In Detail : New Delhi, State-owned IREDA on Saturday posted a 67 per cent rise in net profit to Rs 335.54 crore for the quarter ended in December 2023, bolstered by higher income. It had clocked Rs 200.75 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing.

The company’s total income surged to Rs 1,253.19 crore in the third quarter of FY24 from Rs 868.97 crore a year ago.

Its expenses were Rs 867.05 crore in the period under review, as against Rs 634.27 crore in the year-ago period.

The equity shares of the company were listed on BSE and National Stock Exchange on November 29, 2023.

In a separate statement, IREDA CMD Pradip Kumar Das said, “For investors and stakeholders, these results signal the promising trajectory of IREDA’s contributions to India’s energy transition and environmental sustainability.”

The company’s loan book was at Rs 50,579.67 crore, up 33.50 per cent from Rs 37,887.69 crore in the same quarter a year ago.

IREDA’s net-worth also rose by 45.49 per cent to Rs 8,134.56 crore from Rs 5,591 crore in the year-ago period.

IREDA, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.

In Detail : In a separate statement, the company said the quarter witnessed strong order inflow from prestigious domestic and global independent power producers in the last few weeks of December post the successful completion of its QIP (qualified institutional placement) issue.

Sterling and Wilson Renewable Energy’s consolidated net loss narrowed to Rs 62.39 crore in December quarter, from Rs 99.15 crore in the same period year ago, mainly due to higher revenues.

The total income of the company in the quarter under review rose to Rs 610.31 crore, from Rs 417.65 crore in the same period a year ago, the company said in a regulatory filing.

In a separate statement, the company said the quarter witnessed strong order inflow from prestigious domestic and global independent power producers in the last few weeks of December post the successful completion of its QIP (qualified institutional placement) issue.

The total order inflows amounted to over Rs 2,400 crore resulting in further strengthening of the order book, it stated. It had raised Rs 1,500 crore through a QIP in December 2023.

“During Q3FY24, we have witnessed notable strides in advancing our renewable energy portfolio with four unique projects from India as well as our first significant overseas order in three years,” said Amit Jain, Global CEO, Sterling and Wilson Renewable Energy.

Post the successful QIP, our balance sheet has significantly strengthened, and fully geared to pursue the fast growing solar engineering, procurement, and construction (EPC) markets in India and abroad, he stated. The unexecuted order book of the company stood at Rs 8,750 crore, he added.

“We are confident to sustain our growth momentum as a lot of our marquee customers are approaching us once again as our balance sheet issues are resolved and the company is nearly net debt free,” he pointed out.

In Detail : Siemens in India reported a 12.4 per cent dip in its net profit (attributable to the owners of the company) in the quarter ended September 2023, on the back of the gain of sale reported in the same quarter last year.

For the quarter under review, Siemens reported a net profit of Rs 571 crore, down 12.4 per cent from a year ago at a consolidated level. For the same period, the company reported revenue from operations of Rs 5,721 crore, up 25.3 per cent from a year back.

The reported profit for the company was at Rs 571.6 crore for the quarter ended September 2023, compared to Rs 652 crore a year ago. In the year-ago period, Siemens had reported a gain from the sale of discontinued operations of Rs 355.9 crore. Sequentially, the company’s net profit was up 25.4 per cent.

In a Bloomberg poll, six analysts estimated an adjusted net income of Rs 501.6 crore.

On Tuesday, the company also announced capital expenditure plans worth Rs 416 crore in capacity expansions of power transformers used in the power transmission business and of vacuum interrupters for medium voltage switchgear used in the power distribution sector. The expansions are to be commissioned in December 2025 and the second half of 2026, respectively.

“The expansion in capacities of both these products will enable the company to meet the growing demand both in India and globally,” the company said.

In Detail : ReNew Energy Global Plc (ReNew) on Monday posted a net profit at ₹377.1 crore during the second quarter ended September 30 2023 on higher income.

The clean energy company had reported a ₹98.6 crore net loss during the July-September period of the last fiscal year.

ReNew’s total income surged at ₹2,863.2 crore in the September quarter of FY24 from ₹2,240.9 crore in the year-ago quarter.

The company said its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at ₹2,129.8 crore in Q2 FY24 as compared to ₹1,820.9 crore in Q2 FY23.

As of September 30, 2023, the Company’s portfolio consisted of 13.8 GWs, compared to 13.4 GWs as of September 30, 2022, of which 8.3 GWs are commissioned and 5.5 GWs are committed, said ReNew.

The company on Monday also reported financial results for first half (H1) of the current fical year 2024.

Its total income for April to September FY24 stood at ₹5,329.1 crore, as compared to ₹4,741.6 crore in the year ago period.

