08 Feb , 2023 By : Monika Singh
Adani Power’s consolidated net profit falls 96% to Rs 8.7 crore for the quarter ended 31 December 2022, down from Rs 218.5 crore reported in the same quarter last fiscal. However, consolidated revenue jumped 44.8% on-year to Rs 7,764.4 crore for the quarter. In the corresponding quarter in 2021, the company reported revenue at Rs 5,360.9 crore. EBITDA for the December quarter fell 17% to Rs 1,469.7 crore and EBIT margin shrunk to 18.9% from 33% reported in Dec quarter last financial year. Adani Power shares rose 5%, ahead of the Q3 results announcement.
In the September quarter of this fiscal, Adani Power had reported a 401.6% rise in consolidated profit after tax (PAT) at Rs 695.53 crore compared with Rs 230.6 crore loss in the corresponding quarter last year. Consolidated revenue in Q2 rose 36% on-year (YoY) to Rs 7,044 crore on improved tariff realisation and higher one-time income of Rs 771 crore. In the June quarter, it reported revenue of Rs 13,723 crore.
In the last five days, shares of Adani Power have crashed 11.7% on NSE, triggered by allegations from Hindenburg Research related to accounting frauds, stock manipulations, and money laundering by Adani group. Adani Power stock was among the top multibagger stocks of 2022, rising over 200% during the period. Adani Power’s total expenses surged to Rs 8,078.31 crore in the quarter under review from Rs 5,389.24 crore. Total income rose stood at Rs 8,290.21 crore from Rs 5,593.58 crore in the same period a year ago.
Anil Sardana, Managing Director at Adani Power Limited said, “Adani Power Limited has consistently demonstrated its superior skills in project execution, excellence in power plant operations, and capabilities in fuel and logistics management, which has helped it turn around stressed power assets acquired under schemes of corporate debt resolution, apart from setting various benchmarks in its greenfield power plants.”
“With resolution of most of its regulatory issues now, Adani Power is well placed in terms of liquidity to meet its present commitments and growth requirements. The company, with its strategically located and efficient power plants, is poised to gain maximum advantage from India’s growing power demand and provide stable, reliable, and affordable power supply, while ensuring the betterment of communities around it,” Sardana added. During the quarter, the company and its subsidiaries achieved an average Plant Load Factor (PLF or capacity utilisation) of 42.1% and power sale volume of 11.8 Billion Units (BU), as compared to PLF of 41% and power sale volume of 10.6 BU in Q3 FY22.
Operating performance for the reported quarter includes the performance of the 1,200 MW power plant of Mahan Energen Ltd, which was acquired in March last year. Operating performance during Q3FY23 was constrained mainly due to high prices of imported coal and insufficient domestic fuel availability due to high power demand. The proposed Scheme for Amalgamation of Adani Power with six of its operating subsidiaries has received approval of its secured creditors. The amalgamation process is expected to be completed shortly, the company stated.
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