Adani Green Energy, a part of the diversified Adani Group, on Monday reported narrowing of consolidated net loss at Rs 67.96 crore for the full financial year ended March 31, 2020 (FY20), as compared to net loss of Rs 475.05 crore in FY19.
Consolidated revenue increased by 23.37 per cent to Rs 2,629.70 crore in FY20 from Rs 2130.99 crore in the previous financial year. Revenue from power generation was up by 8 per cent to Rs 2,065 crore due to additional project commissioning and full period operationalisation impact. The number of units (KWh) sold was up by 13 per cent to 4,373 million units (MUs).
For the January-March quarter of FY20, the Adani Group company posted consolidated net profit of Rs 55.64 crore, driven by lower expenses. The clean energy firm had posted a consolidated net loss of Rs 94.08 crore in the corresponding quarter a year ago.
Adani Green Energy's total income was flat at Rs 718.66 crore in Q4FY20 versus Rs 718.73 crore in Q4FY19.
Commenting on the results, Gautam Adani, Chairman, Adani Green Energy said, "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. Green Energy and Renewable Energy motivated investments will continue in this coming fiscal year."
For the full financial year 2091-20, the operating profit or EBITDA (earnings before interest, taxes, depreciation, and amortisation) grew 4 per cent YoY to Rs 1,782 crore due to increased operating capacity.
Interest and other borrowing cost increased to Rs 1,075 crore as compared to Rs 985 crore YoY.
Due to change in depreciation method, there is reduction in depreciation and amortisation, the company said. Depreciation for FY20 was at Rs 394 crore as against Rs 1,062 crore in FY19, while for Q4FY20 it was Rs 108 crore versus Rs 293 crore in Q4FY19.
As on 31 March, 2020, gross debt was at Rs 13,943 crore (excludes inter-corporate deposits and lease liability) and net debt was Rs 11,470 crore.
The group has won bids for 130 MW wind and 1,300 MW Hybrid in FY20. Post completion of all the bids won and projects under implementation, the group's operational capacity would be 5,990 MW, the company said.Meanwhile, shares of Adani Green Energy closed Monday's trade at Rs 209.45, down 0.38 per cent, on the Bombay Stock Exchange.