Mr. Gautam Adani Archives - Media Bulletins Today News Bulletin in English

Adani Green Energy to acquire SB Energy’s 5 GW India renewable power portfolio for a fully completed EV of USD 3.5 billion

May 19, 2021 by Rekha Nair 0 Comments #Adani Group, #Bharti Enterprises, #Chairman, #Chairman & CEO of SoftBank Group Corp., #Corporate Officer, #Mr. Gautam Adani, #Mr. Masayoshi Son, #Mr. Sunil Bharti Mittal, #Representative Director

Ahmedabad: Adani Green Energy Limited (AGEL), today signed share purchase agreements for the acquisition of 100% interest in SB Energy India from SBG (80%) and Bharti Group (20%). SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India. The transaction marks the largest acquisition in the renewable energy sector in India. The transaction values SB Energy India at an enterprise valuation of approximately USD 3.5 billion.

The target portfolio consists large scale utility assets with 84% solar capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW) and 7% wind capacity (324 MW). The portfolio comprises of 1,400 MW operational solar power capacity and a further 3,554 MW is under construction. All projects have 25 year PPAs with sovereign rated counterparties such as Solar Energy Corporation of India Ltd. (SECI), NTPC Limited and NHPC Limited. The operating assets forming part of the portfolio are primarily solar park based projects and have been built following best in class governance, project development, construction, and operations and maintenance practices, resulting in this being one of the highest quality renewable portfolios in the country.

With this acquisition, AGEL will achieve total renewable capacity of 24.3 GW (1) and operating renewable capacity of 4.9 GW. This acquisition demonstrates AGEL’s intent to be the leader in sustainable energy transition globally and makes it one of the largest renewable energy platforms in the world. The closing of the transaction is subject to customary approvals and conditions.

Mr. Gautam Adani, Chairman, Adani Group, said: “This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030. India, without any doubt, has been one of the few nations that has accelerated its global commitment towards climate change and we intend to do our part to execute on the promises made. The renewable energy platform that we are building will lay the foundation for attracting several other global industries that are increasingly looking to reduce their carbon footprint (as well as lay the foundation for opening up adjacent platforms that include Hydrogen and Storage). We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves. The quality of assets that SoftBank and the Bharti Group have built are excellent and I compliment their efforts to support India’s renewable energy transition. We are proud to take their legacy forward.”

Mr. Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., said: “We established SB Energy India in 2015 with the goal of creating a market-leading clean energy company to help fuel India’s growth with clean and renewable sources of energy. We are immensely proud of all that we have accomplished. As SBG continues our transition to a global investment holding company focused on accelerating the deployment of artificial intelligence, we believe now is the right time to bring in the Adani Group to help drive the next phase of SB Energy India’s growth.”

Mr. Sunil Bharti Mittal, Chairman, Bharti Enterprises, said: “I am delighted that SB Energy has found a good home to carry on its pioneering journey of building a foremost renewable energy company in India. Adani Group has an outstanding track record of building a green energy powerhouse which will get further acceleration with the combination of SB Energy into its fold. I am glad that Bharti could play a constructive role in partnership with SoftBank.

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AGEL’s Operational Capacity grows to 3,245 MW with addition of 700 MW in YTDFY21

Feb 5, 2021 by Rekha Nair 0 Comments #Adani Green Energy Limited, #Adani Green Energy Ltd, #Chairman, #MD & CEO, #Mr. Gautam Adani, #Mr. Vneet S. Jaain

Ahmedabad: Adani Green Energy Ltd. [“AGEL”], a part of the Adani Group, announced the financial results for the financial periodended December 31, 2020.The Operational Performance Snapshot for the periodis follows:

Operational Performance:

Particulars	Quarterly performance				Nine month performance
Particulars	Q3 FY21	Q3 FY20	% change	9M FY21		9M FY20	% change
Sale of Energy (Mn units)	1,303	995	31%	3,888		3,083	26%
– Solar	1,200	945	27%	3,420		2,928	17%
– Wind	103	50	106%	468		155	202%

Solar portfolioCUF (%)	20.8%	20.0%		21.9%		21.7%
Wind portfolioCUF (%)	18.9%	20.9%		28.8%		28.5%

Sale of Energy for Q3 FY21 increased by 31% YoY on the back of capacity addition of 530 MW andimproved Solar CUF.

Solar CUF increased by 80 bpsYoY at 20.8% in Q3 FY21with80 bps improvement YoY in Plant availabilityat ~ 100%and consistent Solar irradiation.

Wind CUF decreased by 200 bps YoY at 18.9% in Q3 FY21 due to lower wind speed (4.9 v/s 5.6 meters/sec YoY) although well compensated by 630 bps improvement in plant availabilityat 94.8% Q3 FY21. Wind CUF has improved by 30 bps for 9M FY21.

Financial Performance:

(Rs. Cr.)

