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Adani Green reports net loss of ₹127 cr, sale of energy increases by 59%

1 min read . Updated: 07 Feb 2023, 04:00 PM IST Livemint

Investors in Adani Group stocks suffered a combined loss of ₹1.39 trillion in wealth on Monday, with trading in Adani Total Gas, Adani Green, Adani Power, Adani Wilmar, and NDTV halted after they hit their respective lower circuits, which range from 5-20%

Revenue from operations for sale of goods and related services dipped by 59 per cent to ₹917 crore from ₹2,268 crore in the year ago period.

Adani Green on Tuesday reported a net loss of ₹127 crore for the quarter ended December 2022. This is against a net loss of ₹79 crore in the corresponding quarter last fiscal.

Revenue from operations for sale of goods and related services dipped by 59 per cent to ₹917 crore from ₹2,268 crore in the year ago period, said Adani Green in its filing.

“We are making steady progress in our endeavor to lead the way towards large-scale adoption of affordable clean energy in India and we are on track to achieve our long-term renewable capacity addition target. The relentless efforts of our people have enabled development of large-scale hybrid capacities, which are not only the first in India but also the largest in the world. These capacities deploy cutting-edge technologies to harness the power of the sun and enable cost effective power extraction from the wind resources as also they make India future ready with better stability and integration into the national grid," said Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.

Adani Green's sale of energy for the December quarter increases by 59% YoY at 10,235 Mn units.

"Run-rate EBITDA stands at a strong Rs. 7,380 crore with Net Debt to Run-Rate EBITDA of 5.6x as of Dec 2022 well within stipulated covenant of 7.5x for holdco bond," said Adani Green in its regulatory filing.

The Solar CUF and Sale of Energy has improved with integration of high-quality SB Energy portfolio having a CUF of 26.0% in 9M FY23, consistent high plant availability, improved grid availability and improved solar irradiation.

“We are making steady progress in our endeavor to lead the way towards large-scale adoption of affordable clean energy in India and we are on track to achieve our long-term renewable capacity addition target. The relentless efforts of our people have enabled development of large-scale hybrid capacities, which are not only the first in India but also the largest in the world. These capacities deploy cutting-edge technologies to harness the power of the sun and enable cost effective power extraction from the wind resources as also they make India future ready with better stability and integration into the national grid." said Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.