Adani Power Q3 FY23 profit up by 4% to Rs 212 crores

Adani Power has reported a profit before tax of INR 212 crores for the third quarter of the fiscal year 2023 (Q3 FY23), an increase of 4% compared to INR 204 crores for the same quarter of the previous fiscal year.

The Adani Group subsidiary said that its consolidated total income for the reported quarter was INR 8,290 crores, which is 48% higher than the consolidated total income of INR 5,594 crores in Q3 FY22. The increase was driven by greater regulatory income, higher operating capacity, and better tariff realization under long term power purchase agreements (PPA) along with the revival of 1.23GW Bid-2 PPA with Gujarat DISCOMs in March 2022.

During the reported quarter, Adani Power and its subsidiaries had an average plant load factor (PLF) of 42.1%, while the power sale volume was 11.8 billion units (BU). In contrast, in the same quarter of the previous fiscal year, the PLF was 41%, while the power sale volume was 10.6 BU.

Anil Sardana — Adani Power Managing Director, commenting on Adani Power Q3 FY23 results, said: “Adani Power Limited has consistently demonstrated its superior skills in project execution, excellence in power plant operations, and capabilities in fuel and logistics management, which has helped it turn around stressed power assets acquired under schemes of corporate debt resolution, apart from setting various benchmarks in its greenfield power plants.

“With resolution of most of its regulatory issues now, the Company is well placed in terms of liquidity to meet its present commitments and growth requirements. Adani Power Limited, with its strategically located and efficient power plants, is poised to gain maximum advantage from India’s growing power demand and provide stable, reliable and affordable power supply, while ensuring the betterment of communities around it.”