AGEL Q1 standalone profit at ₹5.5 cr

Adani Green Energy Ltd (AGEL) on Wednesday posted standalone net profit at ₹5.52 crore for the quarter ended June 2019, recovered from the net loss of ₹10.5 crore the company reported in the corresponding quarter a year ago.

Revenues from operations stood at ₹111 crore for the quarter under review up from ₹36 crore in the same quarter last year.

On a consolidated basis, AGEL reported net loss of ₹97.44 crore for the quarter, more than the net loss of ₹74.26 crore reported in the comparable quarter last year. Revenues from the operations for the quarter stood at ₹660.8 crore, up from ₹472.1 crore in the same quarter last year.

Cash profit for current quarter was ₹257 crore.

Solar, wind growth

"Since the Group follows accelerated depreciation, it reported a net loss. Management uses Cash Profit as an important metric of intrinsic performance," an AGEL statement said.

The interest and other borrowing cost during the quarter went up by ₹57 crore to ₹250 crore “primarily on account of charging of interest to profit and loss account as compared to capitalisation of interest in previous quarters being in project phases and additional debt on account of ramp up of capacity.”

Jayant Parimal, CEO, Adani Green Energy Ltd said, “The last quarter has seen significant growth for the business with solar and wind. AGEL is among the largest renewable energy generation companies in India, and with our focus on new technology evaluation, we plan to commission a total of around 800 MW of new capacity of wind and solar projects in FY2020. As a corporate, we aspire to be among the leading global players in renewables.”

Gautam Adani, Chairman, Adani Group, said, "Adani Green Energy Limited continues to invest in developing capabilities to provide reliable, sustainable, round the clock green power for India’s growing power needs."