Adani Power Ltd. (APL), a part of Adani portfolio companies India, posted a sharply higher 154% profit before tax (PBT) increase for the third quarter of financial year 2023-24 ended at December 31, 2023.
The increase in continuing operational revenues for Q3 and the first nine months (9M) FY 2023-24 was a result of higher sales volumes including addition of sales under the Godda PPA, and higher merchant sales.The growth in continuing EBITDA for Q3 FY 2023-24 was mainly a result of alower increase in fuel cost as compared to growth in revenues, primarily due to lower import fuel prices and alternate fuel costs, addition of capacity charges recovery under the Godda PPA, and higher contribution from merchant sales due to higher tariffs. The Continuing EBITDA for 9M FY2023-24 also stood higher due to similar reasons.
The consolidated power sale volume at 21.5 billion Units (BU) in Q3 FY24, up by 82% from 11.8 BU in Q3 FY23 due to improved power demand and largerinstalled capacity.Commenting on the quarterly results, S.B. Khyalia, CEO, Adani Power Limited, said, “Adani Power continues to demonstrate its leadership across domains by achieving ever-higher standards of excellence, as evidenced bythe financial results for the third quarter of FY 2023-24.”
“The Company’s strategically located power plants and optimal capacity allocation between PPAs and merchant capacities, coupled with its strengthin fuel management & logistics and excellence in power plant O&M, have allowed it to address growing power demand and generate robust profitability.”
The operating performance for Q3 FY 2023-24 includes the 1,600 MW Godda Ultra-supercritical thermal power plant of APL’s subsidiary Adani Power (Jharkhand) Limited (APJL), which was commissioned in Q1 FY 2023-24. Adani Group is also investing in the Sri Lankan Ports sector and on a wind power plant in the North.
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