Adani Power's Q3FY23 net profit dips 96 pc y-o-y to Rs 8.7 cr

The company had made a profit of Rs 218.5 crore in the same quarter last year.

In Q2FY23, Adani Power’s consolidated profit after tax (PAT) jumped 401.6 percent rise to Rs 695.53 crore as against Rs 230.6 crore loss in the corresponding quarter last year.

Consolidated operating profit, calculated as EBITDA or earnings before interest, taxes, depreciation, and amortisation came in at Rs 1,469.7 crore, down 17 percent as against Rs 1,770.8 crore in the same period a year ago.

Its revenue from operations rose 44.8% to Rs 7,764.4 crore as against Rs 5,360.9 crore a year ago.

The company’s total expenses increased to Rs 8,078.31 crore in the quarter ended Decemeber 31, 2022 from Rs 5,389.24 crore.

Total income stood at Rs 8,290.21 crore, growing from Rs 5,593.58 crore in the same quarter in the last fiscal year.

Anil Sardana, Managing Director at Adani Power Limited said, “Adani Power Limited has consistently demonstrated its superior skills in project execution, excellence in power plant operations, and capabilities in fuel and logistics management, which has helped it turn around stressed power assets acquired under schemes of corporate debt resolution, apart from setting various benchmarks in its greenfield power plants."

"With resolution of most of its regulatory issues now, the Company is well placed in terms of liquidity to meet its present commitments and growth requirements. Adani Power Limited, with its strategically located and efficient power plants, is poised to gain maximum advantage from India’s growing power demand and provide stable, reliable and affordable power supply, while ensuring the betterment of communities around it," he said.

During the quarter under review, the company along with its subsidiaries achieved a Plant Load Factor (PLF or capacity utilisation) of 42.1 percent and power sale volume of 11.8 Billion Units (BU), against a PLF of 41 percent and power sale volume of 10.6 BU in Q3 FY22.

The proposed Scheme for Amalgamation of Adani Power with six of its operating subsidiaries has received approval of its secured creditors. The amalgamation process is expected to be completed shortly, the company stated.