Adani Power’s energising results

Q1 FY24 Revenue at Rs. 18,109 Crore, up 16.8% y-o-y

Q1 FY24 EBITDA at Rs. 10,618 Crore, up 41.5% y-o-y

Q1 FY24 PAT at Rs. 8,759 Crore, up 83.3% y-o-y

 Synopsis

  • Installed capacity grows from 13,650 MW as of 30th June 2022 to 15,250 MW as of 30th June 2023 after commissioning of the 1,600 MW Godda Ultra-supercritical Power Plant, which supplies cross-border power to Bangladesh.
  • Consolidated PLF 60.1% and power sales 17.5 BU in Q1 FY24 vs 58.6% and 16.3 BU in Q1 FY23 respectively.
  • Consolidated total revenue higher by 16.8% at Rs. 18,109 Crore in Q1 FY24 vs Rs. 15,509 Crore in Q1 FY23; mainly due to improved volumes and higher one-time revenue recognition on account of regulatory claims and Late Payment Surcharge.
  • Consolidated EBITDA for Q1 FY24 higher by 41.5% at Rs. 10,618 Crore vs Rs. 7,506 Crore in Q1 FY23; mainly due to higher one-time revenue recognition and incremental contribution of Godda power plant.
  • Consolidated PAT for Q1 FY24 higher by 83.3% at Rs. 8,759 Crore vs Rs. 4,780 Crore for Q1 FY23.

Ahmedabad, August 3rd, 2023: Adani Power Ltd. [“APL”], a part of Adani Group, today announced the financial results for the quarter ended 30th June 2023.

 Operating Performance

During the quarter ended 30th June 2023, APL achieved an average consolidated Plant Load Factor [“PLF”] of 60.1% and sales of 17.5 Billion Units [“BU”] on an installed capacity of 15,250 MW, as compared to consolidated PLF of 58.6% and sales volume of 16.3 BU on an installed capacity of 13,650 MW in the quarter ended 30th June 2022.

During the quarter, the power plants at Udupi, Raipur, Raigarh, and Mahan achieved an increase in PLF, while power plants at Mundra, Tiroda, and Kawai achieved lower PLF due to erratic weather conditions leading to backdown from DISCOMs. Incremental generation capacity of the 1,600 MW Godda Ultra-supercritical thermal power plant [“USCTPP”] contributed to the increase in sales volumes for Q1 FY 2023-24.

Financial Performance

Consolidated Total Revenue for Q1 FY 2023-24 was Rs. 18,109 Crore, which was 16.8% higher as compared to Rs. 15,509 Crore in Q1 FY 2022-23. Revenue for Q1 FY 2023-24 includes one-time recognition of prior period regulatory revenue amounting to Rs. 6,497 Crore, primarily on account of Late Payment Surcharge. In comparison, revenue for Q1 FY 2022-23 included one-time prior period revenue recognition of Rs. 4,212 Crore primarily on account of various regulatory orders.

Consolidated EBITDA for Q1 FY 2023-24 stood 41.5% higher at Rs. 10,618 Crore, as compared to Rs. 7,506 Crore in Q1 FY 2022-23. EBITDA growth was supported mainly by prior period income recognition and incremental contribution of Godda power plant.

Depreciation charge for Q1 FY 2023-24 increased to Rs. 935 Crore from Rs. 816 Crore in Q1 FY 2022-23 due to the commissioning of the Godda power plant.  Similarly, Finance Costs increased from Rs. 823 Crore in FY 2022-23 to Rs. 883 Crore in FY 2023-24, mainly due to incremental borrowing for the Godda power plant.  Consolidated Profit Before Tax for Q1 FY 2023-24 was Rs. 8,800 Crore as compared to Rs. 5,866 Crore in Q1 FY 2022-23.

Consolidated Profit After Tax for Q1 FY 2023-24 stood higher by 83.3% at Rs. 8,759 Crore, as compared to Rs. 4,780 Crore for Q1 FY 2022-23. Total Comprehensive Income was Rs. 8,717 Crore for Q1 FY 2023-24, as compared to Rs. 4,822 Crore for Q1 FY 2022-23.

 Business updates

The 1,600 MW Godda USCTPP was commissioned during Q1 FY 2023-24. The plant has commenced full load power supply to Bangladesh under the 1,496 MW (Net) Power Purchase Agreement [“PPA”] with the Bangladesh Power Development Board.

The Godda Power Plant is a shining example of India-Bangladesh cooperation.  It marks the Adani Group’s entry into transnational power projects and is India’s first commissioned transnational power project where 100% of the generated power is supplied to another nation. It will provide an uninterrupted and reliable source of electricity at competitive tariffs to Bangladesh, helping it replace costly power generated from liquid fuels, thereby contributing to its economic growth and prosperity.

Commenting on the quarterly results of the Company, S B Khyalia, CEO, Adani Power Limited, said, “Adani Power has increased its lead among IPPs with commissioning of the 1,600 MW Godda USCTPP and entered a new era of transnational power sales.  We are proud to support Bangladesh in enhancing the means available to its high-potential economy for fulfilling aspirations of its hard-working and enterprising population.  As India’s leading private power producer, we stand committed to upholding our pledge to help the nation achieve its climate goals by adopting the latest, resource efficient technologies such as Ultra-supercritical power plants incorporating emission control equipment, and exploring reduction of our carbon footprint through innovative solutions. With satisfactory resolution of virtually all regulatory matters, the Company’s revenues and cash flows have now entered a stable phase.”

About Adani Power

Adani Power (APL), 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. With the help of a world-class team of experts in every field of power, Adani Power is on course to achieve its growth potential. The company is harnessing technology and innovation to transform India into a power-surplus nation, and provide quality and affordable electricity for all.

COMMENTS

Comments can be posted to RNB@asiaconverge.com

RELATED ARTICLESMORE FROM AUTHOR