The company said its net profit for H1 FY24 stood at ₹675.4 crore as compared to a net loss of ₹109 crore in the year ago period.

For H1 FY24, ReNew’s adjusted EBITDA was reported at ₹3,989.7 crore, as against ₹3,836.6 crore in H1 FY23.

In July, ReNew and Gentari Sdn Bhd, a unit of Malaysia’s Petroliam Nasional Bhd (Petronas), had announced an equal joint venture (JV) to develop solar, wind and energy storage projects in India totalling 5 gigawatts (GW).

“ReNew Energy Global Plc, India’s leading decarbonization solutions company, through its subsidiary ReNew Power Pvt. Ltd (ReNew) and clean energy solutions provider Gentari, through its subsidiary Gentari Renewables India Pte. Ltd, have executed key terms to collaborate on a 50:50 joint venture in clean energy solutions. The term sheet was exchanged between Sushil Purohit, chief executive officer of Gentari, and Sumant Sinha, founder, chairman and CEO of ReNew,” ReNew had said in a statement.

In Detail : Tata Power on Wednesday posted a 9 per cent rise in its consolidated net profit to Rs 1,017.41 crore in the September quarter, mainly on the back of higher revenues from core business.

Tata Power on Wednesday posted a 9 per cent rise in its consolidated net profit to Rs 1,017.41 crore in the September quarter, mainly on the back of higher revenues from core business.

Its consolidated net profit was Rs 935.18 crore in the year-ago period, according to a regulatory filing.

Total income rose to Rs 16,029.54 crore in the July-September quarter from Rs 14,181.07 crore in the same period a year ago.

In a statement, the company explained that during the quarter, a significant 84 per cent contribution to the company’s Profit After Tax (PAT) came from the core businesses, while the contributions from overseas joint ventures, including coal mining operations, continued to decline.

“We have reported yet another strong quarter of financial performance, driven by robust contributions from all our core business clusters. Our adherence to financial discipline, operational excellence along with business resilience and diversification have helped us in maintaining this consistent profit growth,” Praveer Sinha, CEO and Managing Director of Tata Power, said in the statement.

We are constantly focusing on new areas of growth such as our greenfield solar cell and module manufacturing plant in Tamil Nadu which has produced its first module in this quarter and is on track to roll out the first cell into Q4FY24, he stated.

With net debt to underlying EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) improving to 2.65-fold (from 2.73x in Q1 FY24) and net debt to equity improving to 1.02-fold (from 1.09x in Q1 FY24) during the quarter, the company’s balance sheet continues to strengthen, it stated.

The company’s clean energy portfolio achieved the milestone of 5,500 MW during the second quarter of FY24, standing at 38 per cent of total installed generation capacity.

Tata Power also made significant progress in its distribution business by improving its cash flow and reducing AT&C losses in Odisha.

Further, it is well-poised to capitalise on the pumped hydro storage projects and has signed an MoU with the Maharashtra government for the development of 2,800 MW projects.

The company’s Zambia unit (ITPC 120 MW hydro plant) resolved the PPA (Power purchase agreement) tariff issue with the Zambian State Utility (ZESCO) and has realised part of the pending receivable dues of USD 102 million from Zambia Electricity Supply Corporation.

Meanwhile, the company also received all the pending sale proceeds of Arutmin Coal Investment, as per the earlier arrangement to divest its stake in 2016.

The board has approved the appointment of Vispi S Patel as the company Secretary and Compliance Officer (Key Managerial Personnel) consequent upon the superannuation of Hanoz M Mistry (to retire on January 31, 2024), from February 1, 2024.

Tata Power is a leading integrated power company and has a diversified portfolio of 14,399 MW, spanning across the entire power value chain – from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and solar cells and module manufacturing.

In Detail : COPENHAGEN : Danish wind turbine maker Vestas on Wednesday reported third-quarter operating profits and revenue above expectations, reflecting an easing of supply chain disruptions and higher prices for turbines, boosting its shares 9% in early trade.

The world’s leading turbine maker has since the pandemic faced supply chain issues and higher raw material prices, which have hurt its profits and its ability to deliver a backlog of projects.

“Vestas’ positive momentum increased in the third quarter of 2023, and we continued the gradual improvement in our execution and profitability,” CEO Henrik Andersen said in a statement.

“Despite continued market design and permitting challenges, we saw strong commercial activity,” he said.

The positive signals from Vestas come as rival Siemens Energy is struggling with far-reaching quality issues at its onshore wind turbine division, while developers of offshore wind farms have taken big losses on projects due to higher costs.

