Adani Power Q3 Results: Revenue Grows 72% YoY To Rs 13,405 Crore

Adani Power Ltd, a part of Adani portfolio companies, on Thursday announced the financial results for the third quarter (Q3) ended December 31, 2023. The operating performance for Q3 FY23-24 includes the 1,600 MW Godda Ultra-supercritical thermal power plant of APL’s subsidiary Adani Power (Jharkhand) Limited (APJL), which was commissioned in Q1 FY23-24.

During Q3 as well as the nine months period of FY23-24 ended December 31 higher volumes were contributed by the Mundra, Udupi, Raipur, and Mahan plants apart from the incremental contribution of the Godda power plant, which has quickly become an important part of the power supply ecosystem of Bangladesh. Domestic power sales volumes were driven by growing power demand across India, and offtake under Power Purchase Agreements was further supported by falling prices of imported coal and alternate fuel.

The increase in Continuing Operational Revenues for Q3 and 9M FY23-24 was a result of higher sales volumes including addition of sales under the Godda PPA, and higher merchant sales. While merchant tariffs realized were higher as compared to the corresponding periods of FY22-23 due to improved power demand, blended tariffs under domestic PPAs were lower due to lower import fuel prices and alternate fuel costs.

Growth in Continuing EBITDA for Q3 FY23-24 was mainly a result of a lower increase in fuel cost as compared to growth in revenues, primarily due to lower import fuel prices and alternate fuel costs, addition of capacity charges recovery under the Godda PPA, and higher contribution from merchant sales due to higher tariffs. The Continuing EBITDA for 9M FY23-24 also stood higher due to similar reasons.

Profit Before Tax for Q3 FY23-24 was sharply higher at Rs 3,210 crore, as compared to PBT of Rs 212 crore for Q3FY22-23. PBT for 9M FY23-24 was higher by 154% at Rs 17,234 Crore as compared to Rs. 6,777 Crore for 9M FY 2022-23.

Consolidated Profit After Tax for Q3 FY23-24 was Rs 2,738 crore, as compared to Rs 9 crore for Q3F22-23.  PAT for 9M FY23-24 was higher by 230% at Rs 18,092 crore after recognition of deferred tax assets of Rs 858 crore, as compared to PAT of Rs 5,484 crore for 9M FY22-23.

S B Khyalia, CEO, Adani Power Limited, said, “Adani Power continues to demonstrate its leadership across domains by achieving ever-higher standards of excellence, as evidenced by the financial results for the third quarter of FY23-24. The ongoing brownfield capacity expansion of 1,600 MW at Mahan is on track, while we are moving ahead to extend our leadership further inorganically. We are excited to be a part of nation-building efforts through provision of reliable electricity supply from our highly efficient power plants while keeping sustainability goals at the forefront of our agenda.”