Adani Green Energy Q3 results: Company back in black, reports net profit of Rs 128 crore

MUMBAI: Adani Green Energy Limited (AGEL) saw a net profit of Rs. 41.36 crore in the third quarter of 2020-21, against a loss of Rs. 128.5 crore in Q3 of last year, on the back of increased solar capacity and generation, and the parent group's partnership with French energy giant Total.

AGEL's total revenue increased to Rs 843 crore, up 63% from Rs. 523 crore from the corresponding quarter in the previous financial year. Total EBITDA also surged 74% year-on-year to Rs. 638 crore, from Rs. 367 crore.

Talking about FY21's financial expansion, Vneet Jaain, MD and CEO of Adani Green said: "In this financial year, we are absolutely on track. Even with the pandemic situation, we have added 475 MW of greenfield in the past nine months. We are very hopeful that even in this quarter, we are adding 250-300 MW (megawatts) and everything will go well."

On the capex for FY21, Jaain said that they will exceed their target of Rs. 10,000 crore, and might go up to nearly Rs. 15,000 crore.

"Through the construction facility, and the strategic partnership with Total, we have already locked in our debt and equity requirements. It is a fully-funded growth as of today," said Kaushal Shah, Chief Financial Officer of AGEL.

To reach a capacity of 11,000 MW, a total capital expenditure is Rs. 55,000 crore, Shah added.

The company continued to add to its solar portfolio in the country despite the effects of the pandemic on its projects. It added 700 MW to its operational capacity in the year-to-date in FY21, taking its total functional capacity to 3,245 MW that is currently operating at 100% of its plant availability.

Adani Green's total capacity now stands at 14,815 MW.