New Delhi: Adani Power reported a sharply higher consolidated profit after tax during the October-December quarter of the current financial year 2023-24 at Rs 2,738 crore versus only Rs nine crore reported during the same quarter of the preceding year.
The Adani Group company attributed the rise in net profits to improved EBITDA. EBITDA, or earnings before interest, taxes, depreciation, and amortization, is an alternative measure of a company’s overall financial performance.
The company’s consolidated profit after tax for the three quarters of 2023-24 is higher by 230 per cent at Rs 18,092 crore versus Rs 5,484 crore it reported same period last year. The company similarly attributed the growth to higher EBITDA.
Coming to the company’s consolidated continuing total revenue for the October-December quarter, it was higher by 72 per cent at Rs 13,405 crore versus Rs 7,773 crore during the same quarter of the preceding year, mainly due to greater sales volumes.
In three quarters of 2023-24 combined, the consolidated continuing total revenues were higher by 40 per cent at Rs 37,173 crore versus Rs 26,604 crore last year, attributable to greater sales volumes.
Further, consolidated continuing EBITDA for the October-December quarter more than tripled to Rs 5,059 crore versus Rs 1,479 crore last year, due to greater revenues and lower import fuel prices.
During the April-December period, the consolidated continuing EBITDA more than doubled to Rs. 13,516 crore versus Rs 6,210 crore same period of 2022, driven by higher revenues and lower import fuel prices.
Adani Power Ltd, a part of Adani group of companies, on Thursday announced the financial results for the third quarter that ended in December 2023.
“Adani Power continues to demonstrate its leadership across domains by achieving ever higher standards of excellence, as evidenced by the financial results for the third quarter of FY 2023-24,” SB Khyalia, CEO, Adani Power Limited, said, commenting on the earnings.
The ongoing brownfield capacity expansion of 1,600 MW at Mahan is on track, while we are moving ahead to extend our leadership further inorganically. We are excited to be a part of nation-building efforts through provision of reliable electricity supply from our highly efficient power plants while keeping sustainability goals at the forefront of our agenda,” the CEO further noted.
The operating performance for the October-December quarter includes the 1,600 MW Godda ultra-supercritical thermal power plant of Adani Power’s subsidiary Adani Power (Jharkhand) Limited (APJL), which was commissioned in the April-June quarter.
During the third quarter as well as the nine months of 2023-24, higher volumes were contributed by the Mundra, Udupi, Raipur, and Mahan plants apart from the incremental contribution of the Godda power plant, which has quickly become an important part of the power supply ecosystem of Bangladesh.
Adani Power said that its domestic power sales volumes were driven by growing power demand across India and offtake under Power Purchase Agreements (“PPAs”) was further supported by falling prices of imported coal and alternate fuel.
The Adani Group company 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.
