Adani Power’s Q2 Consolidated Profit Jumps 848% To Rs 6,594 Crore

Adani Power Limited, a part of Adani group, announced its consolidated profit increased over eight fold to Rs 6,594 crore in the July-September quarter – a 848 per cent jump as compared to Rs 696 crore for the same period last year.

The company has attributed the increase to “improved EBITDA, higher one-time income and recognition of deferred tax asset”.

“Consolidated Profit After Tax for Q2 FY24 higher by 848% at Rs 6,594 Crore vs Rs 696 Crore for Q2 FY23,” the company said in a statement.

The company said its consolidated profit after tax on a half-yearly basis was higher by 180 per cent at Rs 15,354 Crore as compared to Rs 5,475 crore for the same period last year.

“Adani Power has now cemented its position as India’s most reliable and competitive power generator with stable cash flows and high creditworthiness flowing from a secure revenue stream and a strategically located and reliable fleet with lowest emissions per unit of generation,” said Adani Power Limited CEO SB Khyalia.

“The Company’s proven capabilities are being supplemented with the deployment of digitalization, analytics, and cutting-edge technologies to provide stable, reliable, and affordable power supply in a sustainable manner,” he said in a statement.

The company said the consolidated continuing total revenue for Q2 FY24 is higher by 61 per cent at Rs 12,155 crore, versus Rs 7,534 crore in the same period a year ago, mainly due to greater sales volumes.

Due to greater sales volumes, lower fuel cost and higher merchant tariffs, EBITDA for Q2 FY24 was recorded at Rs 4,336 crore versus Rs 1,438 crore a year ago – a jump of 202 per cent, it said.

Depreciation charge for Q2 FY 2023-24 increased to Rs. 1,004 Crore from Rs. 833 Crore in Q2 FY 2022-23 due to the commissioning of the Godda power plant. Similarly, the Depreciation charge for H1 FY 2023-24 increased to Rs. 1,939 Crore from Rs. 1,649 Crore in H1 FY 2022-23.

The company sold 18.1 Billion Units of power in the qarter which is up by 65 per cent from 11 Billion Units in the same period last year due to improved power demand and higher operating capacity.

The operating performance for Q2 FY 2023-24 includes the 1,600 MW Godda Ultra-supercritical thermal power plant of APL’s subsidiary Adani Power (Jharkhand) Ltd (APJL), which was commissioned in Q1 FY 2023-24 (April-June 2023).

“The performance improved due to higher power offtake in Mundra, Udupi, Raipur, and Mahan plants apart from the incremental contribution of Godda, which has ramped up its operations satisfactorily in a short time after commissioning,” the company said.

During the six months ended September 30, 2023, APL and its subsidiaries including APJL achieved an average PLF of 59.2 per cent and sales of 35.6 BU, as compared to a PLF of 48.9 per cent and sales volume of 27.3 BU in the six months ended 30th September 2022, it said.

Adani Power has an installed 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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