Adani Green Energy Limited — Q1 FY24
Adani Green reported strong operational performance in Q1 FY24, with operational capacity up 43% YoY to 8,316 MW and sale of energy rising 70% to 6,023 million units.
bullish
high
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered1Evaded / deflected12Questions audited
Partial answer
High priority
Average module price and IRR on solar installations last year.
Asked by Puneet, HSBC
Management gave relative IRRs and discount percentages but not absolute module prices or IRR figures.
no specific module price givenIRR not quantified in absolute terms
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Question
My first question is on your last year's Solar installation cost, given that module prices are so high, what kind of average module price did you end up And how are you what kind of IRR are you seeing on those?
Raj (likely Raj, role not stated)
we are able to command industry leading IRRs, which are, As we have mentioned, it's at least 2%, 2.5% higher than the any competitor. So that's 1. So we were not impacted that badly I would say badly by the increase in the module prices, we were easily lowered by At least 15%, then the highs which you saw.
Answered
High priority
Reason for wind CUF decline and hybrid CUF increase in Q1.
Asked by Puneet, HSBC
Management provided specific reasons for wind CUF decline and explained hybrid CUF increase due to new technology plants.
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Question
So VINCE UF seems to have fallen, but hybrid is up. How should one read this?
Pankaj (likely Pankaj, role not stated) and Raj
it has maybe come down on a year on year basis From 47% to 38.7 percent and this is going to be largely on account of 2 elements actually. One is, it was okay during this 1st quarter per se, Wind speed was relatively little lower compared to the last year. Secondly, okay, there was the 4th major event of Before your cyclone in the state of Gujarat
Answered
High priority
Expected solar CUF for new plants and greenfield projects.
Asked by Puneet, HSBC
Management gave a specific CUF range for new solar plants.
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Question
Between your new plants, what kind of solar 2 years are you experiencing? And the green series, if you can give some light color, it will be very helpful.
Raj (likely Raj, role not stated)
I can probably give you a range that we are talking about now a COF of close to 33% to 34% for solar, Whatever we are implementing based on the new technologies which we have adopted and moving ahead further.
Partial answer
High priority
Expected wind PLFs for existing and future assets.
Asked by Nikhil, Bernstein
Management provided a CUF range for one specific site but did not give a P90 or broader guidance.
no P90 number givenonly one site mentioned
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Question
If you could just Give us some specifics on wind PLFs going forward, what should we consider given this continue to disappoint everyone in the industry in general. So what would be like a P90 pillar we could assume for existing and future assets, Gauguin?
Raj (likely Raj, role not stated) and Amit
With respect to going forward for the large site which we are developing now in Kavda, There we expect the QF to be in the range of 38%, 39% per se.
Partial answer
Medium priority
Sourcing strategy for wind and solar, Chinese vs domestic mix.
Asked by Nikhil, Bernstein
Management discussed strategy but did not quantify Chinese vs domestic mix or name specific suppliers.
no specific mix percentages givenno specific supplier names
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Question
So what would be the sourcing strategy both on the wind and solar side? If you could share some color 6. On solar, how much is Chinese versus domestic mix? And on wind, plans for future exposure to Siemens, Comisha or to domestic place?
Amit and Raj
our medium to long term strategy is to localize our supply chain And we will continue to do that. And we will take advantage of any price gaps or any movements 2020. To take advantage in repowering or in new projects, but our overall strategy is to localize.
Answered
High priority
Infirm power sale contribution this quarter and funding update.
Asked by Nikhil, Bernstein
Management gave specific numbers for infirm power and detailed funding updates.
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Question
if there was any Informed Power sale this quarter as well, which was a big support last time? And second on funding, if you could share any updates on equity on all debt side?
Pankaj (likely Pankaj, role not stated)
Infirm Power during this Quarter has not been that significant actually. ... approximately around R44,000,000,000 actually no, R20,000,000,000 from this specific project, sorry, R20,000,000,000
Partial answer
Medium priority
Bidding strategy and progress on manufacturing.
Asked by Puneet, HSBC
Management explained bidding strategy but deferred manufacturing details to group companies.
no specific timeline for manufacturingno specific bidding plans
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Question
how should one think about You in the bidding trajectory. I don't see too much of your name in the current tenders. What is the strategy there? And secondly, what is the progress on the manufacturing intended?
Raj and Amit
I'm not in any hurry whatsoever to tie up additional capacities because generally you get 24 months to 24 months Roughly for execution, so I only have to jett. However, we continue to look at the market For opportunities which can provide us real data
Answered
High priority
CapEx per megawatt and EBITDA guidance for new capacity.
Asked by Puneet, HSBC
Management provided specific CapEx per MW ranges for solar and wind.
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Question
if you can give some guidance on your Thoughts on the CapEx to EBITDA, what kind of numbers are you targeting now? 2. Your CapEx EBITDA, what kind of gross profit EBITDA would you be targeting?
Pankaj (likely Pankaj, role not stated)
CapEx cost per megawatt which we are broadly talking about excluding DCT for solar projects Between will be 4.8cr to 5cr actually. So that is 1 megawatt will be added for wind. Wind, it will be close to 6 point 3 to 6.5 crores per megawatt.
Answered
High priority
Timeline for participating in new projects to reach 45 GW.
Asked by Nikhil Abhyankar, ICICI Securities
Management gave a specific timeline for new capacity locking.
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Question
when should we expect you to participate Back again in new projects, build our 45 gigawatt capacity.
Raj (likely Raj, role not stated)
You would see us probably doing more locking in capacities in the next 6 to 8 months as Some of this capacity I start tying up for period beyond 2025.
Evasive
Medium priority
Demand and inquiries in C&I renewable segment.
Asked by Nikhil Abhyankar, ICICI Securities
Management spoke generally about opportunities but gave no concrete demand metrics or inquiries.
no specific numbers or deals mentionedvague language
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Question
now there's a lot of buzz around the C and I segment shifting towards renewable. So how is the demand and how are the inquiries going on over there?
Raj (likely Raj, role not stated)
decarbonization has become a very 2. Big theme and the opportunities around that is expanding very rapidly in the market. Added to that, for us, within the group also, there are additional opportunities for which we get inquiries.
Partial answer
Medium priority
Cost advantage of group wind turbine vs non-group manufacturers.
Asked by Rupendar Nath Nayak, Suniti Securities
Management provided own cost but did not quantify advantage over non-group manufacturers.
no direct comparison to non-group costsonly gave own cost range
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Question
what cost advantage per megawatt basis do you see in the Turbine procurement from the group and that from the other non group manufacturer
Raj (likely Raj, role not stated)
the cost on an all in basis, Including the turbine, BOS, IDC, soft cost, land, evacuation, everything put together is depending on the That location is anywhere between 6.3 crores to 6.5 crores per megawatt.
Answered
High priority
Wind capacity potential at Khavda location and pumped hydro progress.
Asked by Dhruv Munchal, HDFC Mutual Fund
Management gave a specific wind capacity estimate and provided stage of pumped hydro development.
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Question
what is the potential Of wind capacity that you can put up in this location. ... And sir, you also mentioned with the CNI, you are also planning for pumped hydro. ... What stage are we in?
Raj and Amit
the wind potential is something which is easily north of 2 gigawatt, more wind we are currently tying up, but yes, initial estimates are not of 2 8. ... On the pump hydro, I think we are in advanced stage of engineering design and project study.