Adani Power Q2 Results: Profit down 12% to Rs 2,906 cr, revenue rises to Rs 14,308 cr

New Delhi: Adani Power on Thursday posted a 12 per cent decline in consolidated net profit to Rs 2,906 crore in the September quarter, driven by a rise in expenses.

It had clocked a net profit of Rs 3,297.52 crore in the July-September period of the preceding 2024-25 financial year, the Adani Group entity said in an exchange filing.

Total income, however, increased to Rs 14,307.79 crore in the September quarter from Rs 14,062.84 crore in the year-ago period.

The revenues were higher despite lower merchant tariffs and import coal prices, supported by higher power sales, the company said.

Total expenses stood at Rs 10,341.59 crore, higher from Rs 9,928.76 crore in Q2 FY25.

The company has again demonstrated stable financial performance this quarter, in the face of weather-driven fluctuations in demand, highlighting our operational efficiency and competitive advantages, S B Khyalia, CEO of Adani Power Limited, said.

"Our strong profitability and liquidity position us well to achieve our enhanced capacity expansion goal of 42 GW by 2031-32. We have already arranged ordering for equipment and land for the entire 23.7 GW expansion, with project implementation progressing rapidly," he said.

The company is also expanding its market presence by securing another 4.5 GW of new long-term PPAs under the SHAKTI scheme.

Its consolidated operating capacity grew to 18,150 MW as of September 30, from 17,550 MW as of September 2024, on account of the acquisition of 600 MW Vidarbha Industries Power Ltd, it said.

During the quarter, APL signed a Power Supply Agreement (PSA) of 2,400 MW (gross) capacity for a period of 25 years with the Bihar State Power Generation Company Limited (BSPGCL), to be supplied from a new 2,400 MW greenfield Ultra-Supercritical Thermal Power Project (USCTPP) in Pirpainti, Bhagalpur district of Bihar.

APL also received Letters of Allocation (LOA) for 1,600 MW (gross) capacity from the MP Power Management Company Limited (MPPMCL) to supply power for 25 years from a 2,400 MW greenfield USCTPP in Anuppur district, Madhya Pradesh.

It further received an LOA of 570.5 MW (gross) capacity from the Power Company of Karnataka Ltd (PCKL) to be supplied from the existing 1,370 MW capacity of the Raipur thermal power plant for 25 years.

Vidarbha Industries Power Ltd has signed a 500 MW net medium-term PPA with Maharashtra DISCOM for a period of 5 years, starting from November 1, 2025.

Mahan Energen Ltd has received approval from the Ministry of Coal to commence operations at the Dhirauli Mine in Singrauli, Madhya Pradesh.

The mine has a peak capacity of 6.5 MTPA and reserves of 558 MT.

APL completed a share split on September 22, 2025, in a 1:5 ratio, converting each equity share of Rs 10 face value into five equity shares of Rs 2 each. Following the split, the total number of equity shares issued by the company has increased from 3,85,69,38,941 equity shares of Rs 10 face value each to 19,28,46,94,705 equity shares of Rs 2 face value each.

On project updates, it said the execution of APL's brownfield expansion projects is progressing rapidly, with cumulative work for Mahan Phase-II 1,600 MW USCTPP at 73 per cent, Raipur Phase-II 1,600 MW USCTPP at 35 per cent, and Raigarh Phase-II 1,600 MW USCTPP at 30 per cent.

Further, APL's wholly owned subsidiary, Korba Power Ltd, has revived the construction of its 1,320 MW Supercritical power project at Korba (Chhattisgarh). These projects are scheduled to be completed in stages between FY 2026-27 and FY 2028-29.