The higher value of delivered projects and stable volumes helped Vestas increase third-quarter revenue by 11% to 4.4 billion euros ($4.7 billion), above the 4.1 billion forecast by analysts in a poll shared by the company.

Earnings before interest, tax (EBIT) and items affecting comparability stood at 70 million euros against a 127 million euro loss last year, above the average 31 million euro forecast from analysts.

Vestas now expects full-year revenue between 14.5 billion and 15.5 billion euros compared with an earlier range of 14 billion-15.5 billion.

Adjusted EBIT margin is now expected at 0-2% compared with its previous guidance of between minus 2% and plus 3%.

In Detail : New Delhi : Billionaire Gautam Adani’s flagship firm on Thursday reported halving of the second quarter net profit as losses in the mining business widened and operating expenses rose.

Adani Enterprises Ltd’s July-September quarter consolidated net profit of Rs 222.82 crore was down 50.5 per cent when compared with Rs 460.94 crore net profit in the same period last year, according to a stock exchange filing by the company.

While operating expenses rose 8 per cent, the company booked a one-time loss of Rs 88 crore on realisable value of assets held for sale of one of the subsidiaries of the group, Mundra Solar PV Ltd.

Losses on commercial mining widened to about Rs 340 crore from Rs 132.22 crore in July-September 2022.

AEL’s businesses of new energy and airport posted robust growth in revenues and pre-tax profits. New energy business, which includes solar module manufacturing, saw revenues triple to Rs 1,939 crore and EBITDA rose 11x to Rs 628 crore. Airports business saw a 49 per cent jump in revenues to Rs 1946 crore and a 15 per cent increase in EBITDA to Rs 568 crore.

The company said it now has 4 GW of operational solar manufacturing capacity while module sales rose 205 per cent to 630 MW. After operationalising the phase-1 of Chennai data centre, the firm’s data centres at Noida (near Delhi) and Hyderabad were 63-65 per cent complete.

Adani Airports Holdings handled 31 per cent more passengers at 21.4 million at its seven operational airports.

Adani Enterprises Limited (AEL) is the flagship company of Adani Group. After incubating unicorns like Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar, the company is focused on next generation of its strategic business investments around green hydrogen ecosystem, airport management, data center, roads and primary industry like copper and petrochem.

Revenue from operations declined to Rs 22,517.33 crore in July-September from Rs 38,175.23 crore a year back.

“AEL has made significant progress in its strong incubation pipeline during the first half of the fiscal year 2023-24,” a company statement said.

Key incubating businesses, including green hydrogen integrated manufacturing ecosystem, airports and roads collectively contributed 48 per cent of the overall EBITDA.

“We are fundamentally reshaping the essence of incubation scale and velocity,” said Gautam Adani, Chairman of the Adani Group. “Adani Enterprises covers sectors that span energy, utility, transport, D2C, and primary industries. With many ventures now market-ready and thriving, our H1 FY23-24 results have been boosted by the core infra-incubating businesses, thereby being a strong testament to our incubating ventures.” The company has completed the ingot pilot plant and has produced India’s first wafer, the statement added.

In Detail : During the period under review, total income also increased to Rs 720.18 crore as against Rs 595.91 crore in the year-ago period

Infrastructure investment trust India Grid Ltd (IndiGrid) on Friday reported a 69 per cent decline in its net profit to Rs 38.89 crore in the September quarter.

Its consolidated net profit stood at Rs 125.79 crore in the quarter ended on September 30, 2022, according to a regulatory filing.

The company’s total expenses rose to Rs 683.39 crore in the July-September quarter from Rs 466.76 crore a year ago.

During the period under review, total income also increased to Rs 720.18 crore as against Rs 595.91 crore in the year-ago period.

The board of directors of IndiGrid Investment Managers Ltd (IIML) acting in the capacity of Investment Manager to IndiGrid also approved a declaration for the second quarter of FY24 distribution of Rs 3.55 per unit, comprising Rs 2.8961 per unit in the form of Interest, Rs 0.6341 per unit in the form of Principal payment and Rs 0.0198 in the form of Other Income.

India Grid Trust

The record date for this distribution will be November 9, 2023, and payment will be made on or before November 18, 2023.

The board has also approved raising debt of up to Rs 1,300 crore through various sources, including term loans, non-convertible debentures and/or any other mode.

“…we have reported yet another quarter of strong financial performance.

“Our robust operations, accretive and landmark acquisition of VRET (Virescent Renewable Energy Trust) have allowed us to increase solar capacity five-fold and increase the DPU to Rs 3.55 in this quarter itself,” Harsh Shah, Chief Executive Officer and Whole Time Director of IndiGrid, said in a statement.