Particulars	Quarterly performance			Nine month performance
Particulars	Q3 FY21	Q3 FY20	% Change	9M FY21	9M FY20	% Change
Total Income	843	523	61%	2,439	1,910	28%
Revenue from Power Supply	591	452	31%	1,729	1,464	18%

Total EBITDA¹	638	367	74%	1,917	1,323	45%
EBITDA from Power Supply²	532	397	34%	1,582	1,313	20%
EBITDA from Power Supply (%)	90%	87%		91%	89%

Cash Profit³	285	9	33x	877	360	2.4x

- Revenue from Power Supply in Q3 FY21 increased backed by added capacities and improved Solar CUF.
- EBITDA from Power Supply in Q3 FY21 increased backed by improved revenue performance and optimization of O&M cost.
- EBITDA margin from Power supplyin Q3 FY21 improved by ~ 300 bps to 90% backed by improved plant availability leading to higher energy generation and optimization of O&M cost.
- Significant improvement in Cash Profit backed by increased revenue and EBITDA.

TOTAL deepens Strategic Alliance towards Sustainable future with acquisition of 20% equity stake in AGEL:

Pursuant to the announcement by Adani and TOTAL last month, TOTAL completed acquisition of a 20% equity stake in AGEL by way of acquisition of shares held by Adani Promoter groupin AGEL.
The transaction marks the deepening of the strategic alliance between Adani and TOTAL, a global energy major with presence across 130+ countries.
The investment in AGEL is another step in the strategic alliance between Adani Group and TOTAL, across various businesses and companies of the Adani Group, covering investments in LNG terminals, gas utility business, and renewable assets across India. This is in-line with the commitment of both Adani & TOTAL to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable energy.
TOTAL made aggregate investment of USD 2.5 bn towards acquisition of a 50% stake in a 2.35 GW portfolio of operating solar assets owned by AGEL and a 20% stake in AGEL.

AGEL’s operational capacity grows to 3,245 MW with addition to 700 MW in YTD FY21; Latest addition of 150 MW in Q3 FY21 and further295 MW postDec 2020:

Nov 2020: AGEL commissioned 50 MW solar power plant at Rawra, Rajasthanfor sale of power to third parties or on power exchange.
Dec 2020: AGEL commissioned 100 MW solar power plant at Khirsara, Gujarat, ahead of schedule. The project has a Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam India at Rs. 2.44/kWh.

In addition to above post Dec 2020, (i)AGEL commissioned 150 MW solar power plantatKutchh, Gujarat (tariff – Rs. 2.67/kWh), (ii) commissioned50 MW solar power plant at Jaladabad in Uttar Pradesh (tariff – Rs. 3.22/ kWh)(iii) commissioned50 MW solar power plant at Sahaswan in Uttar Pradesh (tariff – Rs. 3.19/ kWh) (iv) commissioned 25 MW solar power plant at Chitrakoot, Uttar Pradesh (tariff – Rs. 3.08/kWh) and (v) signed an agreement to acquire 20 MW Operating Solar Asset in Mahoba, Uttar Pradesh (tariff – Rs. 7.54/KWh).

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Green Energy Limited said, “Over the past year we have accelerated our commitment to the Renewable Energy Space based on the new data that has become available. I fundamentally believe that the targets of renewable power will continue to be raised given the need as well as the affordability. We recognize that we have an opportunity to play a leading role on behalf of our nation as India establishes one of the fastest rates of decarbonization ever witnessed. Our partnership with Total and their experience puts us on an even stronger platform as we further expand on our sustainability ambitions.”

Mr.Vneet S. Jaain, MD &CEO, Adani Green Energy Ltd said, “Adani Green Energy has emerged as aleader in Operational Performance of Solar & Wind plants across Indiaas demonstrated by the ‘Leadership in Performance’award conferred to our plants at CII Performance Excellence Awards 2020.

AGEL has also continued its rapid capacity building despite the ongoing pandemic adding 700 MW in YTD FY21 with commissioning of 475 MW and 225 MW added through inorganic opportunities.

This has been possible with our thrust on 3 years of advance resource planning ensuring commissioning of plants ahead of schedule and we will continue to rapidly move towards our goal to commission 25 GW by 2025.”

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Adani Power announces Q3 FY21 consolidated results

Feb 5, 2021 by Rekha Nair 0 Comments #Adani Group, #Adani Power Limited, #Chairman, #Managing Director, #Mr. Anil Sardana, #Mr. Gautam Adani

Ahmedabad: Adani Power Ltd. [“APL”], a part of the Adani Group, today announced the financial results for the quarter and nine months ended December 31st, 2020.

Performance during Q3 FY 2020-21

During Q3 FY 2020-21, APL, along with the power plants of its subsidiaries achieved an Average Plant Load Factor [“PLF”] of 75%,andaggregate sales volumes of19.1 Billion Units [“BU”]. In comparison, during Q3 FY 2019-20, APL and its subsidiaries achieved an average PLF of 65% and salesvolume of 16.4 BU. Improvement in PLF was due to higher demand for power under both long term PPAs and in the short term and merchant markets. The sales volume for Q3 FY2020-21 includes 1 BU from REGL.

