Adani Green Energy posts Rs 55 cr net profit in March quarter; revenue from power generation up by 8% at Rs 2,065 cr

New Delhi: Adani Green Energy on Monday posted a consolidated net profit of Rs 55.64 crore for the March 2020 quarter, helped by lower expenses. The clean energy firm had logged a consolidated net loss of Rs 94.08 crore in the corresponding quarter a year ago, a company statement said. Its total income stood at Rs 718.66 crore for the quarter under review as against Rs 718.73 crore a year earlier. On a full-year basis, the company reported narrowing of consolidated net loss at Rs 67.96 crore in 2019-20. In the 2018-19 fiscal, its net loss was Rs 475.05 crore. [caption id=“attachment_2829082” align=“alignleft” width=“380”] Representational image. Reuters[/caption] Total income for 2019-20 stood at Rs 2,629.07 crore, as compared to Rs 2,130.99 crore in 2018-19. Commenting on the results, company’s chairman Gautam Adani said in the statement, “Adani Group has always maintained sustainability as a priority at the group. With the long-lasting impact that COVID-19 is due to have on all sectors, sustainability-driven business is imperative.” He further said that green and renewable energy-motivated investments will continue in this fiscal year. At Adani Group, “We are committed towards nation building and ensuring electrification for the growth of the economy. We are confident in emerging stronger at the end while delivering value to all stakeholders”, he added. The board in its meeting on Monday also approved proposal to raise Rs 2,500 crore by issuance of issue of equity shares or convertible bonds or other convertible securities etc through qualified institutional placement. “The board has also recommended enabling resolution for seeking approval of the shareholders at the ensuing annual general meeting to raise funds by issue of Equity Shares / convertible Bonds or other convertible securities etc through Qualified Institutional Placement (QIP) / GDR / ADR / FCCBs / FCEBs etc for an aggregate amount upto Rs 2,500 crores,” the company statement said. Total revenue of the company increased by 24 percent to Rs 2,549 crore in FY 2019-20. The revenue from power generation is up by 8 percent at Rs 2,065 crore due to additional project commissioning and full period operationalisation impact. The number of units (KWh) sold is up by 13 percent to 4,373 million units (MUs). Due to change in depreciation method, there is reduction in depreciation and amortisation, the company said. Depreciation for FY'20 is Rs 394 crore as against is Rs 1,062 crore Y-o-Y and depreciation for Q4 FY20 is Rs 108 crore as against Rs 293 crore Y-o-Y. Finance cost interest and other borrowing cost increased to Rs 1,075 crore as compared to Rs 985 crore Y-o-Y due to charging of interest due to projects which were being implementing were commissioned in FY20 and additional debt on account of ramp up of capacity and refinancing, it added. The group has refinanced its earlier borrowings through issuance of secured senior notes (USD-denominated bonds) and rupee term loans from bank and financial Institutions. On account of such refinancing activities, the group has incurred one-time expenses aggregating to Rs 173 crore during the year. The Adani Green Energy Ltd, part of the diversified Adani Group, is one of the largest renewable companies in India, with a current project portfolio of 6 GW including under construction capacity.