Adani Power Q4 profit grows 13% ₹5,242 crore

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Adani Power Limited (APL) has posted around 13% jump in consolidated net profit at ₹5,242 crore for March quarter 2022-23.

“The company had clocked ₹4,645 crore net profit in January-March 2021-22,” it said in a statement on May 5.

“Consolidated PAT (profit after tax) for Q4 FY23 grows…on account of lower finance cost as well as certain reversals consequent to the scheme of amalgamation (of six subsidiaries),” APL said.

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Total income however fell to ₹10,795 crore from ₹13,307 crore in the year-ago quarter. Total expenses were higher at ₹9,897 crore as against ₹7,174 crore a year ago.

“PAT for FY23 higher by 118.4% at ₹10,727 crore vs ₹4,912 crore for FY22 due to higher EBITDA, lower finance cost on account of debt prepayment, as well as certain reversals consequent to the Scheme of Amalgamation becoming effective,” the company said.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) for FY23 was higher at ₹14,312 crore against ₹13,789 crore in FY22.

In FY23, total revenue was also higher by 35.8% at ₹43,041 crore over ₹31,686 crore in FY22. Last fiscal, APL achieved an average consolidated Plant Load Factor (PLF) of 47.9% and sales of 53.39 billion units as compared to consolidated PLF of 51.5% and sales volume of 52.27 BU a year ago.

During Q4 FY23, APL achieved an average consolidated PLF of 52%, and aggregate sales volumes of 14.25 BU as against an average consolidated PLF of 52.1% and sales volume of 13.15 BU in the year-ago period.

Power offtake under long term Power Purchase Agreements (PPAs) was constrained by high import coal prices, while the PLF of open capacities was affected by domestic coal related constraints.

“Consequent to approval of the Scheme of Amalgamation by NCLT and fulfilment of the conditions precedent thereto, six operating subsidiaries of APL, viz. Adani Power Maharashtra, Adani Power Rajasthan, Adani Power (Mundra), Udupi Power Corporation, Raipur Energen, and Raigarh Energy Generation have been amalgamated with it effective October 1, 2021,” the statement said.

Adani Group Chairman Gautam Adani said, India’s growing demand for world-class infrastructure facilities is acting as the springboard for the next phase of its economic growth.

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“As the nation’s foremost infrastructure conglomerate, Adani Group is fully committed to meeting it in a sustainable and dependable manner,” he added.

S. B. Khyalia, CEO, Adani Power said, “We have also started a new chapter in cross-border cooperation with the commissioning of the first 800 MW unit of the Godda Ultra-supercritical thermal power project, which will provide Bangladesh with a reliable source of electricity, and help it achieve its long-term economic goals.”

APL is a part of diversified Adani Group. The company has an installed thermal power capacity of 14,410 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.