Adani Power Q2 profit at Rs 696 cr
Total income was 52 per cent higher at Rs 8,446 crore as against Rs 5,572 crore in September quarter 2021-22.
Adani Power on Friday posted a consolidated net profit of Rs 696 crore for September quarter 2022-23, mainly due to higher one-time income.
In the year-ago period, it incurred a net loss of Rs 231 crore, a company statement said.
Total income was 52 per cent higher at Rs 8,446 crore as against Rs 5,572 crore in September quarter 2021-22.
The increase in revenue was aided by improved tariffs under long-term power purchase agreements (PPAs) on account of higher prices of imported coal as well as improved merchant/short-term tariffs due to more demand.
Revenue in the quarter includes one-time income of Rs 912 crore, primarily in the form of higher other income on account of late payment surcharge, it said.
In comparison, income in the second quarter of 2021-22 included one-time revenue recognition of Rs 141 crore, it stated.
“Conventional power continues to act as the bedrock of India’s stable grids, thereby enabling investments in renewable energy for achieving the nation’s ambitious targets for carbon intensity reduction.
Even as the world grapples with the fallout of geopolitical instability in the energy sector, India’s natural resources such as solar energy, wind, and coal have helped protect its economy despite reliance on imports of fossil fuels, said Anil Sardana, Managing Director, Adani Power.
“We will continue to seize value accretive opportunities and pursue our long-term growth strategies to leverage our complementarity with Adani Group’s energy portfolio and partnerships in natural gas and solar energy,” he added.
The company said during the quarter, Adani Power and its subsidiaries achieved an average Plant Load Factor (PLF) of 39.2 per cent and power sale volume of 11 billion units (BU) as compared to PLF of 48.7 per cent and power sale volume of 12.4 BU in second quarter of 2021-22.
The operating performance during the quarter includes the 1,200 MW power plant of Mahan Energen Ltd, which was acquired in March 2022.
During the quarter, performance was affected by high import coal prices leading to grid back-downs and reserve shutdowns at Mundra and Udupi.
Volumes were constrained at other plants due to challenges in fuel availability despite higher power demand, it stated.
During April-September 2022-23, Adani Power and its subsidiaries achieved an average PLF of 48.9 per cent and sales of 27.3 BU, as compared to a PLF of 56.7 per cent and sales volume of 28.6 BU in the year-ago period.
Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.
The company has an installed thermal power capacity of 13,610 MW spread across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh and Madhya Pradesh, apart from a 40 MW solar power plant in Gujarat.
Source : PTI
