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Adani Power posts multi-fold jump in profit to Rs 2,738 cr in Oct-Dec

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New Delhi: Adani Power on Thursday posted a multi-fold increase in its consolidated net profit to Rs 2,738 crore for the December quarter compared to the year-ago period driven by higher revenues.

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The company had reported a profit of Rs 9 crore in the third quarter of 2022-23.

Total income rose to Rs 13,355 crore in the quarter from Rs 8,290 crore in the same period a year ago, a company statement 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 FY 2023-24," Adani Power CEO S B Khyalia said in the statement. The company’s strategically located power plants and optimal capacity allocation between PPAs (power purchase agreements) and merchant capacities, coupled with its strength in fuel management & logistics and excellence in power plant O&M, have allowed it to address growing power demand and generate robust profitability, he said.

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This has resulted in improved liquidity, which has in turn been utilised to reduce debt, Khyalia said.

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, he said.

During the third quarter as well as the nine months period of FY 2023-24 ended 31st December 2023, 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, it stated.

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Domestic power sales volumes were driven by growing power demand across India, and offtake under Power Purchase Agreements (PPAs) was further supported by falling prices of imported coal and alternate fuel, it said.

Reported revenues for the third quarter of 2023-24 include one-time net derecognition of prior period items of Rs (-) 50 crore on account of domestic coal shortfall, carrying cost, and late payment surcharge, it stated.

In comparison, the reported revenue for the third quarter of 2022-23 included recognition of one-time prior period items of Rs 517 crore, it stated.

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The company sold 21.5 BU of electricity in the third quarter, up from 11.8 BU (billion units) in the same period a year ago. Finance costs for the October-December period of 2023-24 reduced to Rs 797 Crore from Rs 946 Crore in Q3 FY 2022-23, mainly due to a reduction in secured and unsecured debt over the past year, partly offset by higher borrowing costs for the Godda power plant, it stated.

The PAT (net profit) for 9M FY 2023-24 (April to December 2023) was higher by 230 per cent 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 FY 2022-23, it stated.

Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.

The company has an installed thermal power capacity of 15,210 MW spread across eight power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, apart from a 40 MW solar power plant in Gujarat.

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