Adani Power Q1 PAT Up 83.3% To Rs 8,759 Cr

Adani Power, a part of Adani Group, reported that its Consolidated PAT for Q1 FY24 was higher by 83.3 per cent at Rs. 8,759 crore compared to Rs. 4,780 crore for Q1 FY23. 

The company's total consolidated revenue higher by 16.8 per cent at Rs. 18,109 Crore in Q1 FY24 as compared to Rs 15,509 crore in Q1 FY23; mainly due to improved volumes and higher one-time revenue recognition on account of regulatory claims and Late Payment Surcharge.

Revenue for Q1 FY 2023-24 includes one-time recognition of prior period regulatory revenue amounting to Rs 6,497 Crore, primarily on account of Late Payment Surcharge. In comparison, revenue for Q1 FY 2022-23 included one-time prior period revenue recognition of Rs. 4,212 Crore primarily on account of various regulatory orders. 

Consolidated EBITDA for Q1 FY 2023-24 stood 41.5 per cent higher at Rs. 10,618 Crore, as compared to Rs 7,506 Crore in Q1 FY 2022-23. EBITDA growth was supported mainly by prior period income recognition and incremental contribution of the Godda power plant. 

The depreciation charge for Q1 FY 2023-24 increased to Rs 935 crore from Rs 816 crore in Q1 FY 2022-23 due to the commissioning of the Godda power plant.  Similarly, Finance Costs increased from Rs 823 crore in FY 2022-23 to Rs. 883 Crore in FY 2023-24, mainly due to incremental borrowing for the Godda power plant.  Consolidated Profit Before Tax for Q1 FY 2023-24 was Rs 8,800 crore as compared to Rs 5,866 crore in Q1 FY 2022-23. 

S B Khyalia, 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.  As India's leading private power producer, we stand committed to upholding our pledge to help the nation achieve its climate goals by adopting the latest, resource-efficient technologies such as Ultra-supercritical power plants incorporating emission control equipment, and exploring reduction of our carbon footprint through innovative solutions. With a satisfactory resolution of virtually all regulatory matters, the Company's revenues and cash flows have now entered a stable phase." 

Business updates

The 1,600 MW Godda USCTPP was commissioned during Q1 FY 2023-24. The plant has commenced full-load power supply to Bangladesh under the 1,496 MW (Net) Power Purchase Agreement with the Bangladesh Power Development Board. 

The Godda Power Plant is a shining example of India-Bangladesh cooperation.  It marks the Adani Group's entry into transnational power projects and is India's first commissioned transnational power project where 100% of the generated power is supplied to another nation. It will provide an uninterrupted and reliable source of electricity at competitive tariffs to Bangladesh, helping it replace costly power generated from liquid fuels, thereby contributing to its economic growth and prosperity.