crore, up 11 percent y-o-y, with the revenue from power generation in the three month period standing at Rs 452 crore.  The revenue from power generation from the first nine months was Rs 1,464 crore, up 7 percent y-o-y.

Jayant Parimal, CEO, Adani Green Energy Ltd said, “AGEL had a strong quarter and is rapidly cementing its place as the leading Renewable Energy player in India. We have reached an operational capacity of 2.5 GW, and are on course to reach 4.29 GW by FY 2021. We wish to become among the leading global players in renewables. With are glad to make our first-ever deal from India to use an amortising project finance type structure giving foreign investors a chance to buy investment-grade bonds from India’s renewable energy sector.

The firm has also reported that its total contracted portfolio now stands at 5,990 MW, of which 2,495 MW is operational capacity (which includes 150 MW of OEM wind project). And that it is now on track to achieve 5,990 MW of operating capacity by FY 2022.

The firm also reported that it has refinanced its earlier borrowings through issuance of secured senior notes (USD denominated bonds) and rupee term loans from a bank and financial Institutions. On account of such refinancing activities, the Group has incurred one-time expenses aggregating to Rs 173 crore for 9M FY20 (out of which Rs 74 crore incurred during Q3 FY20).

The Group has won bids for 130 MW wind and 1,300 MW Hybrid in 9M FY20. Post completion of all the bids won and projects under implementation, the Group’s operational capacity would be 5,990 MW.

Commenting on the quarterly results of the Company, Gautam Adani, chairman, Adani Green Energy Limited said, ”we are committed to creating a greener future and our new initiative coming together to support the engagement and participation of the power sector. This quarter, we are proud that Adani Green Energy Limited became India’s first investment-grade offering from the nation’s renewable energy sector to global investors.”