New Delhi: Adani Green Energy Ltd (AGEL) on Wednesday reported widening of consolidated net loss to Rs 97.44 crore in June quarter from Rs 74.26 crore a year ago, mainly due to higher finance cost and an exceptional adjustment.
The consolidated loss in June quarter after cash profit was at Rs 77 crore, the company said in a BSE filing
According to the statement, cash profit for June quarter was Rs 257 crore. Since the group follows accelerated depreciation, it reported a net loss. Management uses cash profit as an important metric of intrinsic performance.
The interest and other borrowing costs during the quarter stood at Rs 250 crore, up by Rs 57 crore primarily on account of charging of interest to profit and loss account as compared to capitalization of interest in previous quarters being in project phases and additional debt on account of ramp up of capacity.
About exceptional adjustment, the company said that during the quarter, the group refinanced its earlier borrowing of Rs 5,844 crore through issuance of secured senior notes (USD denominated bonds) and rupee term loans from a bank and financial institutions.
On account of such refinancing activities, the group incurred a one-time expense aggregating to Rs 98.41 crore which comprises of prepayment charges, unamortised portion of other borrowing cost related to earlier borrowings and cost of premature termination of derivative contracts, it said.
The company’s total income rose to Rs 675.23 crore in June quarter from Rs 482.42 crore a year ago.
The company’s activities revolve around renewable power generation and other ancillary activities.
“Our business focus is aligned with government’s vision to raise renewables based power generation capacity and make our nation a world leader in the renewables space. Adani Green Energy continues to invest in developing capabilities to provide reliable, sustainable, round the clock green power for India’s growing power needs,” Adani Green Energy Chairman Gautam Adani said in the statement.
Jayant Parimal, CEO, Adani Green Energy said, “The last (June) 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 800 MW of new capacity of wind and solar projects in 2019-2020. As a corporate, we aspire to be among the leading global players in renewables.”
Source: PTI
