- Continuing revenue grows 20% y-o-y to ₹ 28,517 Crore in H1 FY25
- Continuing EBITDA grows 38.3% y-o-y to ₹ 11,692 Crore in H1 FY25 and 24.6% y-o-y to ₹ 5,402 Crore in Q2 FY25
- Continuing PBT grows 69% y-o-y to ₹ 8,020 Crore in H1 FY25 and 44.8% y-o-y to ₹ 3,537 Crore in Q2 FY25
NE BUSINESS BUREAU
AHMEDABAD, OCT 29
Adani Power Ltd a part of Adani portfolio companies, on Monday announced that its revenue grew 10.8% y-o-y to ₹ 13,465 crore during the second quarter ended 30th September 2024.
The company’s revenue from core operations increased 2.6 per cent to ₹13,338.88 crore in the second quarter, compared to ₹12,990.58 crore in the same period a year ago.
Total expenses for the company rose 2.23 per cent to ₹9,928 crore in the second quarter of the financial year 2024-25, compared to ₹9,712.11 crore in the same quarter the previous year.
Continuing operating revenue growth in H1 FY25 moderated to 19.1% in comparison to volume growth due to lower blended tariff realisation following a reduction in imported coal prices. Continuing operating revenue growth for Q2 FY25 also moderated to 9.1% for similar reasons.
Robust Continuing EBITDA growth of 38.3% in H1 FY25 as compared to H1 FY24 on account of a moderation in fuel costs along with a reduction in operating expenses and positive operating leverage due to higher volumes. Similarly, Continuing EBITDA growth of 24.6% in Q2 FY25 as compared to Q2 FY24 was on account of lower fuel and operating expenses, and positive operating leverage.
Reduction in finance costs despite growth in capacity due to deleveraging and lower effective interest rate.
Strong 69% growth in Continuing Profit Before Tax in H1 FY25 and 44.8% in Q2 FY25 as compared to the corresponding periods of FY24 due to improved operating profitability and lower finance costs.
Lower one-time revenue recognition of prior period items of Rs. 1,020 Crore in H1 FY25 as compared to Rs. 9,278 Crore in H1 FY24, following resolution of all major regulatory matters and realisation of outstanding dues from DISCOMs in the previous year.
Similarly, the one-time prior period revenue recognition for Q2 FY25 was Rs. 598 Crore, as compared to Rs. 2,781 Crore for Q2 FY24.
Higher tax expense, including deferred tax charge totaling to Rs. 1,829 Crore in H1 FY25, whereas H1 FY24 had recognition of deferred tax credit of Rs. 1,330 Crore. Similarly, Q2 FY25 has a tax expense of Rs. 837 Crore as compared to a deferred tax credit of Rs. 1,371 Crore for Q2 FY24.
The company also announced that it has converted a special purpose vehicle (SPV) company named Moxie Power Generation Ltd to a subsidiary, according to Adani Power’s books, said the company in a statement.
The company incorporated the SPV company on January 30, 2024, as a part of a consortium arrangement, said the company in a release on Monday.
Commenting on this, SB Khyalia, CEO, Adani Power Limited, said, “Adani Power has embarked on the next phase of its growth journey, swiftly achieving capacity expansion milestones and securing power supply agreements to ensure long-term revenue stability. The company consistently delivers robust operating and financial performance by leveraging its inherent strengths and competitive advantages.”
“Its diverse capabilities and financial resilience provide a solid foundation for growth, enabling it to realize its vision of supporting India’s economic development with reliable, sustainable, and affordable power supplies. Additionally, we are committed to rapidly turning around our recently acquired stressed power plants by utilizing our core competencies and strengths,” Khyalia added.
Operating performance
| Parameter | H1 FY25 | H1 FY24 | Q2 FY25 | Q2 FY24 |
| Effective Installed Capacity | 15,545 | 14,861 | 15,837 | 15,250 |
| Plant Load Factor | 72.3% | 59.2% | 66.9% | 58.3% |
| Units Sold | 46.0 | 35.6 | 21.9 | 18.1 |
MW: Mega Watts; BU: Billion Units
Financial performance
| Particulars
(Rs. in Crore) |
H1 FY25 | H1 FY24 | Change +/- | Q2 FY25 | Q2 FY24 | Change +/- |
| Continuing Revenue from Operations(1) | 27,666.01 | 23,236.18 | 19.1% | 12,949.12 | 11,865.91 | 9.1% |
| Continuing Other Income(2) | 850.89 | 530.96 | 60.3% | 516.18 | 289.27 | 78.4% |
| Total Continuing Income | 28,516.90 | 23,767.14 | 20.0% | 13,465.30 | 12,155.18 | 10.8% |
| Total Reported Income | 29,536.79 | 33,044.69 | (10.6)% | 14,062.84 | 14,935.68 | (5.8)% |
| Continuing EBITDA | 11,692.28 | 8,456.64 | 38.3% | 5,402.00 | 4,335.99 | 24.6% |
| Reported EBITDA | 12,712.17 | 17,734.19 | (28.3)% | 5,999.54 | 7,116.49 | (15.7)% |
| Continuing Profit Before Tax | 8,019.70 | 4,745.64 | 69.0% | 3,536.54 | 2,443.07 | 44.8% |
| Reported Profit Before Tax | 9,039.59 | 14,023.19 | (35.5)% | 4,134.08 | 5,223.57 | (20.9)% |
| Tax expenses / (Credit) | 1,829.28 | (1,330.40) | n.m. | 836.56 | (1,370.60) | n.m. |
| Profit After Tax | 7,210.31 | 15,353.59 | (53.0)% | 3,297.52 | 6,594.17 | (50.0)% |
(1), (2): Continuing Operating Revenues and Continuing Other Income exclude prior period income recognition on account of coal shortfall claims and late payment surcharge.
* n.m.: not meaningful