In Detail : Suzlon Energy on Thursday posted over 81 per cent rise in consolidated net profit to Rs 102.29 crore for September quarter 2023-24 mainly due to decline in expenses. Net profit in the year-ago period was Rs 56.47 crore, according to a BSE filing by the company.

Total income declined to Rs 1,428.69 crore in the second quarter from Rs 1,442.58 crore in the same period a year ago. Total expenses also dipped to Rs 1,291.26 crore from Rs 1,427.84 crore.

“At the end of Q2 FY24, our orderbook stands at a healthy 1,613 MW…Our service business continues to do well, while our forging and foundry business SE Forge consolidated on its foundation for future growth,” J P Chalasani, Chief Executive Officer, Suzlon Group, said.

Himanshu Mody, Chief Financial Officer, Suzlon Group, said the company was anchored strongly with a net cash of Rs 599 crore by September 2023 which is a significant shift from net debt of Rs 1,180 crore in March 2023.

On the back of a successful QIP conclusion in August 2023, the journey of making the company debt free has been completed, thereby leading to further reduction in quarterly net finance cost by 61 per cent YoY (Year-on-Year), he said.

While proportional benefit from debt reduction initiatives can be seen in these results, the full impact will be felt from the next quarter onwards, he pointed out.

Girish Tanti, Vice Chairman, Suzlon Group, said,”Our Q2 FY24 results are a direct reflection of our efforts to strengthen our fundamentals to leverage the tailwinds of the sector from a position of strength.”

Suzlon Group is one of the leading renewable energy solutions providers in the world with 20.3 GW of wind energy capacity installed across 17 countries.

In Detail : Adani Power Q2FY24: The surge in net profit was driven by heightened power demand and favorable tax adjustments, and a significant tax gain of Rs 1,371 crore.

Adani Power reported an 848 per cent jump in consolidated net profit to Rs 6,594 crore in the second-quarter of FY24, compared to Rs 696 crore in the corresponding period a year ago.

The surge in net profit was driven by heightened power demand and favorable tax adjustments, and a significant tax gain of Rs 1,371 crore.

The unexpected surge in India’s power demand during the September quarter was a key driver for Adani Power’s robust performance. Several factors, including uncharacteristically dry weather, a sharp decline in hydroelectric output, and increased economic activity, contributed to this surge.

Adani Power’s consolidated average plant load factor, which represents the percentage of energy generated in relation to the installed capacity of the power plant, notably increased from 39.2 per cent to 58.3 per cent.

As a result, power sales volume surged by about 65 per cent, reaching 18.1 billion units.

This surge in power generation and sales significantly boosted Adani Power’s revenue from operations, which witnessed a substantial 84.4 per cent increase, reaching Rs 12,991 crore.

However, it’s worth noting that the company also experienced a 25.4 per cent rise in total expenses, largely due to increased fuel costs, which constituted approximately three-fourths of the overall expenses.

Adani Enterprises also reported its Q2FY24 results today, with net profit falling over 50 per cent due to weakness in the key coal division due to a fall in prices.

In Detail : First Solar (NASDAQ:FSLR), Inc. delivered strong Q3 2023 results, surpassing the Zacks Consensus Estimate with earnings of $2.50 per share. The company reported net sales of $801.1 million and a gross profit of $376.2 million for the quarter.

The solar panel manufacturer saw its operating income rise to $272.9 million, driven by increased research and development (R&D) and selling, general, and administrative (SG&A) expenses. The company’s balance sheet remained robust with cash and equivalents amounting to $1,492.9 million, while long-term debt stood at $464 million.

Looking ahead to the remainder of the year, First Solar revised its 2023 guidance upwards. The company now anticipates earnings between $7.20 and $8 per share, sales in the range of $3.4 to $3.6 billion, gross profit between $1.2 and $1.3 billion, operating income from $745 to $870 million, and shipments of 11.8 to 12.3 gigawatts.

In comparison to its peers in the renewable energy sector, First Solar’s performance was noteworthy. Enphase Energy (NASDAQ:ENPH) reported Q3 earnings of $1.02 per share on revenues of $551.1 million. JinkoSolar (NYSE:JKS) posted Q3 earnings of $2.59 per American Depositary Share (ADS) on revenues of a significant $4,363.2 million.

Meanwhile, SolarEdge (NASDAQ:SEDG)’s Q3 sales are projected to grow by 13.9% with an earnings estimate set at 70 cents per share.

In Detail : As regards the performance, the wind availability during the quarter has been good and our operating revenues for the quarter and half year improved by 13 per cent and 8 per cent, respectively”.

