|
Consolidated net
sales (including other operating income) of Adani Power for the quarter ended
Dec 2021 has declined 22% to Rs 5360.88 crore. Lower revenue for the quarter was largely due
to lower volumes on account of merit order issues owing to higher imported coal
prices and regulation of power supply following payment defaults by DISCOMs,
partially offset by higher merchant tariffs.
APL achieved a consolidated average Plant Load Factor (PLF) of 40.9% and
sales volume of 10.5 BU in Q3FY22, as compared to a PLF of 75.1% and sales
volume of 19.1 BU recorded in Q3FY21. Operating profit margin has jumped from 23.5% to 33.0%, leading to 9%
rise in operating profit to Rs 1,770.77 crore. Expansion in margin
is largely due to higher
contribution from merchant and short term sales. Purchase of finished goods cost rose from 0.64% to 2.08%.
Employee cost increased from 1.53% to 2.16%. Other
expenses fell from 74.33% to 62.84%. Power and Oil fuel cost fell
from 66.51% to 53.84%. Other direct service cost fell from 3.00% to
2.86%. Other income rose 14% to Rs 232.7 crore. PBIDT
rose 10% to Rs 2003.47 crore. Provision for interest fell 17% to Rs
1014.77 crore. PBDT rose 64% to Rs 988.7 crore. Provision
for depreciation fell 3% to Rs 784.36 crore. Profit before tax was a
profit of Rs 204.34 crore compared to loss of Rs 205.75 crore. Share
of profit/loss were nil in both the periods. Provision for tax was
credit of Rs 14.15 crore, compared to debit of Rs 82.99
crore. Effective tax rate was negative 6.92% compared to negative
40.34%. Minority interest was nil in both the periods. Thus net
profit was a profit of Rs 218.49 crore against a loss of Rs 288.74 crore.
Sales of Power Generation and related activities segment has gone down
22.93% to Rs 5,290.24 crore (accounting for 98.68% of total
sales). Sales of Trading activities segment rose 132.37% to Rs 70.64
crore (accounting for 1.32% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 19.80% to Rs 1,219.11 crore. PBIT of Power Generation and
related activities segment rose 19.79% to Rs 1,218.85 crore (accounting for
99.98% of total PBIT). PBIT of Trading activities segment rose
116.67% to Rs 0.26 crore (accounting for 0.02% of total PBIT).
PBIT margin of Power Generation and related activities segment rose from
14.82% to 23.04%. PBIT margin of Trading activities segment fell
from 0.39% to 0.37%. Overall PBIT margin rose from 14.76% to
22.74%.
Nine-months performance
Net sales (including other operating income) of Adani Power has declined 13.78%
to Rs 17113.4 crore. Operating profit margin has declined from
35.54% to 26.77%, leading to 35.04% decline in operating profit to Rs 4,582.09
crore. Purchase of finished goods cost rose from 0.24% to 0.72%.
Employee cost increased from 1.60% to 1.99%. Other
expenses rose from 62.63% to 70.54%. Power and Oil fuel cost rose
from 55.61% to 62.13%. Other direct service cost rose from 2.43% to
2.97%. Other income fell 9.62% to Rs 1265.15
crore. PBIDT fell 30.83% to Rs 5847.24 crore. Provision
for interest fell 23.12% to Rs 3059.44 crore. PBDT fell 37.70% to Rs
2787.8 crore. Provision for depreciation fell 3.16% to Rs 2343.66
crore. Profit before tax down 78.38% to Rs 444.14
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 178.03 crore, compared
to Rs 797.71 crore. Effective tax rate was 40.08% compared to
38.83%. Minority interest was nil in both the periods. Net profit
attributable to owners of the company decreased 78.83% to Rs 266.11
crore.
