Adani Power Q1 results: Profit surges 83% to Rs 8,759 crore YoY; revenue up 17%

Adani Power Ltd on Thursday posted a strong set of results for the first quarter that ended on June 30, 2023 (Q1 FY24). The company's net profit jumped 83.30 per cent to Rs 8,759 crore in Q1 FY24 as against Rs 4,780 crore in the corresponding period last year. The company said its consolidated total revenue grew by 16.80 per cent to Rs 18,109 crore in Q1 FY24 over Rs 15,509 crore in the year-ago period, mainly due to improved volumes, higher one-time revenue recognition on account of regulatory claims and late payment surcharge.

Consolidated EBITDA for Q1 FY24 stood 41.50 per cent higher, at Rs 10,618 crore, compared to Rs 7,506 crore in Q1 FY23. EBITDA growth was supported mainly by prior period income recognition and incremental contribution of Godda power plant, Adani Power said.

"Depreciation charge for Q1 FY24 increased to Rs 935 crore from Rs 816 crore in Q1 FY23 due to the commissioning of the Godda power plant. Similarly, finance costs increased from Rs 823 crore in FY23 to Rs 883 crore in FY24, mainly due to incremental borrowing for the Godda power plant," the company stated in an exchange filing.

"The 1,600 MW Godda USCTPP was commissioned during Q1 FY24. The plant has commenced full load power supply to Bangladesh under the 1,496 MW (Net) Power Purchase Agreement (PPA) with the Bangladesh Power Development Board. The Godda Power Plant is a shining example of India-Bangladesh cooperation. It marks the Adani Group's entry into transnational power projects and is India's first commissioned transnational power project where 100 per cent of the generated power is supplied to another nation," it further said.

SB Khyalia, CEO, Adani Power, said, "We are proud to support Bangladesh in enhancing the means available to its high-potential economy for fulfilling aspirations of its hard-working and enterprising population. As India's leading private power producer, we stand committed to upholding our pledge to help the nation achieve its climate goals by adopting the latest, resource efficient technologies such as ultra-supercritical power plants incorporating emission control equipment, and exploring reduction of our carbon footprint through innovative solutions. With satisfactory resolution of virtually all regulatory matters, the company's revenues and cash flows have now entered a stable phase."

In terms of operating performance, the company said it achieved an average consolidated plant load factor (PLF) of 60.10 per cent and sales of 17.5 Billion Units (BU) on an installed capacity of 15,250 MW in Q1 FY24, as compared to consolidated PLF of 58.60 per cent and sales volume of 16.3 BU on an installed capacity of 13,650 MW in the quarter ended 30th June 2022. 

Shares of the company settled 2.69 per cent higher at Rs 274.90 today over their previous close of Rs 267.70.

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