Q3 results: Adani Power PAT soars multi-fold to Rs 2,738 crore

Q3 FY24 continuing EBITDA more than triples y-o-y to
5,059 Crore

NE BUSINESS BUREAU

AHMEDABAD, JAN 25

Adani Power Ltd, a part of Adani portfolio companies, on Thursday reported multi-fold jump in consolidated net profit at Rs 2,738 crore for the quarter ending December 31, 2023, as strong industrial demand drove a recovery from a massive slump in profit the previous year. It reported consolidated net profit of Rs 9 crore in the year-ago period.

The Adani Group firm’s revenue rose 67% to Rs 12,991 crore in Q3FY24 as against Rs 7,764 crore in Q3FY23.

Commenting on the quarterly results, S B Khyalia, CEO, Adani Power Limited, 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. The Company’s strategically located power plants and optimal capacity allocation between PPAs 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.”

“ This has resulted in improved liquidity, which has in turn been utilized to reduce debt. 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. We are excited to be a part of nation-building efforts through provision of reliable electricity supply from our highly efficient power plants while keeping sustainability goals at the forefront of our agenda,” he added.

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.

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.

Financial performance

Particulars (Rs. in Crore)	Q3 FY 2023-24	Q3 FY 2022-23	Change +/-	9M FY 2023-24	9M FY 2022-23	Change +/-
Continuing Revenue from Operations	13,143	7,602	72.9%	36,380	25,961	40.1%
Continuing Other Income	262	171.	53.3%	793	644	23.2%
Total Continuing Income	13,405	7,773	72.5%	37,173	26,604	39.7%
Total Reported Income	13,355	8,290	61.1%	46,400	32,245	43.9%
Continuing EBITDA	5,059	1,479	242.1%	13,516	6,210	117.6%
Reported EBITDA	5,009	1,996	151.0%	22,743	11,851	91.9%
Profit After Tax	2,738	9	Very high %	18,092	5,484	230.0%

Continuing Operating Revenues and Continuing Other Income exclude prior period income recognition on account of coal shortfall claims.