Consolidated Total Revenue for Q3 FY 2020-21stood 6% higher atRs. 7,099 Crore, as compared to Rs. 6,685 Crore in Q3 FY 2019-20. Revenue from Operations for Q3 FY 2020-21 includes revenue recognition pertaining to earlier years amounting to Rs. 25 Crore on the basis of various regulatory orders. In comparison, Revenue from Operations for Q3 FY 2019-20 included prior period itemsof Rs. 18 Crore.

The EBITDA for Q3 FY 2020-21 stood17% higher at Rs. 1,827 Crore, as compared to Rs. 1,557 Crore in Q3 FY 2019-20,aided by lower landed cost of imported and e-auction coal, as well as higher volumes.

The Lossbefore tax and exceptional items for Q3 FY 2020-21 was Rs. (-)206Crore, as compared to Rs. (-)649 Crore for Q3 FY 2019-20. The Total Comprehensive Loss after Tax was Rs. (-)289 Crore for Q3 FY 2020-21, as compared to Rs. (-)703 Crore for Q3 FY 2019-20.

Performance during 9M FY 2020-21

During the nine months ended December 31st, 2020, APL and the power plants of its subsidiaries achieved an Average Plant Load Factor (PLF) of 59% and aggregate sales volumes for the period were 44.4 BU. In comparison, APL and its subsidiaries achieved a PLF of 67% and sales volume of 47.5 BU in the nine months ended December 31st, 2019.Performance for the first nine months of FY 2020-21 was affected by the sharp drop in demand during the first quarter, which was caused by the strict nation-wide lockdown imposed to combat COVID-19.

Consolidated Total Income for the first nine months of FY 2020-21was almost similar to the previous year at Rs. 21,248 Crore as compared to Rs. 21,514 Crore.The figures for the nine month period of FY 2020-21 include recognition of prior period Revenue from Operations of Rs. 2,625 Crore and Other Income of Rs. 777 Crore, as compared to Rs. 1,077Crore and Rs. 780 Crore respectively for the nine month period of the previous year, primarily on account of various regulatory orders.

Consolidated EBITDA for 9M FY 2020-21 grew by 26% to Rs. 8,454 Crore as compared to Rs. 6,700 Crore for 9M FY 2019-20, due to a higher level of operations as well has higher prior period income recognition.

The Profit Before Tax for 9MFY 2020-21 was Rs. 2,055 Crore, as compared to loss of Rs. (-) 612 Crore in 9MFY 2019-20. Total Comprehensive Income for 9MFY 2020-21was Rs. 1,221 Crore, as compared to Total Comprehensive Loss of Rs. (-) 966 Crore for 9M FY 2019-20.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “India has demonstrated its indomitable spirit by combating and restricting the toll of COVID-19 on its people and the economy. The nation is poised to take off on a path of high growth for the economy and prosperity of its people, presenting an attractive set of opportunities for committed players in the infrastructure space. Energy will play a key role in fulfilling the dreams of our young citizens, and the demand for power will call for imaginative solutions for ensuring sustainability and stability. The Adani Group remains committed to sustainable growth of the energy infrastructure, and becoming a key contributor to the nation’s economic progress”.

Mr. Anil Sardana, Managing Director, Adani Power Limited, said, “As India’s power demand reclaims its growth trajectory, Adani Power, with its modern and efficient portfolio is standing ready to fulfil the need for reliable, cost effective, and efficient base load supply. Even as the execution of our strong growth pipeline progresses as per schedule, we strive to enhance our operating efficiencies on all parameters, in order to realize maximum value of our operating assets. We will continue to seize value accretive opportunities in furtherance of our vision and long term growth strategies, leveraging our deep operating experience along with our complementarity with the Adani Group’s energy mix portfolio and strategic partnerships”.

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Adani Enterprises Ltd Q3 FY21 Results – Consolidated EBIDTA increased by 6% to Rs. 939 Cr (YoY)

Feb 4, 2021 by Rekha Nair 0 Comments #Chairman Adani Group, #Mr. Gautam Adani

Ahmedabad: Adani Enterprises Ltd, (AEL) part of the Adani Group, today announced its results for the third quarter ended December 31, 2020.

* On account of demerger of renewable generation and city gas distribution businesses

Financial Highlights Q3 FY21 (Consolidated) (YoY Basis) :

• Consolidated Total Income for the quarter increased by 6% at Rs. 11,788 crore owing to increased sales in Solar Manufacturing business.
• The EBIDTA for the quarter increased by 6% at Rs. 939 crore owing to increased sales in Domestic Content Requirement segment in Solar Manufacturing business, leading to better margin.
• The PAT attributable to owners for Q3 FY21 was Rs. 297 crore vs Rs. 426 crore owing to exceptional write off of exploration block on termination by the Ministry of Petroleum and Natural Gas.