Orient Green Power Company on Wednesday reported an over two-fold jump in its consolidated net profit to Rs 75 crore during the second quarter ended September 30 on the back of higher income. It had clocked Rs 33.80 crore net profit during the July-September period of the preceding fiscal, the company said in a regulatory filing.

The company’s total income surged to Rs 124.10 crore from Rs 108.24 crore in the year-ago quarter. Its expenses stood at Rs 62.36 crore in the quarter under review against Rs 68.44 crore a year ago. The board has also approved fundraising up to Rs 225 crore by way of an issuance of equity shares of face value of Rs 10 each of the company to its eligible equity shareholders on a rights basis (“Rights issue”), subject to receipt of necessary approvals from regulatory authorities. T Shivaraman, Managing Director and CEO, said, “At the outset, we extend our gratitude to our shareholders for their overwhelming support in subscribing fully to the rights issue. As regards the performance, the wind availability during the quarter has been good and our operating revenues for the quarter and half year improved by 13 per cent and 8 per cent, respectively”.

T Shivaraman, Managing Director and CEO, said, “At the outset, we extend our gratitude to our shareholders for their overwhelming support in subscribing fully to the rights issue. As regards the performance, the wind availability during the quarter has been good and our operating revenues for the quarter and half year improved by 13 per cent and 8 per cent, respectively”. Further, to achieve the targeted installed capacity of 1GW, the board approved a capacity expansion plan wherein our company will venture into solar and a hybrid model of wind and solar energy, the managing director said.

BENGALURU : Adani Green Energy on Monday reported a more than two-fold growth in second-quarter profit, helped by strong power sales to customers. The country’s power demand is growing rapidly, with strong economic growth boosting demand from factories and households.

Adani Green ‘s energy sales rose 87% in the quarter, mainly driven by solar-wind hybrid category, the green energy arm of Adani Group said.

Consolidated profit rose to 3.71 billion rupees ($44.6million) for the quarter ended Sept. 30, from 1.49 billion a year ago.Adani Green, which has an operational capacity of 8,316 megawatt of renewable energy, reported a 80% jump in revenue from power supply, which more than offset a 42% jump in expenses. Total income rose 54%.

Revenue of power producers such as Adani Green gets a boost as the size of their portfolio with long-term deals increases. Shares of Adani Green, which lost over half of their value since US shortseller Hindenburg Research’s report in January, were up 6.1% after results.

Source : reuters

It had clocked a net profit of Rs 78 lakh during the July-September period of preceding 2022-23 fiscal, the company said in a regulatory filing on Monday.
The company’s revenue also more than doubled to Rs 86.59 crore in the second quarter, from Rs 40.24 crore in the same quarter a year ago.
Servotech Power Systems Managing Director Raman Bhatia said: “Our success can be attributed to our steadfast dedication to delivering cutting-edge, technology-driven solutions in the fields of electric vehicles and solar energy.” Servotech is a leading manufacturer of solar, electric vehicle (EV) chargers, power-backup and other smart power solutions.

The company recently signed an agreement with the Uttar Pradesh government to set up an EV charger manufacturing plant in the state at an investment of Rs 300 crore.

Source : PTI

In Detail : Waaree Renewable Technologies posted over 124.18 per cent rise in consolidated net profit to Rs 18.29 crore in the September quarter on the back of higher revenues.

The consolidated net profit of the company stood at Rs 8.16 crore in the year-ago period, the company said in a statement on Thursday.

Revenue from operations increased to Rs 150.06 crore in the second quarter of the ongoing fiscal from Rs 120.56 crore in the same period a year ago.

The unexecuted order book stands at 897 MW as of September 30, it said.

“Our strong financial footing, characterised by a healthy balance sheet, net cash reserves, and a disciplined working capital cycle, empowers us to execute profitable projects with higher returns,” Waaree Renewable Technologies CFO Dilip Panjwani said in the statement.

In Detail : Automotive component player Sona BLW Precision Forgings Ltd (Sona Comstar) on Wednesday said it closed the second quarter of FY24 with higher revenue and profit.

The company also said it is negotiating with Clean Max Enviro Energy Solutions Pvt. Ltd (CleanMax) to float a solar power company.

In a regulatory filing, Sona Comstar said it closed the quarter ended September 30 with an operational revenue of Rs 716.2 crore (Q2FY23 Rs.599.2 crore) and a profit of Rs 130.4 crore (Rs 83.2 crore).

As regards the proposed solar power company, Sona Comstar said it will hold 26 per cent stake investing about Rs.7.5 crore and the remaining 74 per cent to be acquired by CleanMax.

