Adani Power Announces 9M & Q3 FY25 Results

Continuing PBT for 9M FY25 grows 33% y-o-y to Rs. 10,679 Crore

Continuing EBITDA for 9M FY25 grows 22% y-o-y to Rs. 16,478 Crore

Continuing revenue for 9M FY25 grows 13% y-o-y to Rs. 41,951 Crore

EDITOR’S SYNOPSIS

9MFY25 Highlights

Consolidated power sale volume at 69.5 Billion Units (BU) in 9M FY25, up by 22% from 57.1 BU in 9M FY24 due to improved power demand and larger operating capacity.
Consolidated continuing total revenues higher by 13% at Rs. 41,951 Crore in 9M FY25 vs Rs. 37,173 Crore in 9M FY24; supported by higher sales volumes.
Consolidated continuing EBITDA for 9M FY25 higher by 22% at Rs. 16,478 Crore vs Rs. 13,516 Crore in 9M FY24; primarily due to higher revenue and lower fuel prices.
Consolidated continuing Profit Before Tax for 9M FY25 higher by 33% at Rs. 10,679 Crore vs Rs. 8,006 Crore in 9M FY24; due to improved EBITDA and control over finance costs.

Q3FY25 Highlights

Consolidated power sale volume at 23.3 BU in Q3 FY25, up by 8% from 21.5 BU in Q3 FY24 due to improved power demand and higher operating capacity.
Consolidated total revenue for Q3 FY25 higher by 11% at Rs. 14,833 Crore vs Rs. 13,355 Crore in Q3 FY24; primarily due to higher volume.
Consolidated EBITDA for Q3 FY25 higher by 23% at Rs. 6,185 Crore vs Rs. 5,009 Crore for Q3 FY24; supported by higher one-time income.
Consolidated Profit Before Tax for Q3 FY25 higher by 26% at Rs. 4,059 Crore vs Rs. 3,210 Crore for Q3 FY24.
Consolidated Profit After Tax for Q3 FY25 higher by 7% at Rs. 2,940 Crore vs Rs. 2,738 Crore for Q3 FY24. (Continuing Revenues exclude one-time prior period income recognition)

Ahmedabad, 29 January 2025: Adani Power Ltd. [“APL”], a part of Adani portfolio of companies, today announced the financial results for the third quarter ended 31st December 2024.

Mr. S B Khyalia, CEO, Adani Power Limited, said, “Adani Power is well on its way to achieve its generation capacity target of 30+ GW by 2030, with rapid progress in under-construction projects, secure supply chain, and successful bids for long term PPA tie-ups. We are well-positioned to benefit from the attractive opportunities in the Indian thermal power sector and to support its steadily growing power demand. Our high-quality asset portfolio, operating excellence, and execution capabilities set us apart and help us deliver consistent profitability and cash flows. We are taking steps ranging from backward integration into mining to improve our competitiveness and digitalization of our operations to enhance our future-readiness. Our unceasing focus on our ESG efforts has placed us amongst top 15% of our global peers and earned us international recognition.”

Operating performance

Parameter	9M FY25	9M FY24	Q3 FY25	Q3 FY24
Installed Capacity	17,550 MW	15,250 MW	17,550 MW	15,250 MW
Plant Load Factor	69.3%	62.4%	63.9%	68.6%
Units Sold	69.5	57.1	23.3	21.5

MW: Mega Watts; BU: Billion Units

All-India power demand grew by 4.3% to 393 BU in Q3 FY25 as compared to Q3 FY24. Demand growth was affected marginally due to cold weather. However, demand picked up in the month of December 2024, which registered a growth of 5.7% over December 2023. The cumulative demand for FY 2024-25 till 31st December 2024 was healthy with a growth of 4.6% over the corresponding period of FY 2023-24. As a result of the slower growth in power demand and an increase in supply, average market clearing price on the Indian Energy Exchange declined by 26% year-on-year to Rs. 3.71/kWh in Q3 FY25. However, with the Government estimating peak power demand reaching 270 GW in the summer of 2025 from 250 GW in 2024, merchant prices are expected to regain strength.

Business updates

APL filed a Scheme of Amalgamation with the Hon’ble National Company Law Tribunal, Ahmedabad bench (“NCLT”) for amalgamation of its wholly owned subsidiary, Adani Power (Jharkhand) Ltd., with itself. The purpose of the proposed Scheme is to achieve, among others, an enhanced scale of operations, operational flexibility, organizational efficiency and optimal utilization of various resources, an improvement in the credit profile of the combined entity with pooling of financial resources and optimization of the capital structure, and an overall reduction in borrowing costs.
APL’s subsidiary, Mahan Energen Ltd. (“MEL”) acquired and amalgamated with itself Stratatech Mineral Resources Pvt. Ltd., a special purpose vehicle with a commercial mining license for the Mahan coal block at Singrauli in Madhya Pradesh. Coal from this mine will be utilized by MEL’s 1,200 MW power plant at the same location.
APL is now rated AA; Stable by India Ratings and CARE Ratings, and AA-; Positive by CRISIL.
APL entered into a Power Supply Agreement (“PSA”) for supply of 1,496 MW (net) for a period of 25 years with the Maharashtra State Electricity Distribution Company Limited. Power supply under the PSA will be made from a new 2x800 MW (1,600 MW) Ultra-supercritical thermal power project being set up as an expansion of the Company’s 1,370 MW power plant at Raipur, Chhattisgarh.

