Clean Max Enviro Energy Solutions (CLEANMAX) Q4 21/22 earnings summary

Executive summary

• FY22 consolidated revenue was ₹7,017.26m and EBITDA ₹3,170.29m; net profit ₹303.64m, including one-off and prior-period accounting effects.

• Standalone revenue reached ₹9,272.17m and EBITDA ₹1,389.30m; net profit was ₹621.56m.

• Operations added 123 MW per the Directors’ Report; management cited near-term expansion plans and a three-year operating-capacity target of ~3,000 MW from 760 MW.

Financial highlights

• Consolidated revenue rose to ₹7,017.26m from ₹6,212.65m; EBITDA increased to ₹3,170.29m from ₹2,557.66m YoY.

• Consolidated PBT before exceptional items was ₹641.56m; after ₹124.28m of exceptional items, PBT was ₹517.28m and PAT ₹303.64m.

• Standalone revenue was ₹9,272.17m versus ₹8,123.77m; EBITDA ₹1,389.30m versus ₹863.55m; PAT ₹621.56m versus ₹369.48m.

• Consolidated operating cash flow was ₹4,340.12m; investing outflow ₹10,338.33m and financing inflow ₹5,825.02m.

• No dividend was recommended for FY22.

Outlook and guidance

• Management targeted growth in C&I renewables and operating capacity of ~3,000 MW within three years, up from 760 MW; Augment Infra’s ₹1,650 crore equity investment was expected to support expansion and ~400 MW of annual additions.

• A 132 MW wind and 105 MWp solar hybrid project at Babra, Gujarat was planned for construction by FY23; a 116.85 MW Karnataka and Gujarat hybrid portfolio was described as ready for commissioning.

• Development work across Maharashtra, Uttar Pradesh, Tamil Nadu and Karnataka was expected to build a pipeline for large-scale farm projects from FY24 onward.