In Detail : The central government enterprise reported 49% increase in income from operations and a surge of 17% in the enterprise’s net worth

Indian Renewable Energy Development Agency (Ireda) reported a 54 per cent increase in profits after tax (PAT) at Rs 285 crore for the second quarter of the ongoing financial year (Q2FY24) year-on-year, according to a release by the Ministry of New and Renewable Energy on Monday.

Net non-performing assets (NPAs) also reduced by 39 per cent to 1.65 per cent from 2.72 per cent last year. Gross NPA reduced by 38 per cent to 3.13 per cent compared to 5.06 per cent during the same period last year.

Total income from operations also went up by 49 per cent at Rs 1,176.96 crore against Rs 791.56 crore last year.

Ireda also reported consistent growth in the loan book, which increased by 41 per cent at Rs 47,514.48 crore compared to Rs 33,783.36 crore year-on-year.

The net worth of Ireda also went up by 17 per cent year-on-year at Rs 6,580.61 crore against Rs 5,638.31 crore.

The board of directors approved the audited financial results for the second quarter of the financial year 2023-24 at a meeting at Ireda’s registered office today. The Board applauded the company’s outstanding performance and its continued growth trajectory.

Speaking on the results, the chairman & managing director of Ireda, Pradip Kumar Das said, “Ireda remains committed to its commitment of accelerating the adoption of renewable energy solutions in the country. These positive financial results are a testament to IREDA’s steady dedication to facilitating the growth of the renewable energy sector in India, which contributes to the nation’s energy transition and environmental sustainability.”

Ireda is a Mini Ratna (Category – I) Government of India enterprise that comes under the administrative control of the Ministry of New and Renewable Energy.

Bharti Airtel announced on Monday that it will purchase 23,000 MWh of renewable energy by Q4FY24 for its data centre company, Nxtra.

In line with its commitment to minimise its carbon footprint, Airtel plans to invest in renewable energy projects managed by Continuum Green India Pvt Ltd and Vibrant Energy Holdings Pte Ltd. The investment aims to power six of Nxtra’s Edge data centre facilities.

The acquisition will proceed through an open access route, wherein Airtel will invest in Continuum Green’s project company. This company will supply eco-friendly power from solar and wind energy projects to Nxtra’s Edge data centres in Madhya Pradesh.

In a similar vein, Airtel has entered an investment agreement with Vibrant Energy’s project company to supply solar energy to its Edge data centre in Vijayawada.

With these new additions, the total contracted renewable energy capacity for Nxtra data centres will surpass 274,000 MWh. The company is on its way to becoming a leader in developing eco-friendly data centres.

“As a leader in India’s data centre sector, Nxtra is committed to becoming a Net Zero Company by 2031. We believe that the growth of India will be reflected in its data centre industry in the years to come. We are devoted to minimising our carbon footprint and spearheading the eco-friendly data centre movement in the country,” said Ashish Arora, CEO of Nxtra by Airtel.

Siemens Energy’s revenue experienced a notable uptick, increasing by 8.0 percent to reach €7.5 billion. However, this positive momentum was accompanied by a net loss of €2,931 million, significantly impacted by adverse tax effects linked to charges incurred at Siemens Gamesa. This contrasts with a net loss of €564 million reported in Q3 FY 2022.

The financial results shed light on the challenges faced by Siemens Energy’s subsidiary, Siemens Gamesa. Notably, quality issues affecting certain Onshore platforms, coupled with increased product costs and challenges in the Offshore business, have impacted Siemens Energy’s overall financial performance during the third quarter.

Despite these challenges, Siemens Energy has reported strong growth in orders, recording €14.9 billion in orders, reflecting a substantial growth rate of 54.2 percent. This growth has been primarily driven by significant orders in Siemens Gamesa and Grid Technologies (GT), leading to a book-to-bill ratio of 1.98. The surge in orders has subsequently elevated the order backlog to a new record of €109.0 billion.

Siemens Energy’s focus on continuous operational performance is evident in the sharp increase in profit before special items for Gas Services (GS), GT, and Transformation of Industry (TI), in contrast to the prior-year quarter.

Addressing the challenges at Siemens Gamesa, Siemens Energy has undertaken a comprehensive status report analyzing the quality problems associated with specific onshore wind turbine platforms, 4.X and 5.X. While these issues pertain mainly to certain rotor blades and main bearings, it’s important to note that not all turbines on these platforms are affected. To address these concerns, a specialized task force composed of experts from Siemens Gamesa, Siemens Energy, and external consultants AlixPartners has been established.

The financial outlook includes an assessment of the expected costs for rectifying these quality issues. Siemens Gamesa has allocated charges amounting to €1.6 billion for future expenses, with the majority of these anticipated costs projected for fiscal years 2024 and 2025. Additionally, Siemens Gamesa faces increased product costs in the offshore sector, leading to extra charges of €600 million in Q3.

