Clean Max Enviro Energy Solutions (CLEANMAX) Q4 22/23 earnings summary

Executive summary

• FY23 expanded renewable capacity by 123 MW; total installed assets exceeded 1,600 MW, serving 350+ C&I consumers.

• Consolidated revenue rose to INR 9,295.82 million and EBITDA to INR 4,059.19 million; an INR 891.90 million exceptional CCPS valuation loss contributed to a consolidated net loss of INR 594.73 million.

• Standalone revenue from operations reached INR 27,760.21 million and profit after tax INR 1,319.81 million.

Financial highlights

• Consolidated revenue from operations was INR 9,295.82 million vs INR 7,017.26 million; EBITDA was INR 4,059.19 million vs INR 3,170.29 million, with reported EBITDA growth of ~30% YoY.

• Consolidated PBT before exceptional items was INR 710.82 million; after the INR 891.90 million exceptional loss and tax, net loss was INR 594.73 million vs profit of INR 303.64 million.

• Standalone revenue from operations was INR 27,760.21 million vs INR 9,272.17 million; EBITDA was INR 4,199.24 million vs INR 1,389.30 million and PAT INR 1,319.81 million vs INR 621.56 million.

• Consolidated operating cash flow was INR 9,276.49 million; investing cash outflow was INR 30,107.65 million, including INR 28,455.89 million of capital expenditure.

Outlook and guidance

• C&I portfolio additions targeted at ~800–1,000 MW annually; offsite wind and solar additions projected at ~250 MW annually across major Indian industrial states for 3–4 years.

• Rooftop solar in India expected to grow modestly amid fragmented competition; higher growth anticipated in MENA and Thailand, while open-access and hybrid projects are expected to drive expansion.

• Additional capacity under development across Maharashtra, Tamil Nadu and Karnataka was planned for construction by FY24 end.