Adani Power Q1 results: profits jump 16x times in Q1FY23

Adani Power, the energy arm of Adani Enterprises, published its quarterly results for Q1FY23 wherein the company reported massive 16-fold growth in profits YoY.

The profit of the company for the quarter ended in June 2022 came in at Rs 4,780 crores, up 1,619% YoY against Rs 278 crores reported last year in the corresponding quarter.

The total revenues of the quarter jumped 115% to Rs 15,509 crores assisted by the surge in PPA tariffs on account of high import prices of coal, greater alternate coal usage, higher prior period revenue recognition, and the revival of the 1,234 MW Bid-2 PPA with Gujarat DISCOMs.

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However, other income grew 177% YoY to Rs 1,785.9 crores but declined 34.1% QoQ. Expenses of the company grew 43% to Rs 9,642.80 crores due to higher fuel costs, increased operating expenses owing to the acquisition of Mahan Energen, and unfavorable foreign exchange movement.

EBITDA for the quarter grew 227% YoY to Rs 7,506 crores as growth was aided by a change in sales mix, prior period income recognition & improved tariff realization.

The heatwave in the country alongside recovering economic activity drove up the demand for electricity as total demand during the quarter was 404.8 Billion Units (BU), registering a growth of 18.6% over the energy demand for Q1 FY22.

"As the world goes through a period of increased uncertainty and hyperinflation in commodity prices caused by geopolitical conflict, India's energy sector has also faced price adversity. However, pragmatic policy decisions and abundant natural resources have shielded the economy from its worst impact." MD Anil Sardana said.

The stock closed at Rs 329.9 per share, on Friday.

Article by Aman Agarwal.

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