On January 25, 2024, Adani Power Limited (BSE, NSE: ADANIPOWER) announced its Q3 2023-24 results, recording Q3 FY24 continuing revenue growth at 72% YoY to ₹13,405 Crore, as Q3 FY24 continuing EBITDA more than triples YoY to ₹5,059 Crore, and the PAT surges to ₹2,738 Crore.
Table of Content
Adani Power Q3 Results Main Result Takeaways
Power giant, Adani Power, under the helm of the legacy Adani Group, reported Q3 FY24 results backed by solid growth. Key highlights are mentioned below:
- For Q3 FY24, the consolidated power Sale Volume stood at 21.5 Billion Units (BU), rising by 82% from 11.8 BU in Q3 FY23 as a result of improved power demand and greater installed capacity.
- The quarterly consolidated continuing Total Revenue was higher by 72% at ₹13,405 Cr against ₹7,773 Cr in Q3 FY23, on account of a rise in sales volumes.
- The consolidated continuing EBITDA for Q3 FY24 more than tripled to ₹5,059 Cr versus ₹1,479 Cr in Q3 FY23 as a result of increased revenues and lower prices of import fuel.
- The consolidated Profit After Tax (PAT) in Q3 FY24 rose sharply to ₹2,738 Cr relative to ₹9 Cr in Q3 FY23 because of improved EBITDA.
Additional Read: Q3 Results Dashboard
The Management’s Take on Q3 Results
The CEO of Adani Power Limited had some key aspects of Q3 results to share and these are highlighted below:
- With a demonstration of powerful performance for Q3 FY24, Adani Power has mad it successfully through yet another quarter due to its optimal power allocations between merchant capacities and PPAs, as well as strategic locations of power plants.
- The Company has shown strength in its fuel management and logistics besides power plant O&M, and this has boosted the Company’s efficiency in meeting the evolving demand for power, yet generate healthy profit.
- The Company has liquidity which has been used to decrease debt.
Q3 Business Outcomes
Details related to the Company’s business performance were also released with Q3 FY24 results. These are mentioned below:
- For Q3 FY24 the positive operating performance is related to the 1,600 MW Godda Ultrasupercritical thermal power plant of Adani Power’s subsidiary, Adani Power (Jharkhand) Limited (APJL), commissioned in Q1 FY24.
- During Q3 FY24 and 9 months of FY24 ended 31 December 2023, the Udupi, Mundra, Raipur, and Mahan plants contributed greater volumes, apart from the contribution of the Godda plant, that has rapidly become a significant part of the power generation ecosystem in Bangladesh.
- On the domestic front, power Sales Volumes were led by growing demand for power across India, plus the offtake under Power Purchase Agreements
(“PPAs”) was boosted further by declining prices of alternate fuel and imported coal.
Financial Results at a Glance
Here is a glimpse of the financial results of Q3 (figures in ₹ Cr as reported by the Company, except where indicated by %):
| Metrics | Q3 FY 2023-24 | Q3 FY 2022-23 | Change % |
| Total Continuing Revenue | 13,405 | 7,773 | 72% |
| Continuing EBITDA | 5,059 | 1,479 | 242% |
| Continuing Profit Before Tax | 3,261 | -305 | n.m. |
| Continuing Profit After Tax (PAT) | 2,738 | 9 | Very high % |
Additional Check: Adani Power Share Price
Q3 FY24 Result Summary
Adani Power Limited (APL) is a major part of the variegated Adani Group, and the largest private producer of thermal power in India. The Company has a capacity to generate power, standing at 15,250 MW, with thermal plants in Maharashtra, Gujarat, Karnataka, Chhattisgarh, Rajasthan, Madhya Pradesh, Jharkhand, as well as a 40 MW solar power project located in Gujarat. The Company has many “firsts” to its credit, the most relevant being the first company to establish a coal-based Supercritical thermal energy project under the registration of the Clean Development Mechanism (CDM) of the Kyoto protocol.
In the past few years, the sector of power has experienced a challenging time in India. However, as Adani Power rises to every occasion to become the top power supplier in the nation, it consistently portrays optimal business performance in every quarter. For Q3 FY24, the Company credits its optimal performance and Revenue metrics to growth as a result of Merchant Tariffs, high availability, and dispatches. The Company’s positive EBITDA growth has been enhanced on account of moderation in import fuel costs and higher dispatches. The Company has also excelled in controlling and managing its finance costs and has reported a growth in Profit Before Tax due to these measures. With plant and mine locations at strategically advantageous spots, the Company is on the path to expansion and believes that the efficient management of fuel is the key to maintaining stability in its revenues. A major part of Adani Power’s domestic fuel-based capacities have been secured via linkages and locational benefits.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For Research Disclaimers Click Here: https://bit.ly/3Tcsfuc
Source: Adani Power Investor Presentation on BSE
