Consolidated net sales (including other operating income) of Adani Power for
quarter ended Mar 2022 has increased 66.28% to Rs 10597.78 crore. Operating
profit margin has jumped from 25.33% to 49.37%, leading to 224.10% rise in
operating profit to Rs 5,232.07 crore. Purchase of finished goods
cost fell from 4.98% to 3.99%. Employee cost decreased from 1.79%
to 1.22%. Other expenses fell from 67.87% to 45.33%.
Power and Oil fuel cost fell from 58.74% to 38.92%.
Other direct service cost fell from 2.84% to 1.27%. Other
income rose 412.89% to Rs 2710.14 crore. PBIDT rose 270.65% to Rs
7942.21 crore. Provision for interest fell 8.13% to Rs 1035.34
crore. PBDT rose 579.99% to Rs 6906.87 crore. Provision for
depreciation fell 0.98% to Rs 773.88 crore. Profit before tax grew
2,518.92% to Rs 6,132.99 crore. Share of profit/loss were nil in
both the periods. Provision for tax was expense of Rs 1487.52 crore,
compared to Rs 221.05 crore. Effective tax rate was 24.25% compared
to 94.39%. Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 35,280.60% to Rs 4,645.47
crore.
During Q4 FY 2021-22, APL, along with the power plants of its
subsidiaries achieved an Average Plant Load Factor [“PLF”] of 52.1%, and
aggregate sales volumes of 13.1 Billion Units [“BU”]. In comparison, during Q4
FY 2020-21, APL and its subsidiaries achieved an average PLF of 59.6% and sales
volume of 14.8 BU. Operating performance
during the quarter was affected due to high import coal prices and plant overhaul,
partially offset by improved volumes due to high demand for power.
Yearly performance
During the financial year ended March 31st, 2022, APL along with power plants
of its subsidiaries achieved an Average PLF of 51.5% and aggregate sales
volumes of 52.1 BU. In comparison, APL
and its subsidiaries had achieved a PLF of 58.9% and sales volume of 59.3 BU in
the financial year ended March 31st, 2021.
Consolidated net sales (including other operating income) of Adani Power
for fiscal ended Mar 2022, has increased 5.68% to Rs 27711.18 crore. Operating
profit margin has jumped from 33.06% to 35.42%, leading to 13.22% rise in
operating profit to Rs 9,814.16 crore. Purchase of finished goods
cost rose from 1.39% to 1.97%. Employee cost increased from 1.65%
to 1.70%. Other expenses fell from 63.90% to 60.92%.
Power and Oil fuel cost fell from 56.37% to 53.27%. Other
direct service cost fell from 2.53% to 2.32%. Other income rose
106.17% to Rs 3975.29 crore. PBIDT rose 30.13% to Rs 13789.45
crore. Provision for interest fell 19.81% to Rs 4094.78
crore. PBDT rose 76.58% to Rs 9694.67 crore. Provision
for depreciation fell 2.63% to Rs 3117.54 crore. Profit before tax
grew 187.37% to Rs 6,577.13 crore. Share of profit/loss were nil in
both the periods. Provision for tax was expense of Rs 1665.55 crore,
compared to Rs 1018.76 crore. Effective tax rate was 25.32% compared
to 44.51%. Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 286.74% to Rs 4,911.58
crore.
Management Comment
Commenting on the quarterly results of
the Company, Mr. Gautam Adani, Chairman, Adani Group said, “Availability of
reliable power supply to various sectors across the nation is critical to
India’s economic growth. The Adani Group stands committed to fulfilling India’s
energy needs in a sustainable, reliable, and affordable manner. Our diversified
presence across the energy value chain helps us ensure that this vital input is
always available to power the economy, even during times of global volatility,
and helps advance the vision of progress and prosperity for all.”.
Anil Sardana, Managing Director, Adani
Power Limited, said, "As the Indian economy’s need for affordable and
reliable power continues to grow, Adani Power Ltd. stands uniquely positioned
to fulfill this demand through its diversified, modern, and efficient fleet of
power plants, backed by our deep expertise and operational excellence in core
areas of business. In the coming years, we will focus on utilizing our fleet to
the highest extent while guiding our acquisitions and greenfield assets to
become value accretive investments. Recent developments on the regulatory front
have also dispelled much of the long-standing uncertainty, which will
contribute significantly to enhancing our liquidity position.”
Other developments The Company completed the acquisition of Essar Power M P Limited (“EPMPL”), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, on 16th March 2022. The name of EPMPL was subsequently changed to Mahan Energen Ltd. (“MEL”). The installed thermal power generation capacity of APL has increased to 13,610 MW after the acquisition of MEL. • The 1,234 MW Bid-2 Power Purchase Agreement (“PPA”) between the Company’s wholly owned subsidiary Adani Power (Mundra) Ltd. (“APMuL”) and Gujarat Urja Vikas Nigam Ltd. (“GUVNL”) has been revived pursuant to the Settlement Deed signed between the two parties.The Company’s wholly owned subsidiary, Adani Power Rajasthan Limited, has received payments towards domestic coal shortfall claims, along with carrying cost and late payment surcharge from Rajasthan DISCOMs pursuant to Hon’ble Supreme Court’s order dated February 27, 2022. The Company’s board has approved on 22nd March 2022, the Scheme of Amalgamation of various wholly owned subsidiaries of the Company, viz. Adani Power Maharashtra Ltd., Adani Power Rajasthan Ltd., Adani Power (Mundra) Ltd., Udupi Power Corporation Ltd., Raipur Energen Ltd., and Raigarh Energy Generation Ltd. with itself subject to requisite approvals/consents.
