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Download Full IR 2018-19


icon-9At Greenko, we are passing through an exciting phase. We believe that we are rightly placed to harness the opportunities created by energy transformation-decarbonization, digitalization and decentralization.icon-10

Anil Kumar Chalamalasetty
Managing Director

Dear Stakeholders,

I am delighted to share with you, Greenko’s second Integrated Report adhering to the International Integrated Reporting Council (IIRC) requirements. This report is an endeavor to bring to you Greenko’s performance on financial and non-financial aspects during the reporting period of FY2018-19. We believe that our report would provide adequate information to assess value creation by Greenko and its sustainability.

At Greenko, we focus on continuous value addition to all our stakeholders. We want to deliver #MoreSmilesPerWatt. This is possible through good governance practices, a culture of innovation, and strong organizational capabilities built around the ownership model.

The energy sector globally and particularly in India is going through a turbulent phase and this disruption is likely to be prolonged. Further, #Decarbonization, #Digitalization and #Decentralization will continue to challenge the policy paradigms and old business models. At the end of the reporting period, as many as 34 power companies have accumulated Rs. 1.4 lakh crore of NPA for Indian banks out of total bad loan amount of Rs. 2.24 lakh crore. Many of the coal-based power generation companies, that too most efficient supercritical thermal power plants are facing challenges. Further, many of the old business models of Renewable Energy Generation have not been able to withstand the consequences of technological advances and the unhealthy financial position of the state-owned power purchasers. On the other hand, adoption of better technologies and digitalization has led to decrease in cost of renewable energy generation, enabling efficient management of remote assets and intelligent handling of energy’s demand and supply, advancing the feasibility of clean, reliable and affordable electricity generation. This #NewEnergyNewIndia will not only be plentiful, but it is also affordable and easily available at the customer’s call- thus bringing #MoreSmilesPerWatt.

It is a paradoxical situation. The technological and economic changes offer a resolution to decades-old energy puzzle in India - Is clean, reliable and affordable electricity possible? And when such a solution has become a possibility, many businesses in the sector are facing challenges in exiting the old ways of doing business. In this context, seizing this moment and providing clean, reliable and affordable power, is not just a business opportunity for Greenko but it is a part of our legacy and social responsibility.

At Greenko, we are passing through an exciting phase. We believe that we are rightly placed to harness the opportunities created by energy transformation-decarbonization, digitalization and decentralization. Our pre-eminent position- “To lead Decarbonization, Digitalization and Decentralization of India’s Energy Sector” is not accidental, but well envisioned. From the day, when we began our energization and de-carbonization journey in 2006, we were preparing for this #EnergyFuture. Being in the right place and at the right time is not enough. We have to make the right moves- swiftly and diligently guided by Greenko values.

Our financial performance during the reporting period FY 2018-19 is exemplary and characterized by revenue, growth of 54.3%. This is despite the continuing challenges in the power sector in India primarily due to sluggish economic growth. Investors continue to trust our value creation model and our ability to sustain it. This is particularly exemplified by the oversubscription of our green bond offers. We are sanguine that investors are keen to participate in the #NewEnergyForNewIndia story.

We continue our focus on high capital productivity and accordingly for investments into operation and maintenance through intense deployment of digitalization, which has been an important element of our strategy. We have been allocating a significant proportion of our financial resources to Capex diversifying in such a way that not more than 40% of Capex is allocated to one SBU. Going further, we anticipate significant investment focus on Integrated Renewable Energy Projects and Intelligent Energy Platform. During the reporting period, we have been able to achieve healthy PLFs of 42.23%, 24.60% and 25.36% in our Hydro, Solar and Wind SBUs’ power generations respectively. We have been also able to maintain operational losses in Hydro, Solar and Wind SBUs at 0.40%, 0.35% and 1.7% respectively. This reporting period, we sold 30% of our power in the B2B segment and this demonstrates our ability to access the energy customer directly, which will be the salient feature of #NewEnergyNewIndia. We will continue to strengthen this position and reinforce it to reach schedulable renewable power through storage and intelligent energy platform.

At Greenko, we have adopted the ownership model in place of the accountability model. Each of our employees takes ownership of the task and their business contribution has a sense of purpose beyond the call of duty and become our brand ambassador. This initiative is augmented further with PPS (People, Process and System). We are proud that these operational transformations are well embraced by the organization and setting in motion transition to Greenko 3.0 & 4.0.

Our per capita training hours of 27.1 and retention rate of 93%, we believe is good and we can maintain or enhance the same. Besides, we need to provide alternate means and modes of training and learning to all our employees including those employed with contractors. This is very essential given our renewed focus on digitalization and decentralization initiatives. The number of hours devoted to the safety training of employees and contract workers has significantly increased over the previous year, while the number of hours devoted to safety training of contract workers alone was increased by 91%. We continue to achieve zero fatalities in this reporting period. Our turnover in the age group of less than 30 years is high and more so amongst women and we will address this challenge

We owe our success to our external stakeholders including suppliers and customers. More than 95 % of our suppliers have been working with us for more than three years. We note with satisfaction that our suppliers and customers are happy with us as indicated by the respective satisfaction indices 95% and 92%. As we transition to Greenko 3.0, the nature of our suppliers and relationship with them will significantly transform. Our teams have already made necessary preparations in supply chain management systems.

Our community outreach through our involvement in community development initiatives has grown by five times, over the previous reporting period, in terms of the number of beneficiaries. Such an increase has become possible by strategically targeting and effectively investing. In the near future, we would sharpen our impact through community social investment by measuring social return on investment.

Besides contributing to de-carbonization of energy in India, we contribute to improve the environment through many conservation efforts. These extend from preserving native vegetation at our project sites to improving habitats for birds at our sites and conserving threatened species including Olive Ridley Turtles away from our sites.

As Greenko continues to create and enhance value through strategic moves, the success of this journey is contingent upon partnerships and engagement with stakeholders. Stakeholder suggestions and feedback on our endeavor to build a sustainable business is welcome and will be acted upon.

Anil Kumar Chalamalasetty
Managing Director