ACME Solar (ACMESOLAR) Q4 19/20 earnings summary

Executive summary

• FY20 consolidated revenue was ₹18,549.12m and net profit ₹856.37m, reversing a ₹468.66m loss; standalone revenue was ₹12,756.99m and net profit ₹307.44m.

• Solar portfolio stood at 2,169 MWac operational and 1,750 MWac under construction; 550 MWac of PPAs were signed and 300 MWac commissioned during FY20.

Financial highlights

• Consolidated revenue from operations rose to ₹17,772.54m from ₹16,718.99m; total revenue was ₹18,549.12m versus ₹18,023.22m.

• Consolidated operating costs were ₹20,655.89m; loss before tax was ₹2,106.77m versus ₹58.14m, while net profit was ₹856.37m after a ₹2,963.14m tax benefit.

• Consolidated basic and diluted EPS were ₹7.73 versus a loss of ₹4.50; standalone EPS was ₹2.78 versus a loss of ₹1.02.

• Standalone revenue from operations reached ₹12,111.91m from ₹2,109.21m, mainly EPC services; net profit was ₹307.44m versus a ₹106.78m loss.

• Consolidated finance costs increased to ₹12,368.28m from ₹10,173.20m; depreciation and amortisation rose to ₹7,000.80m from ₹5,708.07m.

Outlook and guidance

• Development pipeline included 1,750 MWac under construction at FY20 end, alongside newly signed 550 MWac of PPAs for Rajasthan solar projects.

• Post-year-end conversion to private status and completion of the sale of four subsidiary investments followed satisfaction of conditions, including lender approval.

• COVID-19 assessment found no significant impact to date; monitoring of operations, liquidity and capital resources continued, with more frequent cash planning.