Clean Max Enviro Energy Solutions (CLEANMAX) Q4 23/24 earnings summary

Executive summary

• Standalone FY24 revenue from operations was ₹21,063.84 million; EBITDA rose to ₹5,844.03 million from ₹4,199.24 million, and PAT increased to ₹2,824.10 million from ₹1,319.81 million.

• Consolidated revenue from operations reached ₹13,898.37 million, up from ₹9,295.82 million; EBITDA rose to ₹7,415.73 million from ₹4,059.19 million, while the reported net loss narrowed to ₹376.43 million from ₹594.73 million.

• Renewable capacity installed stood at 1.7 GW by March 2024, serving 400+ commercial and industrial consumers; the development pipeline was 4.8 GW.

Financial highlights

• Standalone total income was ₹22,391.36 million versus ₹28,424.47 million YoY; revenue from operations fell to ₹21,063.84 million from ₹27,760.21 million.

• Standalone PBT before exceptional items was ₹3,999.06 million versus ₹2,983.42 million; after a ₹107.66 million CCPS fair-value loss, PAT was ₹2,824.10 million.

• Consolidated PBT before exceptional items was ₹156.57 million versus ₹710.82 million; after the ₹107.66 million exceptional loss and tax, net loss was ₹376.43 million.

• Consolidated total assets increased to ₹90,765.47 million from ₹70,001.38 million; equity was ₹22,339.79 million versus ₹14,687.56 million at year-end.

Outlook and guidance

• Targeting more than 5 GW of operating capacity within the next three to four years, supported by strategic ventures and partnerships.

• Expected to add ~1 GW of offsite wind and solar capacity in the coming year, including an interstate power offering; the C&I pipeline stood at 4.8 GW.

• Management cited potential for further rooftop growth in MENA and Thailand and expansion in Indian brownfield markets including Karnataka, Gujarat and Tamil Nadu.