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Profit before tax tumbled 85.4% to Rs 897.72 crore in the quarter 31 March 2023 as compared with Rs 6,132.99 crore posted in corresponding quarter last year. This reduction was on account of lower EBITDA and higher depreciation charge due to inclusion on MEL, which was partly offset by a reduction in finance cost mainly on account of prepayment of term loans.
EBITDA dropped 69.01% to Rs 2,461 crore in Q4 FY23 as compared to Rs 7,942 crore posted in Q4 FY22. EBITDA was affected mainly by lower prior period revenue recognition, and higher fuel cost.
The company said that impact of lower one time revenue in Q4 FY23 was partly offset by higher operating revenue on account of revival of the GUVNL Bid-2 PPA, inclusion of revenues of Mahan Energen (MEL), signing of medium-term PPAs in Raipur and Raigarh plants, improved volume at Udupi, better realisation under merchant / short-term sales, and higher prices of alternate coal.
During Q4 FY23, Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 52% and power sale volume of 14.25 billion units (BU), as compared to PLF of 52.1% and power sale volume of 13.15 BU in Q4 FY22.
The company said that power offtake under long term power purchase agreements (PPAs) was constrained by high import coal prices, while the PLF of open capacities was affected by domestic coal related constraints.
On full year basis, the company recorded net profit of Rs 10,726.64 crore in FY23, steeply higher from Rs 4,911.58 crore posted in corresponding quarter last fiscal. Revenue from operations jumped 39.9% year on year to Rs 38,773.30 crore in FY23.
Consolidated EBITDA rose 3.79% to Rs 14,312 crore in FY23 versus Rs 13,789 crore in FY22, mainly due to higher tariff realisation and one-time revenue recognition, offset mainly by higher fuel cost.
Total income jumped 35.8% to Rs 43,040.52 crore in FY23 as compared with Rs 31,686.47 crore in FY22, mainly due to improved tariff realisation, high import coal price, and higher one-time revenue recognition on account of regulatory claims.
S B Khyalia,chief executive officer (CEO), Adani Power, said, “We have also started a new chapter in cross-border co-operation with the commissioning of the first 800 MW unit of the Godda Ultra-supercritical thermal power project, which will provide Bangladesh with a reliable source of electricity, and help it achieve its long-term economic goals.”
The company has been re-appointed Anil Sardana as a managing director for period of 3 year with effect from 11 July 2023.
Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.
The scrip rose 0.63% to settle at Rs 239.70 on Friday, 5 May 2023.
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