Adani Power hits record high on stellar Q1 performance

4 Aug 2022 , 11:47 AM

Revenue from operations in first quarter stood at Rs 13,723.06 crore, up 108.9% from Rs 6,568.86 crore reported in the same period last year. Consolidated profit before tax stood at Rs 5,866.20 crore in Q1 FY23 as against Rs 449.71 crore in Q1 FY22. Total expenditure jumped 42.6% to Rs 9,642.80 crore in Q1 FY23 as compared to Rs 6,763.50 crore in Q1 FY22. The EBITDA for Q1 FY23 soared 227% to Rs 7,506 crore as compared to Rs 2,292 crore in Q1 FY22, which includes prior period revenue recognition of Rs 4,212 crore as against Rs 657 crore during the respective periods. EBITDA growth was aided by prior period income recognition, improved tariff realisation, and change in sales mix, partially offset by impact of higher fuel cost, increased operating expenses owing to acquisition of Mahan Energen, unfavourable foreign exchange movement. During Q1 FY23, Adani Power (APL), along with the power plants of its subsidiaries achieved an Average Plant Load Factor (PLF) of 58.6%, and aggregate sales volumes of 16.3 billion units (BU) on an installed base of 13,650 megawatt (MW). In comparison, during Q1 FY22, APL and its subsidiaries achieved an average PLF of 64.8% and sales volume of 16.2 BU on an installed base of 12,450 MW. Operating performance during the quarter was affected due to high import coal prices which impacted the performance of Mundra and Udupi, while volumes at Raipur and Raigarh were lower due to domestic coal shortage. This was partially offset by improved volumes due to high demand for power at Tiroda and Kawai, and inclusion of operating performance of the newly acquired Mahan plant. The electricity demand continued to grow strongly in India, driven both by a nation-wide heatwave and broadening of the recovery in economic activity. Aggregate energy demand for Q1 FY23 across the nation was 404.8 billion units (BU), registering a growth of 18.6% over the energy demand for Q1 FY22. Similarly, peak power demand scaled further heights and reached a record level of 215.9 GW during the quarter. On the other hand, the sharp increase in power demand could not be matched by coal availability due to domestic shortages and high prices of imported coal, leading to peak power deficit of 4% and energy deficit of 1%. Commenting on the quarterly results of the company, Gautam Adani, the chairman of Adani Group said, As the world goes through a period of increased uncertainty and hyperinflation in commodity prices caused by geopolitical conflict, Indias energy sector has also faced price-adversity. However, pragmatic policy decisions and abundant natural resources have shielded the economy from its worst impact. Adani Power has been able to utilise the opportunities presented by the market situation effectively, leveraging its diversified fleet and operations-excellence to meet rising power demand. Regulatory issues that were outstanding since long are nearing full resolution, improving visibility and providing us liquidity to propel our drive to realise our long-term strategies and meet our stakeholder value aspirations duly keeping our utmost commitment to ESG aspects.? Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India. The scrip hit an all time high of Rs 354 today, extending its gaining streak for the fourth consecutive trading session. Powered by Capital Market – Live News