Adani Power Q1 Results: Revenue Doubles, Higher Imported Coal Prices Impact Operational Performance
Adani Power's revenue from operations doubled on recognition of higher prior period income and better sales.
Adani Power Ltd.'s revenue from operations doubled on recognition of prior period income and higher power sales.
Revenue from operations rose 109% year-on-year to Rs 13,723 crore in the first quarter ended June, according to its exchange filing.
The company recognised Rs 4,212 crore as income from prior period due to various regulatory orders. The corresponding amount a year earlier was Rs 657 crore.
The increase in revenue was aided by a rise in power-purchase agreement tariffs due to higher imported coal prices and greater alternate coal usage, according to the company. Improved merchant and short-term power tariffs, and revival of 1,234-megawatt bid-2 PPA with Gujarat discoms were additional contributors.
Highlights (YoY)
Operating profit or earnings before interest taxes, depreciation and amortisation rose more than threefold or 247% year-on-year to Rs 5,719.7 crore on higher revenue.
Operating margin for the first quarter was 41.7% versus 25.1%.
Net profit for the period rose 16-times to Rs 4,779.9 crore on higher realisation on sales.
The company achieved an average plant load factor of 58.6% in the April-June quarter compared with 64.8% a year earlier. The aggregate sales volumes stood at 16.3 billion units on an installed base of 13,650 MW compared with 16.2 billion units on an installed base of 12,450 MW a year earlier.
Operating performance during the quarter was affected by higher imported coal prices, which impacted the performance of Mundra and Udupi power plants, the company said. Volumes at Raipur and Raigarh were lower due to domestic coal shortage, it said.
The operational performance was partially offset by improved volumes due to high demand for power at Tiroda and Kawai plants, and inclusion of operating performance of the newly acquired Mahan plant, the company said.
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