Management
Comment
Anil
Sardana, Managing Director, Adani Power Limited, said, "Adani Power is
forging ahead in extending its lead among private sector thermal power
producers. Our strategically located and operationally efficient power plants
stand ready to service the growing demand for power with a reliable and
cost-effective supply. We are confident that the actions being taken by the
Government to enhance fuel security and reform fuel availability will help
reduce cost of electricity, providing our industrial sector the competitive
advantage necessary to grow and expand, and our underserved masses the means
necessary for upliftment. We are also certain that the imminent resolution of
various regulatory matters pertaining to our power plants will pave the way for
enhancing our liquidity position and bring closure to the long outstanding
issues.”
Other developments
In a matter
relating to Adani Power Rajasthan Limited ("APRL"), a wholly owned
subsidiary of the Company, the Hon`ble Supreme Court vide its order dated 31 st
August, 2020 has upheld the allowance of tariff compensation, including
carrying cost thereon, for the additional costs incurred by APRL due to
shortfall in availability of domestic linkage coal under NCDP and SHAKTI
policy. Based on such favourable order, APRL has recognised the compensation
claim in prior years on best estimate basis and has also recovered substantial
part of such claims from the Discoms, other than the carrying cost claims.
Currently, the Rajasthan Discerns are in process of the verification of the
claim documents submitted by APRL to determine the final tariff compensation.
Accordingly, APRL has not recognised any additional tariff compensation revenue
based on Hon`ble Supreme Court order. As at reporting date, APRL has filed
contempt petition with the Hon`ble Supreme Court against Rajasthan Discoms for
non-payment of the stipulated dues in compliance with the Hon`ble Supreme Court
order dated 3,st August, 2020. Further, APRL has recognised revenues of Rs 137.54 Crores and Rs 151 .77 Crores for the quarter and nine months
ended 3,st December, 2021 respectively in this matter.
In a matter
relating to Adani Power Maharashtra Limited ("APML") a wholly owned
subsidiary of the Company, Maharashtra Electricity Regulatory Commission
("MERC") vide its order dated 6th September, 2019 had allowed relief
on account of non-availability of coal due to cancellation of Lohara coal block
for APML`s 800 MW power generation capacity. The relief to APML was upheld by
the APTEL vide its order dated 5th October, 2020, although the Maharashtra
State Electricity Distribution Company Limited ("MSEDCL") has filed
an appeal in Hon`ble Supreme Court against certain matters in the APTEL order.
Based on the said APTEL order APML has estimated the tariff compensation claim
amount on conservative basis considering the various claim parameters and
carrying cost thereon, which was recognised during previous financial year
ending 31 st March, 2021. APML has further recognised revenues of { 91.62
Crores and { 254.37 Crores for the quarter and nine months ended 31 st
December, 2021 respectively in this matter.
In case of
APML, in a matter relating to tariff compensation claim (including carrying
costs thereon) for additional costs incurred by APML for 2500 MW power
generation capacity due to shortfall in availability of domestic coal under New
Coal Distribution Policy ("NCDP") and Scheme of Harnessing and
Allocating Koyala (Coal) Transparently in India ("SHAKTI") policy of
the government, APML had earlier received favorable order from MERC, based on
which APML has recognised claims and carrying cost thereon in prior years, on
best estimate basis. Subsequently, APTEL vide its orders dated 14th and 28th
September, 2020 provided further clarity on the various claim parameters to be
considered and remanded the matter to MERC. MERC vide its order dated 10th
December, 2020, has issued consequential order for determination of tariff
compensation in the matter. However, MSEDCL has filed a petition with Hon`ble
S_upreme Court against the aforesaid orders of APTEL. Further, APML has
recognised revenues of Rs 53.16 crore and Rs 133.82 Crores for the quarter and
nine months ended 3pt December, 2021 respectively in this matter.
