Adani Power reports 115% growth y-o-y in Q1 FY23 revenue at Rs 15,509 crore

Ahmedabad, August 3, 2022

Adani Power Limited (APL), a part of the diversified Adani Group, today reported a 115% growth year-on-year in its consolidated total revenue for Q1 FY23 at Rs. 15,509 crore as against Rs 7,213 crore in the same period of the last financial year.

Announcing its consolidated financial results for the first quarter (Q1) of financial year 2022-23, ended June, the company said its consolidated EBITDA for Q1 FY23 was Rs. 7,506 crore as compared to Rs. 2,292 crore in Q1 FY22, a rise of 227%, which includes prior period revenue recognition of Rs. 4,212 crorevs Rs. 657 crore during the respective periods.

The profit after tax for Q1 FY23 was Rs. 4,780 crore, a 16-fold increase over Rs 278 crore for Q1 FY22.

During Q1 FY 2022-23, APL, along with the power plants of its subsidiaries, achieved an average Plant Load Factor [PLF] of 58.6% and aggregate sales volumes of 16.3 billion units 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% and sales volume of 16.2 BU on an installed base of 12,450 MW.

"Operating performance during the quarter 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," a press release from the company said.

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, it said.

The company said the 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 release said 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, and so on.

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.”

APL is the largest private thermal power producer in India. The company has an installed thermal power capacity of 13,610 MW spread across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh, apart from a 40 MW solar power plant in Gujarat.

NNN