Adani Green Energy Revenue Jumps 40% YoY in Q1 2019-20

Adani Green's 130 MW Wind Project Commissioned in Gujarat

Adani Green Energy has reported total revenue in Q1 of Rs 661 crore, a jump of 40 percent yoy from the same quarter in the last financial year.

Adani Green Energy (AGEL), a part of the Adani Group, recently announced its financial results for the first quarter ending June 30, 2019, of the financial year 2019-20. The renewable energy division of the Adani Group reported total revenue in the period of Rs 661 crore, up 40 percent Year-on-Year from the same quarter (Rs 472 crore) in the last financial year.

In its results, the company has also reported that its revenue from power generation during the first three months of the FY was Rs 554, up 17 percent y-o-y. The total number of units’ sold in the period was 1,118 MU up 15 percent y-o-y. The firm reported that this increase in revenue was on account of full period operationalisation and additional project commissioning.

EBITDA1 for Q1 at Rs 496 crore was up 13 percent on account of increased operating capacity. EBITDA margin2 during the quarter was at 90percent compared to 93% y-o-y.

Gautam Adani, Chairman, Adani Group said “our business focus is aligned with government’s vision to raise renewables-based power generation capacity and make our nation a world leader in the renewables space. Adani Green Energy Limited continues to invest in developing capabilities to provide reliable, sustainable, round the clock green power for India’s growing power needs.”

Operational Highlights:

• Total portfolio is 5,2906 MW
• 2,220 MW of renewable operational capacity (including 100 MW of Rawra and 100 MW of OEM wind project commissioned post Q1FY20)
• On track to achieve 5,2906 MW of renewable operating capacity by FY 2022.

Jayant Parimal, CEO, Adani Green Energy Ltd said “the last quarter has seen significant growth for the business with Solar and Wind. AGEL is among the largest renewable energy generation companies in India, and with our focus on new technology evaluation, we plan to commission a total of ~800 MW of new capacity of wind and solar projects in FY2020. As a corporate, we aspire to be among the leading global players in renewables.”

The group reported that it has won bids for 130 MW wind and 600 MW Hybrid in Q1’2020. Post completion of all the bids won and projects under implementation, the Group’s operational capacity would be 5,2906 MW.

Recently, it was announced that Adani Green Energy, through its step-down subsidiary Adani Renewable Energy (RJ,) has commissioned of the balance 100 MW capacity in the state of Rajasthan out of the 200 MW solar power project capacity that the group had won in an conducted by the Maharashtra State Electricity Distribution Company Limited (MSEDCL).