Adani Power Ltd, a part of Adani portfolio companies, Sunday announced the financial results for the fourth quarter ended 31st March 2024, when revenue collection rose to Rs. 13,882 Crore.
The operating performance for Q4 FY 2023-24 includes the 1600 MW Godda Ultra-supercritical Thermal Power Plant ("USCTPP") of APLs subsidiary Adani Power (Jharkhand) Limited (APJL), which was commissioned in Q1 FY 2023-24, says a press release.
During the fourth quarter as well as the Financial Year 2023-24, higher volumes were contributed by almost all plants led by Mundra, the newly commissioned Godda plant, Udupi, and Mahan. Domestic power sales volumes continued to be driven by growing power demand across India, and offtake under Power Purchase Agreements ("PPAs") was further supported by falling prices of imported coal and alternate fuel.
In Q4 FY 2023-24, post satisfactory resolution of all major regulatory matters, tariffs under PPAs have adequate fuel cost recovery, leading to reduction in one-time prior period revenue recognition.
The reported revenues of Rs. 13,882 Crore for the quarter include prior period items of Rs. 94 Crore pertaining to regulatory orders, as compared to Rs. 131 Crores included in Q4 FY 2022-23 reported revenues of Rs. 10,795 Crore.
Besides, the continuing EBITDA for the quarter grew strongly by 126% to Rs. 5,273 Crore as compared to Rs. 2,329 Crore for Q4 FY 2022-23 due to lower import fuel prices, higher merchant sales contribution, and the addition of Godda operating profit.
The depreciation charge and finance cost for the quarter increased to Rs. 990 Crore and Rs. 820 Crore respectively due to the commissioning of the Godda project. However, increase in finance costs was moderated due to reduction borrowings as well as a reduction in interest rates after credit rating upgrades.
This enduring improvement in operating profitability has resulted in a sharp growth in Profit Before Tax to Rs. 3,558 Crore for the quarter, as compared to Rs. 898 Crore for Q4 FY 2022-23.
APL ended FY 2023-24 with a stronger balance sheet and sound liquidity following stellar performance during the year. As of 31st March 2024, Total Shareholders Funds grew to Rs. 43,145 Crore while Net Total Debt came down to Rs. 26,545 Crore, as compared to Rs. 29,876 Crore and Rs. 39,434 Crore respectively as on 31st March 2023.
Commenting on the quarterly results, Adani Group Chairman Gautam Adani, said: "We are committed to continuous innovation across businesses and creating sustainable value for all stakeholders."
Mr. S B Khyalia, CEO, Adani Power Limited, said: "Adani Power is committed to empowering lives and contributing to Indias energy security by anticipating the need for sustainable, affordable, and reliable power supply and serving it by building capacities in a timely and cost-effective manner."
