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Adani Power records 47% YoY growth in Q4 PAT; net debt at Rs 26,545 crore

02-May-24 11:38 Hrs IST

Continuing revenue from operations increased by 27.3% YoY to Rs 13,288 crore in the fourth quarter. The company had recorded revenues of Rs 10,436 crore in Q4 FY23.

Adani Power stated that post satisfactory resolution of all major regulatory matters, tariffs under PPAs now have adequate fuel cost recovery, leading to reduction in one-time prior period revenue recognition. Reported revenues for the quarter include prior period items of Rs 94 crore.

Reported EBITDA for the period under review was 5,368 crore, which is higher by 118.1% as compared with Rs 2,461 crore recorded in the same period last year. This was primarily due to lower import fuel prices, higher merchant sales contribution, and addition of Godda operating profit.

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. However, increase in finance costs was moderated due to reduction borrowings as well as a reduction in interest rates after credit rating upgrades.

Profit before tax in Q4 FY24 stood at Rs 3,558 crore, up by 296.3% from Rs 898 crore recorded in Q4 FY23.

Tax outgo for Q4 FY24 was Rs 821 crore. APL had written back taxes amounting to Rs 4,345 crore in the corresponding period last fiscal.

For FY24, Adani Power has recorded net profit and continuing revenue from operations of Rs 20,829 crore (up 94.2% YoY) and Rs 49,668 crore (up 36.5% YoY), respectively.

Net total debt as on 31 March 2024 stood at Rs 26,545 crore as against Rs 39,434 crore as on 31 March 2023.

Adani Power has bid successfully for the acquisition of Lanco Amarkantak Power (LAPL), which is undergoing corporate insolvency resolution process (CIRP). The committee of creditors LAPL has approved the resolution plan submitted by APL, following which the resolution professional has issued it a letter of intent (LOI).

LAPL owns and operates a 2x300 MW (600 MW) thermal power plant (Phase-I) in Korba District of Chhattisgarh. The Phase-I capacity is tied up with Haryana and Madhya Pradesh DISCOMs under long term Power Purchase Agreements. It is also setting up 2x660 MW (1320 MW) expansion capacity under Phase-II at this site.

The resolution professional of Coastal Energen (CEPL), which is also undergoing CIRP, had issued an LOI to a consortium of which APL is a part. CEPL owns and operates a 2x600 MW (1200 MW) thermal power plant in Tamil Nadu.

APL has initiated development of a 2x800 MW (1600 MW) USCTPP expansion project at its existing 600 MW plant at Raigarh, Chhattisgarh. The company?s wholly owned subsidiary Mahan Energen is already executing a 2x800 MW (1600 MW) USCTPP expansion project at Singrauli, Madhya Pradesh.

Apart from the above, looking at the strong demand outlook for thermal power in the coming years, the company is evaluating options for further organic expansion by 1600 MW at one of its existing plant locations as well as evaluating various other inorganic acquisition opportunities.

The addition of these capacities will augment APL?s generation capacity to beyond 24 GW by 2029 from 15.25 GW currently, further cementing its position as a sector leader,? Adani Power said in a statement.

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

The company has an installed thermal power capacity of 15,210 MW spread across eight power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, apart from a 40 MW solar power plant in Gujarat.

The scrip rose 0.01% to currently trade at Rs 612.60 on the BSE.