Adani Power Q1 profit falls 16% to Rs 3,305 crore

New Delhi: Adani Power Ltd (APL) on Friday reported 15.53 per cent decline in consolidated net profit at Rs 3,305 crore for June quarter, mainly impacted by lower merchant tariffs and elevated operating expenses.

The Adani Group entity had a net profit (profit after tax) of Rs 3,913 crore in April-June period of 2024-25 financial year, a company statement said.

The profit in the quarter slipped "on account of lower merchant tariffs and elevated operating expenses following acquisitions," it said.

However, on a quarter-on-quarter basis, the net profit was higher by 27.1 per cent due to higher one-time income and continuing EBITDA on a sequential basis.

In the first quarter, the company said its "continuing total revenue" fell to Rs 14,167 crore from Rs 15,052 crore a year ago, primarily due to lower merchant tariff realization and import coal prices year-on-year.

EBITDA was at Rs 5,744 crore in Q1 FY26 as compared to Rs 6,290 crore in Q1 FY25 supported by moderation in fuel costs despite lower tariffs and higher operating costs on account of recent acquisitions.

The company's operating capacity grew from 15,250 MW to 17,550 MW in Q1 FY26 on account of acquisition of the 1,200 MW Moxie Power Generation Ltd (MPGL), 600 MW Korba Power Limited [KPL], and 500 MW Adani Dahanu Thermal Power Station (ADTPS).

It further grew to 18,150 MW in July 2025 upon completion of the acquisition of the 600 MW Vidarbha Industries Power Ltd.

The company achieved a plant load factor (PLF) of 67 per cent during the quarter.

The Godda power plant has started receiving regular payments from the Bangladesh Power Development Board after the release of $437 million in June 2025 and $75 million in July 2025.

Despite the slowdown in energy demand, APL was able to register a growth of 1.6 per cent in power sales due to greater operating capacity and higher offtake in some of the plants.

The merchant sales for Q1 FY26 were 7.7 per cent higher at 5.7 BU (billion unit), as compared to 5.3 BU in Q1 FY25.

"Stable financial performance this quarter is a testament to its resilience and core strengths, even in the face of variability in power demand and unpredictable weather. We continue to bolster our capacity through swift project execution and strategic acquisitions, ensuring we are well-prepared for future growth on our path to 30 Giga Watts (GW) by 2030," S B Khyalia, CEO, Adani Power, said.

Total debt outstanding as of June 30, 2025 was Rs 44,372 crore as compared to Rs 38,335 crore as of March 31, 2025. The net debt position for the two dates is Rs 37,437 crore and Rs 31,023 crore, respectively.

The increase in debt was on account of bridge financing for capital expenditure and working capital borrowings in line with the increased scale of operations.

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

The company has an installed thermal power capacity of 18,110 MW spread across 12 power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar power plant in Gujarat.