Adani Power Q4 profit zooms multi-fold to ₹4,645 cr; revenue up 93.5%

Adani Power has reported sharp rise in consolidated net profit at ₹4,645 crore for the fourth quarter ended March 31, 2022, as compared to ₹13 crore during the corresponding quarter last year, driven by a recognition of prior period revenue from operations.

The Adani group company's revenue for the said quarter stood at ₹13,308 crore, growing at 93.5% year-on-year as compared to ₹6,902 crore in Q4 FY21, the company said in a stock exchange filing today. Adani Power's consolidated EBITDA for the Jan-march quarter was ₹7,942 crore vs ₹2,143 crore during the same quarter last year, a growth of 271%.

Adani Power's revenue was boosted by the recognition of "prior period revenue from operations" worth ₹2,970 crore and other income worth ₹2,830 crore. The other income included "orders received from regulatory authorities and reconciliation with discerns relating to various claims towards change in law events, cost escalations, carrying cost thereon and delayed payment interest".

During Q4 FY22, Adani Power, along with the power plants of its subsidiaries, achieved an average plant load factor (PLF) of 52.1%, and aggregate sales volumes of 13.1 billion units. This was low as compared to Q4 FY21 when its average PLF was 59.6% and sales volume was 14.8 billion units. Adani Power attributed high import coal prices and plant overhaul to this. "Operating performance during the quarter was affected due to high import coal prices and plant overhaul, partially offset by improved volumes due to high demand for power," says the company.

For the full fiscal year 2021-22, Adani Power's profit at ₹4,912 crore grew 287% over the previous fiscal year's profit of ₹1,270 crore. Its revenue for FY22 was ₹31,686 crore, thereby growing by 13% as compared to ₹28,150 crore revenue in FY21. The company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) for FY22 was ₹13,789 crore vs ₹10,597 crore during FY21, showing a growth of 30%.

Gautam Adani, chairman, Adani Group said the company's diversified presence across the energy value chain has helped to ensure it is always available to power the economy, even during times of global volatility. MD Anil Sardana said in the coming years, the company will focus on utilising its fleet to the highest extent, while guiding "its acquisitions and greenfield assets to become value-accretive investments".

During Q4, the company completed the acquisition of Essar Power MP Limited (EPMPL), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code (IBC), on March 16, 2022. After this, Adani Power's installed thermal power generation capacity has surged to 13,610 MW.

On March 22, 2022, Adani Power board approved merger of various wholly owned subsidiaries -- Adani Power Maharashtra, Adani Power Rajasthan, Adani Power (Mundra), Udupi Power Corporation, Raipur Energen, and Raigarh Energy Generation – with itself.

Adani Power, which is the largest private thermal power producer in India, has an installed thermal power capacity of 13,610 MW across 7 power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh, apart from a 40 MW solar power plant in Gujarat.

Amid a record profit, the Adani Power share surged 4.4% in today's trade to ₹277.9 on the National Stock Exchange (NSE). The stock has surged 13.66% in the past month and a whopping 165.68% in the past six months. In the year-to-date period, the stock has risen 174.33%.