Adani Power Announces Q1 FY25 Results

Q1 FY25 continuing revenue grows 30% y-o-y to Rs. 15,052 Crore

Q1 FY25 continuing EBITDA grows 53% y-o-y to Rs. 6,290 Crore

Q1 FY25 continuing Profit Before Tax grows 95% y-o-y to Rs. 4,483 Crore

Editor’s Synopsis

Consolidated power sale volume at 24.1 Billion Units (BU) in Q1 FY25, up by 38% from 17.5 BU in Q1 FY24 due to improved power demand and larger effective operating capacity.
Consolidated continuing total revenue for Q1 FY25 higher by 30% at Rs. 15,052 Crore vs Rs. 11,612 Crore in Q1 FY24; mainly due to higher sales volumes.
Consolidated continuing EBITDA for Q1 FY25 grows by 53% to Rs. 6,290 Crore vs Rs. 4,121 Crore for Q1 FY24; due to higher revenues and lower import fuel prices.
Consolidated continuing Profit Before Tax for Q1 FY25 grows by 95% to Rs. 4,483 Crore vs Rs. 2,303 Crore for Q1 FY24 due to higher reported EBITDA and lower finance cost.

Ahmedabad, July 31st, 2024: Adani Power Ltd. [“APL”], a part of Adani portfolio companies, today announced the financial results for the first quarter ended 30th June 2024.

Mr. S B Khyalia, CEO, Adani Power Limited, said, "As Adani Power grows from strength to strength, we have undertaken advance development activities to secure execution pipelines for three Ultra-supercritical projects of 1,600 MW each to prepare ourselves for the anticipated resurgence in the thermal power sector. Our strategic focus is to derisk our growth plans by utilizing high efficiency, low emission technologies, pooling our deep experience and multi-domain expertise for project development, securing access to fuel resources, and revitalizing the organization to become more agile and competitive in the digitalized world. Adani Power is dedicated to enhancing lives and ensuring India’s energy security by proactively addressing the need for sustainable, affordable, and reliable power, while also being a responsible steward of the environment and surrounding communities.”

Operating Performance

Parameter	Q1 FY25	Q1 FY24
Effective Installed Capacity	15,250 MW	14,468 MW
Plant Load Factor	78.0%	60.1%
Units Sold	24.1 BU	17.5 BU

MW: Mega Watts; BU: Billion Units

Power demand is continuing to exhibit strong growth across India, with aggregate power demand in the first quarter growing at 10.6% year-on-year and peak demand growing at 12% to reaching a record level of 250 GW. This positive environment for the power sector has resulted in higher offtake from APL’s power plants from both contracted capacities and open capacities.

Financial Performance

Particulars (Rs. in Crore)	Q1 FY25	Q1 FY24	Change +/-
Continuing Revenue from Operations ⁽¹⁾	14,717	11,370	29%
Continuing Other Income ⁽²⁾	335	242	38%
Total Continuing Income	15,052	11,612	30%
Total Reported Income	15,474	18,109	(15%)
Continuing EBITDA	6,290	4,121	53%
Continuing Profit Before Tax	4,483	2,303	95%
Reported EBITDA	6,713	10,618	(37%)
Reported EBITDA	6,713	10,618	(37%)
Reported Profit Before Tax	4,906	8,800	(44%)
Tax expenses / (Credit)	993	40	2383%
Tax expenses / (Credit)	3,913	8,759	(55%)

Key financial highlights for Q1 FY 2024-25

APL has now transitioned to an era of greater regulatory certainty after satisfactory resolution of all major regulatory matters and recovery of regulatory dues during FY 2023-24. Consequently, prior period revenue recognition on account of regulatory orders has come down significantly. Reported revenues of Rs. 15,474 Crore for Q1 FY 2024-25 include prior period items of Rs. 422 Crore pertaining to regulatory matters, as compared to prior period items of this nature of Rs. 6,497 Crores forming part of Q1 FY 2023-24 reported revenues of Rs. 18,109 Crore.
Operating revenue growth was tempered in comparison to volume growth in Q1 FY 2024-25 due to lower tariff realisation on account of reduction in import coal prices.
In Q1 FY 2024-25, Continuing EBITDA a strong growth of 53% to Rs. 6,290 Crore as compared to Rs. 4,121 Crore for Q1 FY 2023-24 mainly due to higher merchant contribution, lower import fuel prices, and increase in fixed charges after full commissioning of the Godda plant.
Depreciation Charge for Q1 FY 2024-25 increased to Rs. 996 Crore as compared to Rs. 935 Crore for Q1 FY 2023-24 due to the addition of Unit II of the Godda Ultra-supercritical Thermal Power Plant (“USCTPP”).
Finance Cost for Q1 FY 2024-25 reduced to Rs. 811 Crore as compared to Rs. 883 Crore for Q1 FY 2023-24 due to a reduction in borrowings as well as lower interest rates.
APL recorded continuing Profit Before Tax of Rs. 4,483 Crore for Q1 FY 2024-25, which is higher by 95% compared to the continuing PBT for Q1 FY 2023-24 of Rs. 2,303 Crore, as a result of improved performance across all key parameters as highlighted above.

ESG Performance

APL has published first Integrated Annual report as per Integrated Reporting (IR) standards along with its third Business Responsibility Sustainability Report (BRSR).
APL maintained its score of B given by the Carbon Disclosure Project (CDP) for 2024, for Fulfilling Climate Change and Water Security Commitments.
APL scored 48/100 in Corporate Sustainability Assessment (CSA) by S&P; Global, which is better than World Electric Utilities’ average score of 34/100.
APL scored 88% in CSR HUB ESG Rating in January 2024, which is better than the global industry average.

Other Updates

In furtherance of the Company’s vision to strengthen energy security, APL’s subsidiary Mahan Energen Limited (“MEL”) has filed a Scheme of Amalgamation with the Hon’ble National Company Law Tribunal (“NCLT”) for the amalgamation of Stratatech Mineral Resources Pvt. Ltd. (“SMRPL”), a wholly owned subsidiary of Adani Enterprises Ltd., with itself. SMRPL is the allocatee for the Dhirauli Coal Mine, having signed a Coal Block Development & Production Agreement. The Dhirauli Coal Mine has a peak rated capacity to produce 6.5 million tonnes per annum of coal and is in close proximity to the thermal power plant of MEL at Singrauli, Madhya Pradesh.
APL has acquired Mirzapur Thermal Energy U. P. Pvt. Ltd. (“MTEUPL”) from Adani Infra (India) Ltd. MTEUPL owns land suitable for setting up a large-scale thermal power plant in the Mirzapur District of Uttar Pradesh, which will provide an opportunity for the Company to expand its generation capacity as well as geographic footprint in India in pursuance of its long-term strategy.
APL has initiated development of a 2x800 MW (1600 MW) USCTPP expansion project at its existing 1,370 MW plant at Raipur, Chhattisgarh. The Company’s wholly owned subsidiary MTEUPL has also initiated advance ordering for a greenfield 2x800 MW (1600 MW) USCTPP at Mirzapur, Uttar Pradesh.