Adani Power Q4 net profit dips 48% to Rs 2,737 crore

New Delhi: Adani Power Ltd on Wednesday reported a 47.78 per cent decline in its consolidated net profit to Rs 2,737.24 crore for the March quarter, mainly on account of increased expenses.

Its net profit was Rs 5,242.48 crore in the January-March period of the preceding 2022-23, the company said in an exchange filing.

During the fourth quarter, the company's total income was Rs 13,881.52 crore against Rs 10,795.32 crore a year ago.

The expenses stood at Rs 10,323.58 crore in the period under review compared to Rs 9,897.60 crore in the year-ago period.

However, for the entire FY24, the company's net profit almost doubled to Rs 20,828.79 crore from Rs 10,726.64 crore registered in FY23.

In FY24, the company's income rose to Rs 60,281.48 crore against Rs 43,040.52 crore in FY23.

Its expenses increased to Rs 39,489.97 crore in FY24 from Rs 35,365.82 crore in the preceding fiscal.

In a statement, Adani Power said the depreciation charge and finance cost for the quarter increased to Rs 990 crore and Rs 820 crore, respectively, due to the commissioning of the Godda project.

APL ended 2023-24 with a stronger balance sheet and sound liquidity, it added.

The company said it had a "higher one-time income recognition of Rs 9,322 crore for FY24... driven by higher collection of late payment surcharges".

As of March 31, its net total debt came down to Rs 26,545 crore from Rs 39,434 crore a year earlier.

Gautam Adani, the Chairman, Adani Group, said as India transitions to a more sustainable energy future, Adani portfolio of companies will continue to provide innovative, reliable, and scalable solutions to support the nation’s economic growth and help realise the aspirations of its billion-plus citizens.

"Adani Power is a key component of our long-term strategy, supplying reliable baseload power across a vast part of the country, executing benchmark-setting projects, creating assets of national importance, and acting as the balancing supply to enable greater integration of renewables in the grid," he added.

The company's consolidated power sale volume increased 55 per cent to 22.1 billion units (BU) in Q4 FY24 against 14.3 BU in Q4 FY23. The improvement was due to improved power demand, lower import coal prices, and larger installed capacity.

In the fourth quarter and FY24, higher volumes were contributed by almost all plants led by Mundra, the newly commissioned Godda plant, Udupi, and Mahan.

Domestic power sales volumes continued to be 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.

Part of the diversified Adani Group, Adani Power is the largest private thermal power producer in India. The company has an installed thermal power capacity of 15,210 MW, apart from a 40 MW solar power plant in Gujarat.