Adani Power Records Significant Growth with Q2 Net Profit Surging Over Ninefold

Adani Power, a prominent player in India’s power sector, reported a substantial surge in its consolidated net profit for the September quarter of this year. The company’s net profit skyrocketed over ninefold to Rs 6,594 crore compared to the same period last year, driven by higher one-time income and recognition of deferred tax assets. A statement released by the company highlighted the key financial achievements and operational milestones.

Financial Performance Overview

• Consolidated Profit After Tax (PAT) for Q2 FY24 surged by 848%, reaching Rs 6,594 crore compared to Rs 696 crore in Q2 FY23.
• The company’s continuing total revenue for Q2 FY24 increased by 61% to Rs 12,155 crore, up from Rs 7,534 crore in the corresponding period last year.
• Consolidated power sale volume witnessed a significant rise, reaching 18.1 Billion Units (BU) in Q2 FY24, marking a 65% increase from 11 BU a year ago.

Factors Driving Growth

Adani Power attributed the remarkable increase in revenue and profit to several key factors:

1. Greater Sales Volumes: The company experienced a boost in sales volumes, including contributions from the Godda power plant and higher merchant sales.
2. Lower Import Coal Prices: Reduced import coal prices facilitated higher power offtake under import coal-based Power Purchase Agreements (PPAs) of Mundra and Udupi plants.
3. Improved Power Demand: Enhanced power demand and higher operating capacity led to increased power sale volumes.
4. Operational Efficiency: The operating performance saw improvements, particularly in power offtake from various plants, including Mundra, Udupi, Raipur, Mahan, and the newly commissioned Godda Ultra-supercritical thermal power plant.

Strategic Outlook and Future Plans

S B Khyalia, CEO of Adani Power, expressed confidence in the company’s ability to leverage opportunities in the Indian power market. Adani Power aims to strengthen its position as the leading private power producer and contribute significantly to meeting the nation’s growing energy needs.

Adani Power’s Portfolio and Industry Standing

Adani Power, a part of the diversified Adani Group, holds the distinction of being the largest private thermal power producer in India. With an installed thermal power capacity of 15,210 MW across eight power plants and a solar power plant, the company plays a pivotal role in India’s energy landscape. The substantial growth in Q2 FY24 underscores Adani Power’s resilience and strategic focus on driving operational excellence and meeting evolving market demands.