Adani Power Ltd. (APL), a part of Adani portfolio companies, on Thursday announced the financial results for the third quarter ended 31st December 2023, the company announced through an exchange filing.
Operational Performance
The operating performance for Q3 FY 2023-24 includes the 1,600 MW Godda Ultra-supercritical thermal power plant of APL’s subsidiary Adani Power (Jharkhand) Limited (APJL), which was commissioned in Q1 FY 2023-24.During the third quarter as well as the nine months period of FY 2023-24 ended 31st December 2023, higher volumes were contributed by the Mundra, Udupi, Raipur, and Mahan plants apart from the incremental contribution of the Godda power plant, which has quickly become an important part of the power supply ecosystem of Bangladesh. Domestic power sales volumes were driven by growing power demand across India, and offtake under Power Purchase Agreements (PPAs) was further supported by falling prices of imported coal and alternate fuel.
Financial Highlights
Reported revenues for Q3 FY 2023-24 of Rs. 13,355 Crore include one-time net de-recognition of prior period items of Rs. (-) 50 Crore on account of domestic coal shortfall, carrying cost, and late payment surcharge. In comparison, the reported revenue for Q3 FY 2022-23 included recognition of one-time prior period items of Rs. 517 Crore.
Similarly, Reported revenues for 9M FY 2023-24 of Rs. 46,400 Crore include recognition of one-time prior period items of Rs. 9,227 Crore on account of domestic coal shortfall, carrying cost, and late payment surcharge, as compared to one-time prior period recognition of this nature of Rs. 5,641 Crore for 9M FY 2022-23.Depreciation charge for Q3 FY 2023-24 increased to Rs. 1,002 Crore from Rs. 838 Crore in Q3 FY 2022-23 due to the addition of the Godda power plant. Similarly, the Depreciation charge for 9M FY 2023-24 increased to Rs. 2,941 Crore from Rs. 2,487 Crore in 9M FY 2022-23.
Finance Costs for Q3 FY 2023-24 reduced to Rs. 797 Crore from Rs. 946 Crore in Q3 FY 2022-23, mainly due to reduction in secured and unsecured debt over the past year, partly offset by higher borrowing cost for the Godda power plant. Finance Costs for 9M FY 2023-24 reduced marginally to Rs. 2,568 Crore from Rs. 2,588 Crore in 9M FY 2022-23 due to similar reasons.
Profit Before Tax for Q3 FY 2023-24 was sharply higher at Rs. 3,210 Crore, as compared to PBT of Rs. 212 Crore for Q3 FY 2022-23. PBT for 9M FY 2023-24 was higher by 154 per cent at Rs. 17,234 Crore as compared to Rs. 6,777 Crore for 9M FY 2022-23.
Consolidated Profit After Tax for Q3 FY 2023-24 was Rs. 2,738 Crore, as compared to Rs. 9 Crore for Q3 FY 2022-23. PAT for 9M FY 2023-24 was higher by 230 per cent at Rs. 18,092 Crore after recognition of deferred tax assets of Rs. 858 Crore, as compared to PAT of Rs. 5,484 Crore for 9M FY 2022-23.
Adani Power Limited shares
The shares of Adani Power on Thursday at 3:30 pm IST closed at Rs 544, up by 4.63 per cent.
