Adani Power Q1FY24 results: Net profit up 83.3% YoY, revenue rises 16%

During the quarter, Adani Power achieved an average consolidated plant load factor of 60.1 per cent and sales of 17.5 billion units on an installed capacity of 15,250 MW

Adani Power on Thursday reported an 83.3 per cent rise in its consolidated profit after tax (PAT) in the quarter that ended on June 30 at Rs 8,759 crore as compared to Rs 4,780 crore in the same quarter last year. As compared to Rs 5,242.48 crore in the quarter that ended on March 31, the profit was up 67 per cent.

The total consolidated revenue was up 16.8 per cent to Rs 18,109 crore from Rs 15,509 crore last year. 

The consolidated Earnings before interest, taxes, depreciation, and amortisation (Ebitda) for Q1FY24 stood 41.5 per cent higher at Rs 10,618 crore, as compared to Rs 7,506 crore in Q1FY23. "Ebitda growth was supported mainly by prior period income recognition and incremental contribution of Godda power plant," the company said. 

During the quarter, APL achieved an average consolidated plant load factor (PLF) of 60.1 per cent and sales of 17.5 billion units (BU) on an installed capacity of 15,250 MW, as compared to a consolidated PLF of 58.6 per cent and sales volume of 16.3 BU on an installed capacity of 13,650 MW in the quarter last year. 

"During the quarter, the power plants at Udupi, Raipur, Raigarh, and Mahan achieved an increase in PLF, while power plants at Mundra, Tiroda, and Kawai achieved lower PLF due to erratic weather conditions leading to back down from Discoms. Incremental generation capacity of the 1,600 MW Godda Ultra-supercritical thermal power plant contributed to the increase in sales volumes for Q1 FY24," it said. 

SB Khyalia, chief executive officer (CEO), Adani Power said, "Adani Power has increased its lead among IPPs with the commissioning of the 1,600 MW Godda USCTPP and entered a new era of transnational power sales. We are proud to support Bangladesh in enhancing the means available to its high-potential economy for fulfilling the aspirations of its hard-working and enterprising population."

The 1,600 MW Godda USCTPP was commissioned during Q1 FY24. The plant has commenced full-load power supply to Bangladesh under the 1,496 MW power purchase agreement with the Bangladesh Power Development Board.