The Hon`ble
Supreme Court, vide its order dated 2nd July, 2019, had allowed appeal filed by
Adani Power (Mundra) Limited ("APMul"), a wholly owned subsidiary of
the Company, for termination of long term Power Purchase Agreement ("PPA /
SPPA") for Bid 2 with Gujarat Urja Vikas Nigam Limited
("GUVNL"), for supply of 1.234 MW power (as amended) with
retrospective effect from respective date of PPA and allowed APMul to claim
compensatory tariff in respect thereof. The Hon`ble Supreme Court in its order,
has directed CERC to decide the said matter in the light of the provisions of
Section 62 of the Electricity Act, 2003 and CERC (Terms and Conditions of
Tariff) Regulation 2009. GUVNL has filed curative petition with Supreme Court
in the matter. In meantime, Government of Gujarat ("GoG"), vide its
resolution (G.R.) dated 12th June, 2020, has revoked and superseded its earlier
G.R. dated ,st December, 2018, basis which APMul and GUVNL had signed Bid 1 and
Bid 2 Supplementary Power Purchase Agreements ("SPPAs") in December
2018 and started to withheld payments due to APMul. On 28th June, 2021. CERC
issued an interim order and directed GUVNL to pay 100% of the undisputed
amounts and 85% of the disputed amounts within 30 days of the order. GUVNL
filed review petition against CERC interim order on 20th July, 2021 which was
disposed by CERC vide order dated 13th December, 2021. APMul and GUVNL also
filed petitions with CERC with respect to the disputed outstanding matters in
respect of Bid 1 and Bid 2 at various points of time. Vide Settlement Deed
dated 3fd January, 2022, both APMul and GUVNL have agreed for out of court
settlement and have jointly approached the Hon`ble Supreme Court to place on
record the Settlement Deed to resolve and withdraw all pending cases /
petitions at any forum related to Bid 1 e- Bid 2 PPA / SPPA, which is pending
disposal. In terms of the settlement deed, APMul has agreed to relinquish claim
for compensation pertaining to termination of Bid 2 PPA / SPPA allowed by
decision of the Hon`ble Supreme Court dated 2nd July, 2019. Further, both
parties have agreed to amend the energy charge rate/ formula for power sales
under Bid 1 8- Bid 2 SPPAs, with retrospective effect from 15th October, 2018,
which shall also be determined by CERC and approved by Government of Gujarat.
No incremental revenues in this regard have been recognised, pending final
determination of the energy charge rates/ formula and pending disposal of the
petition filed with Hon`ble Supreme Court. The management believes that over
foreseeable future, APMul would be able to establish profitable operations and
meet its liabilities as and when they fall due and hence, no provision / adjustment
is considered necessary to the carrying value of its property, plant and
equipment aggregating to ~ 17.495.43 Crores as at 3,st December, 2021.
APMul has
claimed tariff compensation due to shortfall in domestic coal against power
supplied to Haryana Discoms based on CERC Order dated 3pt May, 2018 and 13th
June, 2019 duly upheld by APTEL order dated 3rd November, 2020 and 30th June,
2021. Haryana Discoms have filed an appeal in the matter with Hon`ble Supreme
Court against APTEL orders which is pending disposal. Based on decision of
APTEL order including favorable orders in respect of similar other matters,
management expects to fully realise the claims recognised on best estimate
basis in the books till date.
Promoters’ stake was 74.97% as of 31 December 2021, compared to 74.97%
as of 31 December 2020. Promoters pledged stake was 27.37% as of 31
December 2021, compared to 29.21% as of 31 December 2020.
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Adani Power : Consolidated Results
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Particulars
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2112 (3)
|
2012 (3)
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Var (%)
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2112 (9)
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2012 (9)
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Var (%)
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2103 (12)
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|
Net Sales (including other operating
income)
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5360.88
|
6894.84
|
-22
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17113.40
|
19847.88
|
-14
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26221.48
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OPM (%)
|
33.0
|
23.5
|
|
26.8
|
35.5
|
|
33.1
|
|
OP
|
1770.77
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1622.94
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9
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4582.09
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7054.18
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-35
|
8668.52
|
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Other Inc.
