Profit before tax soared to Rs 3210.38 crore in Q3 FY24 as compared with Rs 211.90 crore posted in Q3 FY23.

Consolidated continuing operational revenue for Q3 FY24 stood 72.9% higher at Rs 13,143 crore, as compared to Rs 7,602 crore in Q3 FY23. The increase in continuing operational revenues for Q3 FY2023 -24 was a result of higher sales volumes including addition of sales under the Godda PPA, and higher merchant sales. While merchant tariffs realized were higher as compared to the corresponding periods of FY 2022-23 due to improved power demand, blended tariffs under domestic PPAs were lower due to lower import fuel prices and alternate fuel costs.

Consolidated EBITDA surged to Rs 5,059 crore in Q3 FY24 as compared to Rs 1,479 crore in Q3 FY23. Growth in continuing EBITDA for Q3 FY 2023-24 was mainly a result of a lower increase in fuel cost as compared to growth in revenues, primarily due to lower import fuel prices and alternate fuel costs, addition of capacity charges recovery under the Godda PPA, and higher contribution from merchant sales due to higher tariffs.

During the quarter, the company and its subsidiaries achieved an average plant load factor (PLF) of 68.6% and power sales volume of 21.5 billion units (BU) on an installed capacity of 15,250 MW, as compared to PLF of 42.1% and power sales volume of 11.8 BU on an installed capacity of 13,650 MW in Q3 FY23.

The operating performance for Q3 FY24 includes the 1,600 MW Godda Ultrasupercritical thermal power plant of APL’s subsidiary Adani Power (Jharkhand) Limited (APJL), which was commissioned in Q1 FY24.

The company said that during the third quarter as well as the nine months period of FY 2023-24 ended 31st December 2023, higher volumes were contributed by the Mundra, Udupi, Raipur, and Mahan plants apart from the incremental contribution of the Godda power plant, which has quickly become an important part of the power supply ecosystem of Bangladesh. Domestic power sales volumes were driven by growing power demand across India, and offtake under Power Purchase Agreements (PPAs) was further supported by falling prices of imported coal and alternate fuel.

S B Khyalia, CEO, Adani Power, said, “The company’s strategically located power plants and optimal capacity allocation between PPAs and merchant capacities, coupled with its strength in fuel management & logistics and excellence in power plant O&M, have allowed it to address growing power demand and generate robust profitability. This has resulted in improved liquidity, which has in turn been utilized to reduce debt. The ongoing brownfield capacity expansion of 1,600 MW at Mahan is on track, while we are moving ahead to extend our leadership further inorganically. We are excited to be a part of nation-building efforts through provision of reliable electricity supply from our highly efficient power plants while keeping sustainability goals at the forefront of our agenda.”

Meanwhile, the company has entered into memorandum of understanding (MoU) to sell its 100% equity stake in its two wholly owned subsidiaries, Aviceda Infra Park Limited (AIPL) and Innovant Buildwell Private Limited (IBPL) to AdaniConnex Private.

The company will sell its 100% stake in Aviceda Infra Park for total consideration of Rs 190 crore and it will sell its 100% stake in Innovant Buildwell Private for total consideration of Rs 350 crore.

Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.

The scrip rallied 4.40% to ended at Rs 542.50 on Thursday, 25 January 2024.