Amidst these challenges, Siemens Energy has adjusted its fiscal year 2023 expectations. The company now anticipates comparable revenue growth in the range of 9 percent to 11 percent, accompanied by a profit margin before special items between negative 10 percent and negative 8 percent. The net loss projection for the Siemens Energy Group is expected to be around €4.5 billion.

In response to the challenges at Siemens Gamesa, Siemens Energy has taken proactive steps, including establishing a special committee for a detailed investigation, engaging external experts, and forming cross-functional task forces to address the issues. Siemens Energy also plans to reevaluate its wind business strategy, with further details expected to be revealed during the upcoming Capital Markets Day in November.

Orient Green Power Company on Friday posted a 6 per cent rise in its consolidated net profit to Rs 9.29 crore in the June quarter.

The company had reported a consolidated net profit of Rs 8.76 crore in the quarter ended on June 30, 2022, according to a statement.

Total income of the company increased to Rs 79.28 crore in the quarter from Rs 78.19 crore in the same period a year ago.

“Further to the refinancing of over Rs 703 crore during March 2023, the company refinanced secured loans over Rs 78 crore during the year at reduced interest rates. The interest/charges on pre-closure charges of these loans amounted to Rs 386 lakh classified under exceptional items,” T Shivaraman, Managing Director & CEO, said in the statement.

The company also said that a board committee has approved the letter of offer of the rights issue which will open by August 28, 2023, Shivaraman said.

Tata Power reported a 29 per cent increase in its profit for the first quarter of financial year 2023-2024 (Q1FY24), marking the 15th consecutive quarter of profit for the company. The consolidated profit for Q1FY24 stood at Rs 1,141 crore, as compared to Rs 884 crore in the corresponding quarter of the last financial year.

The company’s consolidated revenue for Q1FY24 was Rs 15,003 crore, reflecting a minimal increase of 2 per cent. Its earnings before interest, taxes, depreciation and amortization (Ebitda) showed an increase of 43 per cent during Q1FY24, compared to the corresponding period in the previous financial year.

Tata Power highlighted that all its verticals exhibited growth, translating into robust financial figures. “Despite the weather in Q1 and low growth in electricity demand, the company has shown growth in its profit. The increase in our Ebitda demonstrates that all the businesses of the company are performing well,” said Praveer Sinha, CEO and managing director, Tata Power.

He noted that during the last quarter, the company added 3 Gw of renewable energy projects under construction, and the company is nearing 8 Gw of renewable energy capacity.

“Tata Power is well-positioned to develop round-the-clock renewable power solutions. We are making significant progress in developing solutions around battery storage, pumped hydro projects, and other hybrid solutions. This will support the RE100 agenda of large enterprises and also contribute towards clean energy solutions for our commercial and industrial consumers,” Sinha stated.

Sinha also mentioned that the planned capital expenditure of Rs 12,000 crore for the current financial year would support their transition to green energy and exploration of growth opportunities in the transmission and distribution business.

Tata Power recently signed a memorandum of understanding with the Government of Maharashtra to develop 2.8 Gw of Pumped Hydro Storage Projects in Pune and Raigad Districts.

Regarding the Mundra power plant, which under the Section 11 mandate of the Centre is running at full capacity, Sinha said the electricity regulator has allowed them a “cost-reflective tariff” that is pass-through. He elaborated, “Whatever the fuel and operational cost of the power plant is pass-through. Mundra’s losses are very marginal.”

Tata Power is likely to report a 17-20 per cent year-on-year (YoY) drop in profit on a flattish sales in the June quarter. The lower profitability from coal business may partially be offset by a sequential improvement in performance of Mundra UMPP given implementation of Section 11 of Electricity Act from April 2023, analysts said. Ebitda margin is expected to expand on yearly basis.

Kotak Institutional Equities expects Tata Power to report a 17.7 per cent year-on-year drop in profit at Rs 656.4 crore for the June quarter against Rs 794.60 crore in the same quarter last year. Sales are seen falling 1 per cent to Rs 14,625.30 crore from Rs 14,775.90 crore YoY. Ebitda margin is seen expanding 47 basis points to 13.8 per cent against 13.3 per cent YoY.

“Earnings from renewable portfolio will benefit from higher capacity base as well as strong execution at Tata Power Solar. Sequential improvement at Mundra as Sec 11 comes into play once again, although profits from coal mines in Indonesia will weaken,” it said.

Sharekhan pegs Tata Power’s bottom line at Rs 640 crore, down 19.5 per cent YoY. It sees sales edging 0.4 per cent higher at Rs 14,556 crore. It sees operating profit margin at 14.1 per cent.

