Adani Power Q4 profits jump 13% to Rs 5,242 crores – EQ Mag

Adani Group’s power company, Adani Power, published its results for the fourth quarter of FY23 as the company’s quarterly profit improved 13%.

For the fourth quarter of FY23, Adani Power reported revenues of Rs 10,795 crores, down 19% YoY against Rs 13,308 crores reported in the corresponding quarter last year. Net EBITDA for the quarter was Rs 2,461 crores. On account of lower financing costs and certain reversals, the company managed to earn a profit of Rs 5,242 crores, up 13% YoY.

For FY23, the company’s revenues grew 36% to Rs 43,041 crores on account of higher import coal price, high one-time revenue recognition and improved tariff realizations.

Coal based power generation improved 12% while gas generation was up around 2%. Hydro based power generation declined 4.2% during the year but renewable energy generation improved 20.4%. Due to similar reasons, the company’s EBITDA grew around 4% to Rs 14,312 crores.

Profit for FY23 saw a staggering growth of 118.4% during the year as the same grew from Rs 4,912 crores reported last year to Rs 10,727 this year.

The stock of Adani Power closed at Rs 239.85 per share today.

Source: PTI