Ahmedabad (Gujarat) [India], November 2 (ANI): Adani Power Ltd. reported strong financial results for the second quarter ending September 30.
Adani Power’s continuing revenue surged to Rs. 12,155 Crore, reflecting a substantial 61 per cent increase year-on-year.
The company’s continuing Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) more than tripled year-on-year, reaching Rs. 4,336 Crore.
Adani Power’s Profit After Tax (PAT) demonstrated extraordinary growth, increasing by more than eight times year-on-year to Rs 6,594 Crore, factoring in one-time income.
Adani Power achieved a consolidated power sale volume of 18.1 Billion Units (BU) in Q2 FY24, a remarkable 65 per cent increase from the 11 BU recorded in Q2 FY23. This growth was driven by improved power demand and higher operating capacity.
Consolidated continuing total revenue for Q2 FY24 reached Rs 12,155 crore, reflecting a 61 per cent increase from Rs 7,534 crore in Q2 FY23. The sales volumes, including contributions from the Godda power plant, and higher merchant sales played a pivotal role in this boost.
Adani Power’s continuing EBITDA for Q2 FY24 recorded an impressive 202 per cent increase, reaching Rs 4,336 crore, compared to Rs. 1,438 crore for Q2 FY23.
The surge in EBITDA was driven by increased sales volumes, lower fuel costs, and higher merchant tariffs.
Adani Power’s performance during the first half of FY24 (H1 FY24) also demonstrated substantial growth. The company reported consolidated power sale volumes of 35.6 BU in H1 FY24, an impressive 30 per cent increase from the 27.3 BU recorded in H1 FY23.
In terms of financials for H1 FY24, Adani Power reported continuing total revenue of Rs. 23,767 Crore, marking a 26 per cent increase compared to H1 FY23. The continuing EBITDA for H1 FY24 reached Rs 8,457 Crore, reflecting a remarkable 79 per cent increase year-on-year.
The impressive financial performance can be attributed to improved sales volumes, lower fuel costs, and the inclusion of the Godda power plant, which made a significant contribution.
Adani Power recognized deferred tax assets, contributing to the substantial growth in consolidated Profit After Tax. Commenting on the results, S B Khyalia, CEO of Adani Power Limited, emphasized the company’s position as India’s most reliable and competitive power generator.
Khyalia said, “Adani Power has now cemented its position as India’s most reliable and competitive power generator with stable cash flows and high creditworthiness flowing from a secure revenue stream and a strategically located and reliable fleet with lowest emissions per unit of generation. The Company’s proven capabilities are being supplemented with the deployment of digitalization, analytics, and cutting-edge technologies to provide stable, reliable, and affordable power supply in a sustainable manner. As opportunities in the Indian power market grow, we stand geared to enhance our contribution as the leading private power producer and to meet the nation’s growing energy needs.”
Adani Power continues to focus on innovative technologies and sustainability to meet India’s growing energy needs. (ANI)