Mr. Gautam Adani, Chairman Adani Group, said, “Adani Enterprises continued its journey towards laying the foundation for several new businesses that the Group is venturing into. These include Airports, Data Centers, Roads, and Water. The fact that Adani Enterprises was able to grow its Revenue and EBIDTA through a year of crisis is a reflection of the resilience of India’s economy as well as our confidence and commitment to continue to invest to build our nation’s infrastructure”

Segment-wise Business Highlights (Q3 FY21) (YoY Basis):

1. Mining Services

• Production volume at Parsa Kente mine in Chhattisgarh stood at 4.2 MMT vs 4.7 MMT.
• Volume at GP III mine, Chhattisgarh was 0.6 MMT vs 0.06 MMT*
• Volume at Talabira II & III mine, Odisha which was commenced in the first half of FY21, was 0.3 MMT.
• Signed Coal Block Development and Production Agreement for two commercial mines; Dhirauli (3 MTPA) in the state of Madhya Pradesh and Gondulpara (4 MTPA) in the state of Jharkhand.
* GP III mine commenced its operations in Q3 FY20

2. Solar Manufacturing

• Volume constant at 285 MW. However, EBIDTA margins increased from 16% to 30%, due to increase in sale to Domestic Content Requirement segment in the sales mix.
• With strong order book the company will continue to focus on these segments to have sustainable growth

3. Agro

• In food business, maintained its leadership position with its “Fortune” brand and continues to lead the refined edible oil market with more than 20% market share.
• Total Revenue for Q3 FY21 increased by 31% at 10,257 crore. EBIDTA for the quarter remained constant at Rs. 323 crore

4. Roads

• Out of five concession agreements signed with NHAI under Hybrid Annuity Model for construction of roads aggregating to 200+ KMs, the project completion status in
• Bilaspur Pathrapali project at Chhattisgarh is about 58%
• Suryapet Khammam project at Telangana is about 20%
• The company has received LOA from NHAI for six laning of Azhiyur to Vengalam Section of NH-17 under Hybrid Annuity Model in the state of Kerala.

5. Airport Services

• Of the bids won for operation, maintenance and development of six airports,
• Took over Mangaluru, Lucknow and Ahmedabad airports during the quarter
• Signed Concession agreements for Thiruvananthapuram, Jaipur and Guwahati airports on 19th January 2021
• All the three operational Airports – Ahmedabad, Mangaluru & Lucknow awarded ACI (Airports Council International) Airport Health Accreditation for safe travel

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Adani and TOTAL Deepen Their Strategic Alliance in Sustainable Energy

Jan 19, 2021 by Rekha Nair 0 Comments #Adani Group Chairman, #Mr. Gautam Adani, #Mr. Patrick Pouyanné, #TOTAL SE CEO

Ahmedabad: Adani Promoter Group, India and TOTAL,Franceannounce the acquisition ofa 20% minority interest by TOTAL in AGEL via the acquisition of shares held by the Adani Promoter Groupin Adani Green Energy Limited.

The transaction marks the deepening partnership between the Adani Group – India’s leading infrastructure platform and TOTAL – a global energy major in the transition and green energy fields in India. The investment in AGEL is another step in the strategic alliance between Adani Group and TOTAL, across various businesses and companies of the Adani Group, covering investments in LNG terminals, gas utility business, and renewable assets across India. This is in-line with the commitment of both Adani &TOTAL to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable energy.

In 2018, TOTAL and Adani embarked on the energy partnership with investment by TOTAL in Adani Gas Limited, city gas distribution business, associated LNG terminal business and gas marketing business. TOTAL acquired 37.4% stake in Adani Gas Limited and 50% stake in Dhamra LNG project. During the development of this partnership, it was further agreed that TOTAL and Adani shall continue this alliance into the wider sustainable energy space. TOTAL and Adaniagreed the acquisition ofa 50% stake in a 2.35GWacportfolio of operating solar assets owned by AGEL and a 20% stake in AGEL for a global investment of USD 2.5Billion.

India has set a policy target of setting up 450 GW of renewable power capacity by 2030, driven by the vision, spirit and leadership of Honorable Prime Minister Narendra Modi. Starting with Prime Minister Modi’s commitment in the Paris Agreement in 2015 and further reinforcement in 2019 United Nation Climate Action Summit, India has been in the forefront of the global agenda of fight against climate change. In this context, Adani Group and TOTAL have joined hands to develop green power sources at affordable prices and to deliver this transformational energy solution.
AGEL, started in 2015 with the world’s largest single location solar power project located in Kamuthi, Tamil Nadu (648 MW) has come a long way to be ranked as the #1 global solar power generation asset developer by Mercom Capital. As on date, AGEL has over 14.6 GW of contracted renewable capacity, with an operating capacity of 3 GW and another 3 GW under construction and 8.6 GW under development. The company aims to achieve 25 GW of renewable power generation by 2025 and is committed to contribute meaningfully to India’s COP21 goals and to the wider UNFCC goals of sustainability.

Speaking on the occasion, Adani Group Chairman, Mr. Gautam Adani, said, “We are delighted to deepen our strategic alliance with TOTAL, a global energy major, and welcome them as a significant shareholder in Adani Green Energy Limited. We have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India.We look forward to working together towards delivering India’s vision for 450 GW renewable energy by 2030.”

