Adani Power on Thursday reported a multi-fold rise in its consolidated net profit at Rs 2,738 crore in the December quarter compared to a year ago due to higher revenue. The company had registered a profit of Rs 9 crore in the third quarter of 2022-23. Total income for the quarter rose to Rs 13,355 crore from Rs 8,290 crore in the year-ago period, a company statement said.
Adani Power CEO SB Khayalia said in the statement, “Adani Power continues to demonstrate its leadership across all sectors by achieving the highest standards of excellence, as demonstrated by its financial results for the third quarter of FY 2023-24 ” The company’s strategically located power plants and optimal capacity allocation between PPAs (Power Purchase Agreements) and merchant capabilities, its strengths in fuel management and logistics and excellence in power plant O&M have positioned it to address growing power demand and strengthen Allowed to generate profitability. He said. This has resulted in improved liquidity, which has been used to reduce debt, Khayalia said.
The ongoing 1,600 MW brownfield capacity expansion at Mahan is on track, while we look to further grow our leadership inorganically, he said. During the third quarter as well as the nine-month period of FY 2023-24 ending December 31, 2023, higher volumes were contributed by the Mundra, Udupi, Raipur and Mahan plants in addition to the incremental contribution from the Godda power plant, which accelerated the It said it has become an important part of Bangladesh’s power supply ecosystem.
It said domestic power sales volumes were driven by rising power demand across India, and the offtake under power purchase agreements (PPAs) was further supported by falling prices of imported coal and alternative fuels. The reported revenue for Q3:2023-24 includes one-time net recognition of prior period items of (-) Rs 50 crore on account of domestic coal shortage, carrying costs and late payment surcharge. In comparison, the revenue reported for the third quarter of 2022-23 includes recognition of one-time prior period items of Rs 517 crore, it said.
The company sold 21.5 BU of power in the third quarter, up from 11.8 BU (billion units) in the year-ago period. Finance cost for the October-December period of 2023-24 declined to Rs 797 crore from Rs 946 crore in Q3FY 2022-23, mainly due to reduction in secured and unsecured loans compared to the previous year, partly due to This is offset by relatively higher borrowing costs. Godda power plant, it said. PAT (net profit) for 9 months of FY 2023-24 (April to December 2023) increased by 230 percent to Rs. Rs 18,092 crore after recognition of deferred tax assets of Rs. This is Rs 858 crore compared to PAT of Rs 5,484 crore for 9 months of FY 2022-23, it said.
Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India. The company has a thermal power capacity of 15,210 MW spread across eight power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh and Jharkhand, apart from a 40 MW solar power plant in Gujarat.
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