ACME Solar (ACMESOLAR) Q4 22/23 earnings summary

Executive summary

• FY23 standalone returned to profit, while consolidated results swung to a net loss as operating revenue and prior-year investment-sale gains declined.

• Operations included 1,459 MW of solar capacity; 1,750 MW of solar and 50 MW of wind capacity were under construction at year-end.

Financial highlights

• Standalone operating revenue was Rs 7,587.57 million vs Rs 4,685.91 million; total revenue was Rs 10,571.99 million vs Rs 6,007.36 million.

• Standalone net income was Rs 1,454.11 million vs a Rs 302.50 million loss; EPS was Rs 13.07 vs a loss of Rs 2.72.

• Consolidated operating revenue fell to Rs 12,949.04 million from Rs 14,879.02 million; total revenue was Rs 14,008.09 million vs Rs 18,922.89 million.

• Consolidated net loss was Rs 31.74 million vs net income of Rs 620.10 million; EPS was a loss of Rs 0.28 vs Rs 5.58.

• Consolidated finance costs were Rs 8,090.97 million vs Rs 9,960.08 million; depreciation and amortisation was Rs 4,848.02 million vs Rs 5,462.75 million.

Outlook and guidance

• A 100 MW wind PPA was signed with GUVNL on 10 May 2023; an SECI letter of intent covered a 380 MW hybrid project on 20 April 2023.

• MNRE extended the scheduled commissioning deadline for an eligible Rajasthan solar project to 31 March 2024; management expected completion within the extended timeline, subject to approvals.

• Consolidated capital commitments for solar project construction were Rs 44,197.87 million at 31 March 2023 vs Rs 11,066.79 million a year earlier.