Speaking on the occasion, TOTAL SE CEO, Mr. Patrick Pouyanné, said, “This agreement is an important step in our alliance with the Adani Group in India and our common vision and goals with respect to the importance of access to low carbon energy in India. Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties, which began with our first joint venture 2.3GW of renewable capacity. Given the size of the market, India is the right place to put into action/to deploy our energy transition strategy based on two pillars: renewables and natural gas.”

The Adani Promoter Group was represented by Clifford Chance and Cyril AmarchandMangaldas. TOTAL was represented by Latham & Watkins and AZB Partners.

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Adani Transmission Limited Consolidated Results for H1 FY21 and Q2 FY21

Nov 8, 2020 by Gouri Achary 0 Comments #Adani Transmission Limited, #Mr. Anil Sardana, #Mr. Gautam Adani

ATL reports cash profit of Rs. 1,591 Cr, up 51% yoy in H1 and Rs. 676 Cr, up 30% yoy in Q2

PBT of Rs. 778 Cr, up 33% yoy in H1 and Rs. 296 Cr, up12% yoy in Q2

Operational Highlights H1 FY21:

Transmission

Robust Transmission system availability at 99.9% even during pandemic times

Distribution

Maintained supply reliability at 99.99% (ASAI) during a difficult period of Covid
Customer adoption of digital avenues to interface with the company increases manifold reaching 73.3% (e-payments as a % of total collection) in H1 FY21 from 47.2% in H1 FY20

Financial Highlights H1 FY21:

Cash Profit of Rs. 1,591 Cr, up 51% yoy
PAT at Rs. 570 Cr, up 28% yoy
PBT at Rs. 778 Cr, up 33%; the positive impact of Rs. 330 Cr. from APTEL order in favour of MEGPTCL SPV in Transmission business received in Q1FY21
EPS at Rs. 4.3 vs. 2.2 in H1 FY20; up 94.2% yoy
Transmission Operational EBITDA at Rs. 1,267 Cr with a margin of 92% compared to Rs. 1,238 Cr in H1FY20
Distribution Operational EBITDA at Rs. 804 Cr with a margin of 28%
Consolidated Operational EBITDA⁽¹⁾ at Rs. 2,071 Cr vs. Rs. 2,120 Cr in H1FY20
Consolidated Operational Revenue⁽¹⁾ at Rs. 4,272 Cr vs. Rs. 5,446 Cr in H1FY20
With the announcement of favourable regulatory order in respect of MEGPTCL, ATL Conso will have annual recurring EBITDA benefit of ~Rs.60 Cr.

Ahmedabad, Adani Transmission Ltd. (“ATL”), a part of the Adani Group, today announced the financial results for the quarter.

Operational Highlights:

Particulars	H1 FY21	H1 FY20	Q2 FY21	Q2 FY20
Transmission
Average Availability (%)	99.88%	99.80%	99.90%	99.78%
Distribution
Supply reliability (%)	99.995%	99.991%	99.997%	99.996%
Distribution loss (%)⁽²⁾	8.51%	7.97%	3.16%	8.16%
Units sold (MU’s)⁽²⁾	3,469	4,558	1,741	2,136

Strong Transmission system availability at 99.9%

Distribution ensured more than 99.99% supply reliability despite challenges on the ground
Distribution losses were at 8.51% in H1 FY21improved significantly from 13.47% in Q1 FY21 on account of billing basis actual meter reading
Collection efficiency at AEML is back to normal levels and stood at 103.5% in Q2 FY21

Financial highlights – Transmission and Distribution:

Particulars (Rs. crore)	H1FY21	H1FY20	Q2FY21	Q2FY20
Transmission
Operational Revenue⁽¹⁾	1,368	1,343	688	674
Operational EBITDA⁽¹⁾	1,267	1,238	637	623
Margin (%)	92.4%	92.2%	92.4%	92.3%

Distribution
Revenue	2,904	4,103	1,467	1,914
Operational EBITDA	804	882	363	385
Margin (%)	27.7%	21.5%	24.8%	20.1%

Transmission business operational revenue in H1 FY21 was Rs. 1,368 Cr with stable operational EBITDA of Rs. 1,267Cr translating into the strong margin of 92.4%
Distribution segment’s H1 FY21 operational revenue down 29.2% YoY due to lower power demand and shortfall in collections in the first quarter of the year; Q2 saw considerable improvement in demand and recorded collection efficiency of 103.5%
Distribution operational EBITDA at Rs. 804 Cr in H1 FY21 saw 619 bps margin expansion at 27.7% due to stable EBITDA.

