Adani Power FY23 Results: Net Profit Up 118.4% At Rs 10,726.6 Crore

Adani Power Ltd. reported a rise in its consolidated net profit for the year ended March 31, 2023.

Consolidated profit for the year jumped 118.4% to Rs 10,726.6 crore as compared with Rs 4,911.58 crore in the previous fiscal, due to lower finance cost on account of debt prepayment, according to its exchange filing.

Revenue for the independent power producer company was at Rs 38,773.30 crore, which is a 2.3% rise, mainly due to improved tariff realisation, high import coal price, and higher one-time revenue recognition on account of regulatory claims.

Adani Power FY23 Highlights (YoY)

• Revenue up 40% at Rs 38,773.30 crore vs Rs 27,711.20 crore.

• Ebitda up 2.3% at Rs 10,044.7 crore vs Rs 9,814.16 crore. This is mainly due to higher prior period revenue recognition, high import coal price and improved tariff realisation under long-term PPAs, partially offset by higher fuel cost, the company said.

• Ebitda margin at 25.9% vs 35.5%.

• Net profit up 118.4% at Rs 10,726.6 crore vs Rs 4,911.58 crore. The jump is mainly due to deferred tax reversal. On a quarter-on-quarter basis, the net profit jumped to Rs 5,242.48 crore.

Operating performance for the year was impacted mainly on account of low PLFs at imported coal-based power plants due to high import coal prices and domestic coal related constraints at plants with open capacities, the company said in the filing.

“India's growing demand for world-class infrastructure facilities is acting as the springboard for the next phase of its economic growth. As the nation's foremost infrastructure conglomerate, Adani Group is fully committed to meet it in a sustainable and dependable manner," Gautam Adani, chairman of Adani Group, said.

"Reliable and scalable base load power is fundamental to its economic sustenance, which Adani Power is best placed to supplement along with the Group's diversified presence across the energy value chain of renewable and conventional generation, transmission, and distribution," Adani said.

Shares of Adani Power rose 0.63% to close at Rs 239.70 apiece on Friday, as compared with a 1.02% decline in the benchmark Nifty 50.

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