The company recorded a net profit for the Jun-21 quarter was up nearly 5-fold at Rs219cr. The growth in net profits was driven by 31% growth in EBITDA at Rs892cr, with EBITDA from power supply up by 41% yoy. EBITDA margins from power supply improved to 92.5%.
The stock ended at Rs896.40 up by Rs3.25 or 0.36% from its previous closing of Rs893.15 on the BSE.
"AGEL's growth continues to accelerate," said Mr. Gautam Adani, Chairman of the Adani Group. "In just two years, AGEL has marched to the very forefront of the world's renewable energy brigade, accelerating the transition to green energy faster than any other company in the world. The acquisition of SB Energy’s high quality renewable energy portfolio has further consolidated our position as the world's largest solar player thereby keeping us on track to become the world largest renewables player by 2030. Renewable energy is at a massive inflexion point in its young journey and we are well positioned."
Other Updates – Q1 FY22:
- AGEL commissioned renewable projects ahead of schedule despite pandemic:
- 150 MW wind plant commissioned in Gujarat: Adani Wind Energy Kutchh Three Limited, a subsidiary of AGEL, commissioned 150 MW wind power project in Kutchh, Gujarat, 9 months ahead of its schedule.
- 50 MW solar plant commissioned in Uttar Pradesh: Adani Solar Energy Chitrakoot One Ltd, a subsidiary of AGEL, commissioned 50 MW solar power plant in Chitrakoot, Uttar Pradesh.
- AGEL is in the process of acquiring SB Energy’s 5 GW India renewable portfolio - India’s largest renewables M&A transaction
- Signed definitive agreements for 100% acquisition of SB Energy Holdings Limited (“SB Energy India”). It houses 4,954 MW of renewable assets in India. The target portfolio consists of 84% solar capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW) and 7% wind capacity (324 MW). The portfolio comprises of 1,700 MW operational solar power capacity (300 MW commissioned post definitive agreements), 2,554 MW renewable projects under implementation and 700 MW project pipeline.
- The portfolio comprises of high quality, large scale utility renewable assets. All projects are contracted to sell power under 25 years Power Purchase Agreements (PPA) with sovereign rated counterparties.