Financial Highlights – Consolidated:

Particulars (Rs. crore)	H1FY21	H1FY20	Q2FY21	Q2FY20
Operational Revenue⁽¹⁾	4,272	5,446	2,156	2,588
Operational EBITDA⁽¹⁾	2,071	2,120	1001	1,008
Margin (%)	48.5%	38.9%	46.4%	38.9%
PBT	778	585	296	264
PAT	570	444	214	230
EPS (Rs.)	4.28	2.20	1.37	1.17

Consolidated operational revenue was lower at Rs. 4,272 Crin H1 FY21 mainly due to lower revenue contribution from Distribution business in the first quarter led by the lower power consumption in Commercial and Industrial segment and a shortfall in collections.Q2 saw considerable improvement in both demand and collections.
Consolidated operational EBITDA at Rs. 2,071 Cr in H1 FY21 posted a solid EBITDA margin of 48.5%, an expansion of 956 bps in the margin on account of stable EBITDA.
Net debt to EBITDA as of H1 FY21 remains unchanged at 4.3x vs. FY20.

Other Key Highlights:

ATL making steady progress on the closure of Alipurduar transmission acquisition announced in Q1FY21
Customer adoption of digital avenues to interface with the company increases manifold reaching 73.3% (e-payments as a % of total collection) in H1 FY21 from 47.2% in H1 FY20
Adani Transmission to complete 1,000 MW line in Mumbai by Dec 2022under its SPV KhargharVikhroli Transmission Limited (KVTL)with a resolution on land allocation

Notes:

1)H1 FY21 Operational Revenue and Operational EBITDA doesn’t include the one-time positive impact of Rs. 330 Cr. from APTEL order in favour of MEGPTCL SPV of Transmission business

2) Distribution loss and units sold differs slightly from our provisional operational release released on 19^th October 2020

3) Cash profit calculated asPAT + Depreciation + Deferred Tax + MTM option loss

4) ASAI: Average Service Availability Index; APTEL: Appellate Tribunal for Electricity

Speaking on the performance of the company, Mr. Gautam Adani, Chairman, Adani Group, said, “There is abundant potential for increased growth in India’s transmission sector in the coming years. We are spearheading our energies and efforts towards providing reliable power supply across the nation. With the government’s core objective of 24×7 Power for all, considering anticipated growth and demand for power in major parts of the country, Adani Transmission Ltd is committed to delivering continuous growth and is helping in strengthening the transmission network across the nation. We are well-positioned to fulfil India’s electricity needs and look forward to delivering long-term sustainable value through our efficient management of electricity networks. Our increasingly sustainable practices will help ensure ESG driven goals, one that will benefit not only key stakeholders but the entire nation”

Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd, said, “Adani Transmission has evolved over the past few years. ATL is constantly benchmarking to be the best-in-class and is pursuing a focused approach to be world-class integrated utility through development agenda coupled with de-risking of strategic and operational aspects, capital conservation, ensuring high credit quality and forging strategic partnerships for business excellence and high governance standards. ATL is maintaining 24×7 quality power supply despite challenges posed by health and pandemic issues. The journey towards robust ESG framework and practicing culture of safety is integral to its pursuit for enhanced long-term value creation for all stakeholders”

Business World

Adani Green Energy Limited expands TOTAL JV with INR 1,632 Cr solar assets acquisition

Oct 15, 2020 by Gouri Achary 0 Comments #Adani Green Energy Limited (AGEL), #Adani Group, #Mr. Gautam Adani, #TOTAL JV, #TOTAL SA (TOTAL)

Adani Green Energy Limited (AGEL) and TOTAL SA (TOTAL) had formed a 50:50 JV for 2,148 MW solar power assets in India, which was set up at an enterprise valuation of INR 17,385 Cr in April 2020. The JV has today completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of INR 1,632 Cr. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW.

TOTAL, through its step-down subsidiary, has invested INR 310 Cr in the JV for 50% stake in the new acquisition. AGEL had earlier announced the acquisition of these assets from Essel Group on 01 Oct 2020. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years.

The transaction underlines AGEL’s and TOTAL’s commitment to grow the JV platform and deepens their partnership in the renewables space. The assets expand the JV’s footprint in states where it already has a presence through its existing portfolio. This coupled with AGEL’s strong operational expertise will help deliver value to the JV partners.

Adani Group Chairman, Mr. Gautam Adani, commented; “India continues to be one of the most attractive markets for clean energy globally. We are delighted to expand our partnership with TOTAL and are committed to grow our renewables JV platform with them. This step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world’s largest renewable power company by 2030.”

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Adani ranked as the largest solar power generation owner in the world

Sep 2, 2020 by Gouri Achary 0 Comments #Adani Green Energy Limited, #Chairman of the Adani Group, #global solar companies, #Mr. Gautam Adani

The latest ranking of global solar companies by Mercom Capital ranks the Adani Group as the #1 global solar power generation asset owner in terms of operating, under construction and awarded solar projects. Adani’srenewable energy portfolio exceeds the total capacity installed by the entire United States solar industry in 2019 and will displace over 1.4 billion tons of carbon dioxide over the life of its assets. The group is one of the most fully integrated solar players in the world, manufacturing solar cells and modules, undertaking project development, construction, financial structuring and owning and operating its assets through its robust internal asset management platform.

