Adani Power Q1 profit surges 16 times to Rs 4,780 crore

Ahmedabad (Gujarat) [India], August 3 (ANI): Adani Power Limited, a part of the Adani Group, on Wednesday said its net profit surged 16 times to Rs 4,780 crore for the quarter ended June 30, 2022, as compared to Rs 278 crore recorded in the corresponding period of the last year.
The company's consolidated total revenue surged to Rs 15,509 crore in the first quarter of the current financial year as compared to Rs 7,213 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 115 per cent.
Adani Power Limited (APL) consolidated EBITDA for the first quarter of 2022-23 stood at Rs 7,506 crore as compared to Rs 2,292 crore recorded in the first quarter of 2021-22, registering a year-on-year growth of 227 per cent. It includes prior period revenue recognition of Rs 4,212 crore vs Rs 657 crore during the respective periods.
A nationwide heatwave and broadening of the recovery in economic activity continued to drive electricity demand growth in the first quarter of FY 2022-23. Aggregate energy demand for Q1 FY23 was 404.8 Billion Units (BU), registering a growth of 18.6 per cent over the energy demand for Q1 FY22, Adani Power Limited said in a statement.
This led to peak power demand scaling further heights and reaching a record level of 215.9 GW during the quarter. On the other hand, this 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 per cent and an energy deficit of 1 per cent.
As a result, DISCOMs have turned increasingly to the short-term power markets for meeting their requirements in a flexible manner, with buy-side bids growing 1.5 times in the Day Ahead Market over the previous year as per the Indian Energy Exchange. Improvement in coal availability and hence the supply of electricity resulted in tempering of average market clearing prices from Rs 8.23/kWh in March 2022 to Rs 6.49/kWh in June 2022.
Commenting on the quarterly results of the company, Anil Sardana, Managing Director, Adani Power Limited, said, "As the world goes through a period of increased uncertainty and hyperinflation in commodity prices caused by geopolitical conflict, India's 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 Ltd 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," Sardana said.
During the first quarter of 2022-23, Adani Power Limited, along with the power plants of its subsidiaries achieved an Average Plant Load Factor of 58.6 per cent and aggregate sales volumes of16.3 Billion Units ["BU"] on an installed base of 13,650 MW.
In comparison, during Q1FY 2021-22, APL and its subsidiaries had achieved an average PLF of 64.8 per cent 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, Adani Power Limited said in the statement. (ANI)