Key operating highlights for 9M and Q3 FY25

The newly acquired power plants of Dahanu (“ADTPS”), Moxie Power Generation Ltd. (“MPGL”) and Korba Power Ltd. (“KPL”) contributed to the aggregate power dispatch growth in Q3FY25. The recently concluded quarter also witnessed a growth in power dispatched to the merchant and short-term market, supported by the Company’s competitive advantages in capacity available for generation as well as in fuel sourcing.

APL has also awarded major contracts including main plant equipment supply for its ongoing and upcoming expansion projects, addressing key supply constraints and ensuring smooth and on-time project execution.

Financial performance

Particulars (Rs. in Crore)	9M FY25	9M FY24	Change +/-	Q3 FY25	Q3 FY24	Change +/-
Continuing Revenue from Operations⁽¹⁾	40,357.84	36,379.52	10.9%	12,691.83	13,143.34	(3.4%)
Continuing Other Income ⁽²⁾	1,592.83	793.09	100.8%	741.94	262.13	183.0%
Total Continuing Revenue	41,950.66	37,172.61	12.9%	13,433.76	13,405.47	0.2%
Total Reported Revenue	44,370.23	46,399.96	(4.4%)	14,833.44	13,355.27	11.1%
Continuing EBITDA	16,477.78	13,516.01	21.9%	4,785.50	5,059.37	(5.4%)
Reported EBITDA	18,897.35	22,743.36	(16.9%)	6,185.18	5,009.17	23.5%
Continuing Profit Before Tax	10,678.66	8,006.22	33.4%	2,658.96	3,260.58	(18.5%)
Reported Profit Before Tax	13,098.23	17,233.57	(24.0%)	4,058.64	3,210.38	26.4%
Tax expenses / (Credit)	2,947.85	(857.98)	n.m.	1,118.57	472.42	136.8%
Profit After Tax	10,150.38	18,091.55	(43.9%)	2,940.07	2,737.96	7.4%

(1), (2): Continuing Operating Revenues and Continuing Other Income exclude prior period income recognition on account of coal shortfall claims and late payment surcharge.

* n.m.: not meaningful

Key financial highlights for 9M and Q3 FY 2024-25

As MPGL, KPL, and ADTPS were acquired during Q2 FY25, their operating or financial performance is not included in the figures for 9M and Q3 FY24, i.e. the previous year.
Growth in Continuing Operating Revenue moderated in 9M FY25 and Q3 FY25 on account of lower import coal prices as well as lower merchant tariffs, as compared to the corresponding periods of FY24.
Robust Continuing EBITDA growth of 21.9% in 9M FY25 as compared to 9M FY24 on account of higher recurring revenues, supported by moderation in fuel costs. Continuing EBITDA for Q3 FY25 showed a flat trend as compared to Q3 FY24 on account of lower merchant tariffs.
Control on Finance Costs in 9M FY25 as compared to 9M FY24 despite increased scale of operations led to 33.4% growth in Continuing Profit Before Tax.
Higher one-time prior period income recognition at Rs. 1,400 Crore in Q3 FY25 due to closure of contractual matters, and recognition of carrying cost income as well as late payment surcharges, leading to a 26.4% growth in Profit Before Tax over Q3 FY24.
Lower one-time revenue recognition of prior period items of Rs. 2,420 Crore in 9M FY25 as compared to Rs. 9,227 Crore in 9M FY24, following resolution of all major regulatory matters and realisation of outstanding dues from DISCOMs in the previous year.

ESG Performance

Adani Power has been recognized for its Exemplary Commitment to Sustainability at the Times Now Sustainable Organisation 2024 summit.
APL scored 67/100 in Corporate Sustainability Assessment (CSA) by S&P Global in November 2024, marking a strong improvement from earlier score of 48/100, and placing it in the 86th percentile. This score is better than World Electric Utilities’ average score of 42/100.
APL scored 88% in CSR HUB ESG Rating in January 2024, which is better than the global industry average.
APL’s water intensity performance for Q3 FY24-25 is 2.12 m3/MWh, which is significantly lower than the statutory limit for hinterland plants.
APL achieved more than 100% fly ash utilization for Q3 FY25 across almost its entire fleet.