The growth story of AGEL mirrors the global growth story of Renewable Energy following the audacious promise made by the Hon’ble Prime Minister of India Mr. Narendra Modi at the COP 21 International Solar Alliance meeting held in Paris in December 2015. His vision foresaw India accelerating towards a rapid transition to Renewable Power. This is now manifested by the fact that India is one of just six nations and by far the largest that is on track to meet the COP21 goals.

Adani Green Energy Limited (AGEL)established its first solar project in 2015 and even as recently as 2017 the Company had completed just two solar projects. The Company went public (NSE: ADANIGREEN) in 2018 and has accelerated its presence to reach the current milestone of being the largest solar player in the world in a short span of just 5 years, with a target to achieve an installed generation capacity of 25GWacof renewable power by 2025.

In response to this ranking, Mr. Gautam Adani, Chairman of the Adani Group said: “Achieving this ranking is a direct result of our commitment to creating the infrastructure needed for a clean-powered future. While we are pleased to be ranked the largest solar player in the world, we recognize that there is a lot more that remains for us to do as the world transitions into an increasingly decarbonized energy landscape. We anticipate that over the next decade several existing business models will be impacted as a result of the disruption caused by the intersection of plummeting cost of renewable energy and the ability of technology to rescale industries.

We expect our renewable energy platform will create new possibilities for our core business and we will be able to address some of the most intractable problems that humankind has faced, including affordable decentralized energy, availability of distributed clean water, green hydrogen as an alternate fuel, and micro agriculture, among others. Building partnerships with major industrials, data centre providers, and global integrated energy players that seek to reduce their carbon footprints will also continue to further accelerate our growth. AGEL was launched just five years ago, our story is only beginning”.

AGELalso achieved the top spot in the global ranking in terms of under construction and awarded capacity with 10.1 GW of projects, making it the definitive leader in mega-scale renewable energy project deployments. As India pushes to invite more global business partners to invest domestically, it sees its growing renewable footprint as helping companies simultaneously fulfil two essential goals: tapping into one of the fastest-growing consumer markets and achieving their sustainability targets. The Adani Group has positioned itself at this intersection to help its partners attain both these objectives.

Business World

Adani Transmission Limited Consolidated Results for Q1 FY2021

Aug 8, 2020 by Gouri Achary 0 Comments #a part of the Adani Group, #Adani Group, #Adani Transmission Ltd, #Adani Transmission Ltd. (“ATL”), #Chairman, #MD & CEO, #Mr. Anil Sardana, #Mr. Gautam Adani, #Results for Q1 FY2021

Adani Transmission Ltd. (“ATL”), a part of the Adani Group, today announced the financial results for the quarter.

COVID-19 impact:

Transmission: Power sector is an essential service with must-run status. Our lines are operating at
99.9% availabilities and there is no adverse impact on billing.

Distribution: Due to lockdown, even though power demand is down due to lower consumption by
industrial and commercial consumers slightly offset by retail demand, Distribution business being
a regulated asset there is no significant impact on EBIDTA margin.

Liquidity position: The Company maintains enough liquid investments and working capital lines to
meet its obligations in FY21.

Because of COVID-19, there was no impact on Transmission business, however, distribution business got affected due to lower power demand from C&I customers which had an impact on overall consolidated performance. However, the Company is also entitled to delay payment surcharge for delayed payment by customers.

Other Key Highlights:

 Acquisition of “KhargharVikhroli Transmission Private Limited” from Maharashtra State
Electricity Transmission Company Ltd.
 Signed SPA agreement with Kalpataru Power Transmission Limited for the acquisition of
“Alipurduar Transmission Limited” in July 2020.

Economic activity in Mumbai is picking up post relaxation in lockdown. We noticed
improvement in power demand in July 2020 and accordingly the collection scenario has
improved substantially.

Note 1: Q1FY21 Operational Revenue and Operational EBITDA doesn’t include Rs. 330 Cr. APTEL order in favour of MEGPTCL *ASAI – Average Service Availability Index

Speaking on the performance of the company, Mr Gautam Adani, Chairman, Adani Group, said, “We are steadfast in our pursuit of energizing and ensuring continuous power supply across all regions
through our assets in India. Adani Transmission is well-positioned to deliver exponential growth and we
are working towards fulfilling our nation’s electricity needs and strengthening our position as a world-class utility. Our increasingly sustainable practices will help ensure ESG driven goals, one that will benefit not only key stakeholders but the entire nation”

Mr Anil Sardana, MD & CEO, Adani Transmission Ltd, said, “Adani Transmission has evolved over the past few years from a high growth developing company to a growing cum mature asset operation company with minimal throughput risk. ATL is constantly benchmarking to be best in class and is
pursuing focused approached to be world-class integrated utility through development agenda coupled
with de-risking of strategic and operational aspects, capital conservation, ensuring high credit quality and forging strategic partnerships for business excellence and high governance standards. ATL is striving to achieve consumer participation and 24×7 quality power supply despite being disrupted by health and pandemic challenges. The journey towards robust ESG framework and practising a culture of safety is being made integral to its pursuit for enhanced long-term value creation for all stakeholders”

Business World

Adani Power Q1 FY21results

Aug 7, 2020 by Gouri Achary 0 Comments #Adani Group, #Adani Power Limited, #Adani Power Ltd, #Chairman, #financial results[1] for the first quarter of FY 2020-21., #Managing Director, #Mr. Anil Sardana, #Mr. Gautam Adani

Adani Power Ltd, a part of Adani Group, today announced the financial results[1] for the first quarter of FY 2020-21.