On a sequential basis, “Tata Power is expected to report 18 per cent QoQ and 2 per cent YoY growth in revenue led by strong demand in Odisha and running of Mundra power plant under Sec 11. However, profitability from the same will be offset by softening of Indonesian coal prices, leading to lower realisation from coal mines,” said JM Financial.

This brokerage, however, sees profit coming in at Rs 790 crore, down 1 per cent YoY. It sees sales rising 2 per cent to Rs 15,061 crore.

InterGlobe Aviation, the parent of the country’s largest airline IndiGo, on Wednesday reported a profit after tax of Rs 3,090.6 crore in the June quarter.

It is the highest ever quarterly profit and “reflects strong operational performance, execution of our strategy and favourable market conditions,” the airline said in a release.

The company had a loss of Rs 1,064.3 crore in the 2022 June quarter.

The company recorded its highest ever quarterly revenue of Rs 17,160.9 crore in the first quarter of the current fiscal.

“We produced strong operational performance and welcomed the highest number of quarterly passengers which enabled us to generate the highest ever quarterly revenue and net profit for the quarter ended June 2023,” IndiGo CEO Pieter Elbers said.

Recently, the company placed a new order for 500 aircraft and now it has an outstanding order book of nearly 1,000 aircraft.

Source: PTI

Adani Green Energy Ltd on Monday said its consolidated profit grew 50.93 per cent year-on-year (YoY) to Rs 323 crore in the June quarter compared with Rs 214 crore in the same quarter last year. Revenue from operations jumped 55.04 per cent YoY to Rs 2,059 crore from Rs 1,328 crore in the same quarter last year.

Adani Green Energy said it delivered an industry-leading Ebitda margin of 92.5 per cent, up 70 basis points YoY. Cash profit for the quarter rose 55 per cent YoY to Rs 1,051 crore. Run-rate Ebitda stood at a strong Rs 7,645 crore, with net debt to run-rate Ebitda standing at 5.3 times, Adani Green Energy said.

With an operational capacity of 8,316 mw, Adani Green said it continues to have the largest operating renewable energy portfolio in the country. The sale of energy, it said, increased 70 per cent YoY to 6,023 million units in the June quarter, primarily backed by strong capacity addition.

The solar portfolio CUF improved 40 basis points YoY to 26.9 per cent in the June quarter, with consistent high plant availability and improved solar irradiation, Adani Green said. CUF stands for capacity utilisation factor.

In the case of the wind portfolio, the sale of energy jumped 34 per cent, led by capacity addition, though the wind CUF reduced primarily due to relatively lower wind speed, which was higher last year.

The solar-wind hybrid portfolio of 2,140 mw reported a strong hybrid CUF of 47.2 per cent, up 380 basis points backed by new plants with technologically advanced solar modules (including bifacial modules and horizontal single axis trackers) and wind turbines, high plant and grid availability and improved solar irradiation.

CEO Amit Singh said his company was ailing to grow its renewable power capacity to 45 GW by 2030 through Solar, Wind and Solar-Wind hybrid solutions as major contributors.

“To enable integration of renewables in the grid, round-the-clock solutions with long-term clean storage structures such as pumped hydro will be a critical part of our solution mix, contributing to a greener future and underscore our dedication to combating climate change challenges,” he said.

The company’s standalone profit after tax fell to 14.12 billion rupees ($171.67 million) in the quarter ended June 30, from 29.15 billion rupees a year earlier. Analysts, on average, were expecting GAIL to earn 16.06 billion rupees, as per Refinitiv data.

The state-owned gas company’s revenue from operations fell about 14% to 322.27 billion rupees. Its natural gas marketing segment, which contributes 82.1% of the total revenue, saw an 18% drop in quarterly revenue.

During the quarter, GAIL’s biggest natural gas marketing segment saw a 56.2% slump in its profit. Its LPG and liquid hydrocarbons segment’s profitability dropped 68% during the quarter.

The firm is reeling from the impact of a former unit of Russia-owned Gazprom Marketing and Trading’s failure to deliver some liquefied natural gas (LNG) cargoes following western sanctions on Moscow over its invasion of Ukraine last year.

GAIL had said it will get four LNG cargoes from Sefe in June, equivalent to the volumes it was getting under a deal with Sefe, a former unit of Russia’s Gazprom.

Sefe resumed supplies to GAIL from March this year.

Additionally, GAIL revised the investment cost for a proposed propane plant to 112.56 billion rupees from an initial investment of 78.23 billion rupees.

GAIL’s shares, which were trading up 4.6% Monday morning, trimmed gains to be 1.3% higher after results.

($1 = 82.2490 Indian rupees)