Adani Power on Thursday posted a multi-fold enhance in its consolidated internet revenue to Rs 2,738 crore for the December quarter in contrast to the 12 months-in the past interval pushed by greater revenues. The firm had reported a revenue of Rs 9 crore within the third quarter of 2022-23. Total revenue rose to Rs 13,355 crore within the quarter from Rs 8,290 crore in the identical interval a 12 months in the past, an organization assertion mentioned.
“Adani Power continues to demonstrate its leadership across domains by achieving ever higher standards of excellence, as evidenced by the financial results for the third quarter of FY 2023-24,” Adani Power CEO S B Khyalia mentioned within the assertion. The firm’s strategically situated energy vegetation and optimum capability allocation between PPAs (energy buy agreements) and service provider capacities, coupled with its power in gasoline administration & logistics and excellence in energy plant O&M, have allowed it to handle rising energy demand and generate sturdy profitability, he mentioned. This has resulted in improved liquidity, which has in flip been utilised to scale back debt, Khyalia mentioned.
The ongoing brownfield capability growth of 1,600 MW at Mahan is on monitor, whereas we’re transferring forward to lengthen our management additional inorganically, he mentioned. During the third quarter in addition to the 9 months interval of FY 2023-24 ended thirty first December 2023, greater volumes have been contributed by the Mundra, Udupi, Raipur, and Mahan vegetation other than the incremental contribution of the Godda energy plant, which has shortly turn out to be an vital a part of the ability provide ecosystem of Bangladesh, it said.
Domestic energy gross sales volumes have been pushed by rising energy demand throughout India, and offtake underneath Power Purchase Agreements (PPAs) was additional supported by falling costs of imported coal and alternate gasoline, it mentioned. Reported revenues for the third quarter of 2023-24 embody one-time internet derecognition of prior interval gadgets of Rs (-) 50 crore on account of home coal shortfall, carrying value, and late cost surcharge, it said. In comparability, the reported income for the third quarter of 2022-23 included recognition of 1-time prior interval gadgets of Rs 517 crore, it said.
The firm bought 21.5 BU of electrical energy within the third quarter, up from 11.8 BU (billion items) in the identical interval a 12 months in the past. Finance prices for the October-December interval of 2023-24 lowered to Rs 797 Crore from Rs 946 Crore in Q3 FY 2022-23, primarily due to a discount in secured and unsecured debt over the previous 12 months, partly offset by greater borrowing prices for the Godda energy plant, it said. The PAT (internet revenue) for 9M FY 2023-24 (April to December 2023) was greater by 230 per cent at Rs. 18,092 Crore after recognition of deferred tax belongings of Rs. 858 Crore, as in contrast to PAT of Rs 5,484 Crore for 9M FY 2022-23, it said.
Adani Power, part of the diversified Adani Group, is the most important personal thermal energy producer in India. The firm has an put in thermal energy capability of 15,210 MW unfold throughout eight energy vegetation in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, other than a 40 MW solar energy plant in Gujarat.