Operating performance

Average Plant Load Factor (PLF) achieved during the first quarter of FY21 is 51%, as compared to 78% achieved in Q1 FY 20. The PLF is lower due to the decline in power demand following the announcement of a nationwide lockdown to combat COVID-19. Consolidated Units sold for the quarter are 12.7 BU, as compared to theQ1 FY20 sales volume of 16.5 BU.

Despite the lockdown, the 3,300 MW Tiroda plant saw good demand for power for a major part of the quarter, due to its advantageous position in the Maharashtra merit order. The 1,320 MW Kawai plant also saw improving PLF in the month of June 2020, after the lockdown was relaxed and power demand started to normalize.

However, the Udupi plant witnessed a sharp fall in PLF due to a slump in power demand. The Mundra plant self was also affected by lower power demand and subdued short term market tariffs.

On the other hand, all power plants were able to achieve or exceed normative availability under long term PPAs through diligent efforts, despite restrictions imposed during the lockdown, in fulfilment of their role as providers of the essential service of electricity generation.

Financial performance

Consolidated total revenue for Q1 FY21 stood at. 5,356 crore as compared to Rs. 8,015 crore in Q1 F20. Adjusted for one-time revenue recognition and prior period items, the normalized revenue for the quarter was Rs. 5,353 crore, as compared to Rs. 6,892 crore for the corresponding previous quarter.

Consolidated EBITDA for Q1 FY21 declined to Rs. 1,541 crore as compared to Rs. 2,894 crore for Q1 FY20. EBITDA for the quarter was lower mainly due to higher one-time income recognized in the corresponding quarter of the previous year, lower EBITDA of Mundra due to lower PLF, and incorporation of operating expenses of REL and REGL post-acquisition.

Depreciation and interest charge during the quarter were higher mainly due to the incorporation of the consolidation of REL and REGL.

The results of the corresponding previous quarter included an exceptional item of Rs. 1,004 Crore, pertaining to the write off of certain receivables and advances, owing to the acceptance of resolution plan submitted by the company for the acquisition of REGL (previously Korba West Power Co. Ltd.). In comparison, Q1 FY21 has not recorded any exceptional items.

The loss after tax and exceptional items for Q1 FY21 was Rs. (-) 682 Crore, as compared to a loss after tax and exceptional items of Rs. (-) 263 Crore for Q1 FY20. The Total Comprehensive Loss after Tax was Rs. (-) 705 Crore for Q1 FY21, as compared to a Total Comprehensive Loss of Rs. (-) 266 Crore for the corresponding quarter of the previous year.

Other developments

The Madhya Pradesh Electricity Regulatory Commission has approved a 25 year, 1,230 MW Power Supply Agreement (PSA) entered into by the Company’s wholly-owned subsidiary, Pench Thermal Energy (MP) Ltd. with MP Power Management Company Ltd. The power to be supplied under this PSA will be supplied by a greenfield, 1,320 MW Supercritical power plant to be set up in Madhya Pradesh under a Design, Build, Finance, Own, and Operate basis.

Adani Power Ltd. has also signed a definitive agreement to acquire a 49% stake in Odisha Power Generation Corporation Ltd. (OPGC) from the affiliates of AES Corporation, a US-based energy company, for the INR equivalent of USD 135 million. OPGC operates a 1,740 MW thermal power plant in Odisha, which includes a recently commissioned Supercritical capacity of 1,320 MW. It has a 25 year PPA with the Odisha Grid Corporation, and a dedicated captive mine in the State. Balance 51% stake in OPGC is held by the Odisha State Government.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “Adani Power continues to march ahead towards the achievement of its vision to play an important role in fulfilling India’sgrowing demand for electricity. The Adani Group has a strong belief in India’s economic fundamentals and potential and the role of the infrastructure sector in attaining long term growth. Achieving the Government’s ambitious targets for the infrastructure sector will call for a confluence of enabling policy actions, procedural reforms, and support from the financial sector, in order to reinvigorate investments by the private sector. We remain committed to sustainable growth and being an active contributor to nation-building.”

Mr. Anil Sardana, Managing Director, Adani Power Limited, said, “Having combated and overcome the challenge posed by the COVID-19 pandemic, our resolve is to excel in all spheres of our activity and to meet the aspiration of millions of Indian who don’t have access to affordable power, has only become firmer. As we continue to seize opportunities of value creation in a challenging market and a fast-changing competitive landscape, we are focusing on operational excellence and sustainability, while taking long term decisions to enhance our strategic capability and resource flexibility. We are committed to fulfilling our promise to all stakeholders and creating lasting value for the nation and society.”

Tag: Mr. Gautam Adani