Adani Power Q3 Results: Net profit down 96% to ₹9 cr, revenue up 45%
2 min read . Updated: 08 Feb 2023, 04:47 PM IST
Premium- Adani Power Q3 Results: Shares of Adani Power Ltd were up 4.99% to settle at ₹181.90 apiece on the NSE ahead of earnings announcement
Adani Power, an Indian power and energy company, which is a part of Adani Group, on Wednesday said its consolidated net profit dipped by 96% on-year to ₹8.7 crore for the quarter ended 31 December, 2022 (Q3FY23). The company had reported a profit of ₹218.5 crore in the same quarter last year.
In the September quarter of this financial year, Adani Power had reported a 401.6% rise in consolidated profit after tax (PAT) at ₹695.53 crore as against ₹230.6 crore loss in the corresponding quarter last year.
The Adani Group firm's revenue from operations rose 44.8% to ₹7,764.4 crore as compared to ₹5,360.9 crore a year ago.
Meanwhile, consolidated operating profit, calculated as EBITDA or earnings before interest, taxes, depreciation, and amortisation came in at ₹1,469.7 crore, down 17% as against ₹1,770.8 cr in the same period a year ago.
EBIT margin shrunk to 18.9% from 33% reported in December quarter of last financial year.
The firm's total expenses surged to ₹8,078.31 crore in the quarter under review from ₹5,389.24 crore. Total income rose stood at ₹8,290.21 crore from ₹5,593.58 crore in the same period a year ago.
Anil Sardana, Managing Director at Adani Power Limited said, “Adani Power Limited has consistently demonstrated its superior skills in project execution, excellence in power plant operations, and capabilities in fuel and logistics management, which has helped it turn around stressed power assets acquired under schemes of corporate debt resolution, apart from setting various benchmarks in its greenfield power plants."
‘Adani Power well placed in terms of liquidity’
"With resolution of most of its regulatory issues now, the Company is well placed in terms of liquidity to meet its present commitments and growth requirements. Adani Power Limited, with its strategically located and efficient power plants, is poised to gain maximum advantage from India’s growing power demand and provide stable, reliable and affordable power supply, while ensuring the betterment of communities around it," Sardana added.
During the quarter, the company and its subsidiaries achieved an average Plant Load Factor (PLF or capacity utilisation) of 42.1 per cent and power sale volume of 11.8 Billion Units (BU), as compared to PLF of 41 per cent and power sale volume of 10.6 BU in Q3 FY22.
Operating performance
Operating performance for the reported quarter includes the performance of the 1,200 MW power plant of Mahan Energen Ltd, which was acquired in March last year.
Operating performance during Q3FY23 was constrained mainly due to high prices of imported coal and insufficient domestic fuel availability due to high power demand.
The proposed Scheme for Amalgamation of Adani Power with six of its operating subsidiaries has received approval of its secured creditors. The amalgamation process is expected to be completed shortly, the company stated.
Ahead of earnings announcement, shares of Adani Power Ltd were up 4.99% to settle at ₹181.90 apiece on the NSE today. Adani group stocks have rebound in last two days since the company announced it is working towards paring its debt.
The stock of Adani Power was among the top multibagger stocks of 2022, rising more than 200% during the period.
