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.
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