Adani Power Q1 results: Revenue jumps 115% to Rs 15,509 cr

ADANIGROUP

Adani Power Ltd (APL), a part of the Adani Group, on Wednesday announced its financial results for the quarter ended June 30.

Ahmedabad, Aug 3, 2022:  Adani Power Ltd (APL), a part of the Adani Group, on Wednesday announced its financial results for the quarter ended June 30.

During Q1 FY 2022-23, APL, along with the power plants of its subsidiaries, achieved an average Plant Load Factor (PLF) of 58.6 per cent and aggregate sales volumes of 16.3 billion units (BU) on an installed base of 13,650 MW.

In comparison, during Q1 FY 2021-22, APL and its subsidiaries had achieved an average PLF of 64.8 per cent and sales volume of 16.2 BU on an installed base of 12,450 MW.

Operating performance during the quarter under review was affected due to high import coal prices which impacted the performance of Mundra and Udupi, while volumes at Raipur and Raigarh were lower due to domestic coal shortage.

This was partially offset by improved volumes due to high demand for power at Tiroda and Kawai, and inclusion of operating performance of the newly acquired Mahan plant.

Consolidated total revenue for Q1 FY 2022-23 stood higher by 115 per cent at Rs 15,509 crore, as compared to Rs 7,213 crore reported in Q1 FY 2021-22.

This increase in revenue was aided by increase in PPA tariffs due to higher import coal prices and greater alternate coal usage, improved merchant and short-term tariffs, revival of 1,234 MW Bid-2 PPA with Gujarat DISCOMs, and higher prior period revenue recognition.

Revenue for Q1 FY 2022-23 includes recognition of prior period revenue from operations of Rs 2,561 crore, and prior period other income of Rs 1,651 crore, primarily on account of various regulatory orders.

The corresponding amounts of prior period revenue recognition for Q1 FY 2021-22 were Rs 125 crore and Rs 532 crore, respectively.

The EBITDA for Q1 FY 2022-23 stood higher by 227 per cent at Rs 7,506 crore, as compared to Rs 2,292 crore in Q1 FY 2021-22.

The EBITDA growth was aided by prior period income recognition, improved tariff realisation, and change in sales mix, partially offset by impact of higher fuel cost, increased operating expenses owing to acquisition of Mahan Energen Ltd, unfavourable foreign exchange movement, etc.

The profit after tax (PAT) for Q1 FY 2022-23 was Rs 4,780 crore, which was 16 times higher than the corresponding figure of Rs 278 crore for Q1 FY 2021-22.

Commenting on the quarterly results, Anil Sardana, Managing Director, Adani Power Limited, said, “As the world goes through a period of increased uncertainty and hyperinflation in commodity prices caused by geopolitical conflict, India’s energy sector has also faced price-adversity.

“However, pragmatic policy decisions and abundant natural resources have shielded the economy from its worst impact. Adani Power Ltd has been able to utilise the opportunities presented by the market situation effectively, leveraging its diversified fleet and operations-excellence to meet rising power demand.

“Regulatory issues that were outstanding since long are nearing full resolution, improving visibility and providing us liquidity to propel our drive to realise our long-term strategies and meet our stakeholder value aspirations duly keeping our utmost commitment to ESG aspects.”

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