Adani Power

Adani Power hits record high as Q1 net zooms 17-fold; up 221% in 6 months | Rare Techy


Shares of Adani Power hit a record high of Rs 352.30 as the stock rose 3 per cent on the BSE in intra-day trade on Thursday after the company reported a 17-fold jump in consolidated profit after tax (PAT) at Rs 4,780 crore in the June quarter (Q1FY23). Power utility company Adani Group has posted PAT of Rs 278 crore in Q1FY22.

In the past one month, the stock has risen nearly 35 percent compared to a 10 percent rally in the S&P BSE Sensex. In the last six months, the stock has zoomed 221 percent against a 0.1 percent decline in the benchmark index.

In Q1FY23, the company’s total consolidated revenue more than doubled or grew 115 per cent year-on-year (YoY) to Rs 15,509 crore against Rs 7,213 crore in Q1FY22.

This increase in revenue was helped by the increase in PPA tariffs due to higher imported coal prices and greater use of alternative coal, increased traders and short-term tariffs, revival of 1,234 MW Bid-2 PPA with Gujarat DISCOM, and higher period revenue recognition, he said. Adani Power.

Earnings before interest, taxes, depreciation, and amortization (ebitda) jumped 227 percent YoY at Rs 7,506 crore. The growth was aided by prior period revenue recognition, increased tariff realization, and changes in sales mix, partially offset by the impact of higher fuel costs, increased operating expenses due to the Mahan Energen acquisition, unfavorable foreign exchange movements, etc.

Heat wave across the country and extended recovery in economic activity continue to drive growth in electricity demand in the first quarter of FY 2022-23. Aggregate energy demand for Q1FY23 was 404.8 Billion Units (BU), registering a growth of 18.6 percent over energy demand for Q1FY22, the company said.

In Q1FY23, Adani Power and its subsidiary power plants achieved an average plant load factor (PLF) of 58.6 percent and an aggregate sales volume of 16.3 BU on an installed base of 13,650 MW. In comparison, during Q1FY22, the company and its subsidiaries have achieved an average PLF of 64.8 percent and a sales volume of 16.2 BU on an installed base of 12,450 MW.

Operating performance in the quarter was affected by high imported coal prices which affected the performance of Mundra and Udupi, while volumes in Raipur and Raigarh were lower due to shortage of domestic coal. This was partially offset by increased volume due to high power demand at Tiroda and Kawai, and included the operating performance of the recently acquired Mahan plant, the company said.


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