|
232.70
|
204.36
|
14
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1265.15
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1399.79
|
-10
|
1928.20
|
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PBIDT
|
2003.47
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1827.30
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10
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5847.24
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8453.97
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-31
|
10596.72
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Interest
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1014.77
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1223.40
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-17
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3059.44
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3979.31
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-23
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5106.33
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PBDT
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988.70
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603.90
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64
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2787.80
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4474.66
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-38
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5490.39
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Depreciation
|
784.36
|
809.65
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-3
|
2343.66
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2420.10
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-3
|
3201.65
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PBT
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204.34
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-205.75
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-199
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444.14
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2054.56
|
-78
|
2288.74
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Share of Profit/(Loss) from
Associates
|
0.00
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0.00
|
|
0.00
|
0.00
|
|
0.00
|
|
PBT before EO
|
204.34
|
-205.75
|
-199
|
444.14
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2054.56
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-78
|
2288.74
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EO Income
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0.00
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0.00
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0.00
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0.00
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|
0.00
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PBT after EO
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204.34
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-205.75
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-199
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444.14
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2054.56
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-78
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2288.74
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Taxation
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-14.15
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82.99
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-117
|
178.03
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797.71
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-78
|
1018.76
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PAT
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218.49
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-288.74
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-176
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266.11
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1256.85
|
-79
|
1269.98
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Regulatory Income
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0.00
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0.00
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|
0.00
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0.00
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|
0.00
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PAT after RI
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218.49
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-288.74
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-176
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266.11
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1256.85
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-79
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1269.98
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Minority Interest (MI)
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0.00
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0.00
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0.00
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0.00
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0.00
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Net profit
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218.49
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-288.74
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-176
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266.11
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1256.85
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-79
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1269.98
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EPS (Rs)*
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3.3
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Notes
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* EPS is on current equity of Rs
3,856.94 crore, Face value of Rs 10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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| Adani Power : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
|---|
| Sales | | Power Generation and related activities | 98.68 | 5,290.24 | 6,864.44 | -22.93 | 99.59 | 17,042.76 | 19,817.48 | -14.00 | 98.66 | 25,870.60 | 26,005.92 | -0.52 | | Shipping | 0.00 | 0.00 | 0.00 | - | | Trading activities | 1.32 | 70.64 | 30.40 | 132.37 | 0.41 | 70.64 | 30.40 | 132.37 | 1.34 | 350.88 | 461.80 | -24.02 | | Total Reported Sales | 100.00 | 5,360.88 | 6,894.84 | -22.25 | 100.00 | 17,113.40 | 19,847.88 | -13.78 | 100.00 | 26,221.48 | 26,467.72 | -0.93 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 5,360.88 | 6,894.84 | -22.25 | 100.00 | 17,113.40 | 19,847.88 | -13.78 | 100.00 | 26,221.48 | 26,467.72 | -0.93 | | PBIT | | Power Generation and related activities | 99.98 | 1,218.85 | 1,017.53 | 19.79 | 99.99 | 3,503.32 | 6,033.75 | -41.94 | 100.00 | 7,394.86 | 4,052.62 | 82.47 | | Shipping | 0.00 | 0.00 | 0.00 | - | | Trading activities | 0.02 | 0.26 | 0.12 | 116.67 | 0.01 | 0.26 | 0.12 | 116.67 | 0.00 | 0.21 | 0.27 | -22.22 | | Total PBIT | 100.00 | 1,219.11 | 1,017.65 | 19.80 | 100.00 | 3,503.58 | 6,033.87 | -41.93 | 100.00 | 7,395.07 | 4,052.89 | 82.46 | | Less : Interest | | 1,014.77 | 1,223.40 | -17.05 | | 3,059.44 | 3,979.31 | -23.12 | | 5,106.33 | 5,314.82 | -3.92 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | -1,002.99 | - | | PBIT Margin(%) | | Power Generation and related activities | | 23.04 | 14.82 | 821.64 | | 20.56 | 30.45 | -989.05 | | 28.58 | 15.58 | 1,300.06 | | Shipping | | 0.00 | 0.00 | 0.00 | | Trading activities | | 0.37 | 0.39 | -2.67 | | 0.37 | 0.39 | -2.67 | | 0.06 | 0.06 | 0.14 | | PBT | 100.00 | 204.34 | -205.75 | LP | 100.00 | 444.14 | 2,054.56 | -78.38 | 100.00 | 2,288.74 | -2,264.92 | LP |
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