Adani Power Q1 profit falls 55% to ₹3,913 cr, revenue up 36%
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Adani group's integrated power utilities arm Adani Power Ltd has reported a net profit of ₹3,913 crore for the first quarter ended June 2024, a 55% year-on-year (YoY) decline from ₹8,759 crore in the year-ago period.
The company's revenue surged 36% YoY to ₹14,956 crore in the said quarter vs ₹11,005 crore in the previous year, Adani Power's exchange filing shared today shows.
Its consolidated power sale volume at 24.1 billion units (BU) in Q1 FY25 was up by 38% from 17.5 BU in Q1 FY24 due to improved power demand and larger effective operating capacity.
The company's expenses surged to ₹10,568.44 crore in the first quarter, up from ₹9,309.39 crore. Its continuing EBITDA stood at ₹6,290 crore in Q1 FY25, up 53% from ₹4,121 crore in the year-ago period, mainly due to higher merchant contribution, lower import fuel prices, and increase in fixed charges after full commissioning of the Godda plant.
SB Khyalia, CEO, Adani Power, says the company has undertaken advanced development activities to secure execution pipelines for three ultra-supercritical projects of 1,600 MW each to prepare for the anticipated resurgence in the thermal power sector.
"Our strategic focus is to derisk growth plans by utilising high efficiency, low emission technologies, pooling our deep experience and multi-domain expertise for project development, securing access to fuel resources, and revitalising the organisation to become more agile and competitive in the digitalised world. Adani Power is dedicated to enhancing lives and ensuring India’s energy security by proactively addressing the need for sustainable, affordable, and reliable power, while also being a responsible steward of the environment and surrounding communities.”
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The overall aggregate power demand grew 10.6% year-on-year in the first quarter and peak demand grew 12% to reach a record level of 250 GW. "This positive environment for the power sector has resulted in higher offtake from APL’s power plants from both contracted capacities and open capacities," says the CEO.
Khyalia says during Q1 FY 2024-25, higher volumes were contributed by almost all plants led by Mundra and Mahan in addition to Godda, the second 800 MW unit of which was commissioned on 26th June 2023. "Domestic power sales volumes continued to be driven by growing power demand , and offtake under Power Purchase Agreements (“PPAs”) was further supported by falling prices of imported coal."
As an update, Adani Power says it has initiated the development of a 2x800 MW (1600 MW) USCTPP expansion project at its existing 1,370 MW plant at Raipur, Chhattisgarh. The company’s wholly owned subsidiary MTEUPL has also initiated advance ordering for a greenfield 2x800 MW (1600 MW) USCTPP at Mirzapur, Uttar Pradesh.
The Adani Power Ltd stock closed 0.73% up at ₹734.50 on the BSE today, taking its m-cap to ₹2.83 lakh crore. No analyst covers the stock currently.