Tue. Mar 19th, 2024
Aadni PowerSource: Business Today

Adani Power, Ahmedabad-headquartered power and energy company, on Wednesday, reported a 96 percent year-on-year dip in its consolidated net profit to ₹8.7 crore for the three months ended 31 December 2022 (Q3FY23). Last year, they printed a profit of ₹218.5 crore in the corresponding quarter.

In the quarter that ended 30 September 2022, Adani Power turned profitable with a 401.6% jump in consolidated profit after tax (PAT) at ₹695.53 crore from ₹230.6 crore loss in the corresponding quarter in fiscal 22.

Consolidated Total Income for the period under review was 48% higher at Rs. 8,290 crore compared with ₹ 5,594 crore in the third quarter of last year. The jump came on the back of “higher regulatory income, increased operating capacity, improved tariff realization under long-term Power Purchase Agreements (“PPA”), and revival of 1,234 MW Bid-2 PPA with Gujarat DISCOMs in March 2022.”

The Adani Group firm’s topline increased 44.8% to ₹7,764.4 crore from ₹5,360.9 crore a year ago.

Consolidated operating profit: EBITDA (earnings before interest, taxes, depreciation, and amortization) dropped 17 percent to ₹1,469.7 crore in Q3FY23 against ₹1,770.8 cr in the same period a year ago.

EBIT margin reduced to 18.9% in Q3FY23 from 33% reported in Q2FY22. 

The power and energy firm’s total expenses swelled to ₹8,078.31 crore in Q3FY23 against ₹5,389.24 crore a year ago.

Anil Sardana, Managing Director at Adani Power Limited said, “Adani Power Limited has consistently demonstrated its superior skills in project execution, excellence in power plant operations, and capabilities in fuel and logistics management, which has helped it turn around stressed power assets acquired under schemes of corporate debt resolution, apart from setting various benchmarks in its greenfield power plants.”

‘Adani Power Is Well Place In Terms Of Liquidity To Meet Commitments’

“With a resolution of most of its regulatory issues now, the Company is well placed in terms of liquidity to meet its present commitments and growth requirements. Adani Power Limited, with its strategically located and efficient power plants, is poised to gain maximum advantage from India’s growing power demand and provide stable, reliable, and affordable power supply, while ensuring the betterment of communities around it,” Sardana added.

Operating performance

During Q3 FY 23, Adani Power Ltd and its subsidiaries noted an average Plant Load Factor (“PLF”) of 42.1%, and power sale volume of 11.8 Billion Units (“BU”), versus PLF of 41%, and a power sale volume of 10.6 BU in Q3FY22. 

The operating performance for Q3FY23 factored in the performance of the 1,200 MW power plant of Mahan Energen Ltd., which APL acquired in March 2022.

 There was an insufficient supply of domestic fuel due to high power demand during Q3 FY 2022-23, which negatively impacted operating performance.

 

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

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