Adani Power Q3 profit falls 96% YoY to Rs 9 cr; revenue rises 45%

Company's amalgamation with six of its operating subsidiaries receives approval from secured creditors

Adani Power on Wednesday reported a 96 per cent drop in consolidated net profit to nearly Rs 9 crore for the quarter-ended December 31, 2022 (Q3 FY23), compared with Rs 218 crore reported in the corresponding period last year.

In the September and June quarters of this financial year, the company had reported a net profit of Rs 696 crore and Rs 4,780 crore. The June quarter was amongst Adani Power's best-ever periods in terms of top-line and bottom-line.

Consolidated revenue from operations increased nearly 45 per cent year-on-year (YoY) to Rs 7,764 crore in Q3, mainly due to higher regulatory claims, increased operating capacity, and improved tariff realisation. Revenue in the year-ago period stood at Rs 5,361 crore. In the September and June quarters, the company had reported revenues of Rs 7,044 crore and Rs 13,723 crore.

The company's Ebitda (earnings before interest, tax, depreciation, and amortisation) was marginally lower year-on-year to Rs 1,996 crore, constrained mainly by the impact of fuel costs including higher import coal prices, the company said. A year ago, Ebitda was Rs 2,003 crore. In the September and June quarters, Ebitda was Rs 2,350 crore and Rs 7,506 crore each.

"With the resolution of most of its regulatory issues now, Adani Power is well placed in terms of liquidity to meet its present commitments and growth requirements," said Anil Sardana, managing director, Adani Power.

“With its strategically located and efficient power plants, Adani Power is poised to gain maximum advantage from India’s growing power demand and provide stable, reliable, and affordable power supply,” Sardana said.

On the operational front, Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 42.1 per cent and a power sale volume of 11.8 billion units (BU) in Q3FY23, as compared to a PLF of 41 per cent and power sale volume of 10.6 BU in the same period last year.

The amalgamation of Adani Power with six of its operating subsidiaries received approval from secured creditors. The amalgamation process is expected to be completed shortly.

On Wednesday, ahead of the results, Adani Power’s shares closed trade 4.99 per cent higher at Rs 182 apiece on the BSE. In the last one year, the Adani Power stock has risen 68.44 per cent on the BSE, even as the benchmark BSE Sensex has increased 4.94 per cent in the same period.