Equity capital stood at Rs 3,856.94
crore as of 31 March 2022 to Rs 3,856.94 crore as of 31 March
2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.97% as of 31
March 2022 ,compared to 74.97% as of 31 March 2021 . Promoters
pledged stake was 27.37% as of 31 March 2022 ,compared to 29.11% as of 31 March
2021 .
Loan funds declined from Rs 52,518.68
crore as of 31 March 2021 to Rs 48,898.43 crore as of 31 March
2022. Inventories rose to Rs 2,258.27 crore as of 31 March 2022 from
Rs 2,025.11 crore as of 31 March 2021. Sundry debtors were lower at
Rs 9,560.92 crore as of 31 March 2022 compared to Rs 11,839.28 crore as of 31
March 2021. Cash and bank balance rose to Rs 2,364.68 crore as of 31
March 2022 from Rs 1,607.32 crore as of 31 March 2021. Investments
rose to Rs 183.25 crore as of 31 March 2022 from Rs 20.10 crore as of 31 March
2021 . Fixed assets increased to Rs 63,353.34 crore as of 31 March
2022 from Rs 59,100.11 crore as of 31 March 2021. Intangible assets
stood at Rs 190.61 crore.
Cash flow from operating activities
increased to Rs 10,232.73 crore for year ended March 2022 from Rs 7,014.35
crore for year ended March 2021. Cash flow used in acquiring fixed
assets during the year ended March 2022 stood at Rs 3,434.55 crore, compared to
Rs 3,617.61 crore during the year ended March 2021. | Adani Power : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 10,597.78 | 6,373.60 | 66.28 | 27,711.18 | 26,221.48 | 5.68 | | OPM (%) | 49.37 | 25.33 | 2,404 bps | 35.42 | 33.06 | 236 bps | | OP | 5,232.07 | 1,614.34 | 224.10 | 9,814.16 | 8,668.52 | 13.22 | | Other Inc. | 2,710.14 | 528.41 | 412.89 | 3,975.29 | 1,928.20 | 106.17 | | PBIDT | 7,942.21 | 2,142.75 | 270.65 | 13,789.45 | 10,596.72 | 30.13 | | Interest | 1,035.34 | 1,127.02 | -8.13 | 4,094.78 | 5,106.33 | -19.81 | | PBDT | 6,906.87 | 1,015.73 | 579.99 | 9,694.67 | 5,490.39 | 76.58 | | Depreciation | 773.88 | 781.55 | -0.98 | 3117.54 | 3201.65 | -2.63 | | PBT | 6,132.99 | 234.18 | 2,518.92 | 6577.13 | 2288.74 | 187.37 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 6132.99 | 234.18 | 2,518.92 | 6577.13 | 2288.74 | 187.37 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 6132.99 | 234.18 | 2,518.92 | 6577.13 | 2288.74 | 187.37 | | Taxation | 1487.52 | 221.05 | 572.93 | 1665.55 | 1018.76 | 63.49 | | PAT | 4645.47 | 13.13 | 35,280.60 | 4911.58 | 1269.98 | 286.74 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 4645.47 | 13.13 | 35,280.60 | 4911.58 | 1269.98 | 286.74 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 4645.47 | 13.13 | 35,280.60 | 4911.58 | 1269.98 | 286.74 | | EPS (Rs)* | 12.04 | 0.03 | 35,280.60 | 12.73 | 3.29 | 286.74 | | | * EPS is on current equity of Rs 3,856.94 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Adani Power : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Power Generation and related activities | 96.05 | 10,179.02 | 6,053.12 | 68.16 | 98.23 | 27,221.78 | 25,870.60 | 5.22 | | Shipping | 0.00 | 0.00 | 0.00 | - | | Trading and investment activities | 3.95 | 418.76 | 320.48 | 30.67 | 1.77 | 489.40 | 350.88 | 39.48 | | Total Reported Sales | 100.00 | 10,597.78 | 6,373.60 | 66.28 | 100.00 | 27,711.18 | 26,221.48 | 5.68 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 10,597.78 | 6,373.60 | 66.28 | 100.00 | 27,711.18 | 26,221.48 | 5.68 | | PBIT | | Power Generation and related activities | 99.92 | 7,162.83 | 1,361.11 | 426.25 | 99.95 | 10,666.15 | 7,394.86 | 44.24 | | Shipping | 0.00 | 0.00 | 0.00 | - | | Trading and investment activities | 0.08 | 5.50 | 0.09 | 6,011.11 | 0.05 | 5.76 | 0.21 | 2,642.86 | | Total PBIT | 100.00 | 7,168.33 | 1,361.20 | 426.62 | 100.00 | 10,671.91 | 7,395.07 | 44.31 | | Less : Interest | | 1,035.34 | 1,127.02 | -8.13 | | 4,094.78 | 5,106.33 | -19.81 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | Power Generation and related activities | | 70.37 | 22.49 | 4,788.25 | | 39.18 | 28.58 | 1,059.84 | | Shipping | | 0.00 | 0.00 | 0.00 | | Trading and investment activities | | 1.31 | 0.03 | 128.53 | | 1.18 | 0.06 | 111.71 | | PBT | 100.00 | 6,132.99 | 234.18 | 2,518.92 | 100.00 | 6,577.13 | 2,288.74 | 187.37 |
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