Adani Power Ltd Q4 Results Update

On 5th May 2022, Adani Power Ltd announced its quarterly results for the last quarter of FY2022.

Key Highlights:

Q4FY2022:

- During Q4 FY22, APL, along with the power plants of its subsidiaries achieved an Average Plant Load Factor of 52.1%, and aggregate sales volumes of 13.1 Billion Units. In comparison, during Q4 FY21, APL and its subsidiaries achieved an average plant load factor of 59.6% and a sales volume of 14.8 billion units. 

- Operating performance during the quarter was affected due to high import coal prices and plant overhaul, partially offset by improved volumes due to high demand for power.

- Consolidated Total Revenue for Q4 FY22 stood higher by 93% at Rs.13,308 Crore, as compared to Rs. 6,902 Crore in Q4 FY21. 

- The EBITDA for Q4 FY22 grew by 271% to Rs.7,942 Crore, as compared to Rs.2,143 Crore in Q4 FY21. 

- EBITDA growth was aided by prior period income recognition, greater shortfall claims due to high import coal prices, and higher merchant and short-term tariffs and volumes, as compared to Q4 FY21.

- The Profit After Tax for Q4 FY22 was Rs.4,645 Crore, as compared to Rs.13 Crore for Q4 FY21.

FY2022:

- In FY2022, APL along with the power plants of its subsidiaries achieved an Average Power Load Factor of 51.5% and aggregate sales volumes of 52.1 Billion units. In comparison, APL and its subsidiaries achieved a Power Load Factor of 58.9% and a sales volume of 59.3 billion units in FY2021. 

- Consolidated Total Income for FY2022 grew by 13% at Rs.31,686 Crore, as compared to the revenue of Rs.28,150 Crore in FY2021. 

- Consolidated EBITDA for FY2022 stood higher by 30% at Rs.13,789 Crore as compared to Rs.10,597 Crore for FY2021, due to prior period revenue and improved tariff realization, partially offset by higher Operation & Maintenance costs and unfavorable currency movement as compared to the previous year. 

- The Profit After Tax for FY2022 was Rs.4,912 Crore, as compared to Rs.1,270 Crore in FY2021 with a growth of 287%

Business Updates:

- The Company completed the acquisition of Essar Power M P Limited on 16th March 2022. The name was subsequently changed to Mahan Energen Ltd. The installed thermal power generation capacity of APL has increased to 13,610 MW after the acquisition of MEL.

- The 1,234 MW Bid-2 Power Purchase Agreement (“PPA”) between the Company’s wholly-owned subsidiary Adani Power (Mundra) Ltd. and Gujarat Urja Vikas Nigam Ltd. has been revived pursuant to the Settlement Deed signed between the two parties

- The Company’s wholly-owned subsidiary, Adani Power Rajasthan Limited, has received payments towards domestic coal shortfall claims, along with carrying cost and late payment surcharge from Rajasthan DISCOMs pursuant to Hon’ble Supreme Court’s order dated February 27, 2022

- The Company’s board has approved on 22nd March 2022, the Scheme of Amalgamation of various wholly owned subsidiaries of the Company, viz. Adani Power Maharashtra Ltd., Adani Power Rajasthan Ltd., Adani Power (Mundra) Ltd., Udupi Power Corporation Ltd., Raipur Energen Ltd., and Raigarh Energy Generation Ltd. with itself subject to requisite approvals/consents.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “Availability of reliable power supply to various sectors across the nation is critical to India’s economic growth. The Adani Group stands committed to fulfilling India’s energy needs in a sustainable, reliable, and affordable manner. Our diversified presence across the energy value chain helps us ensure that this vital input is always available to power the economy, even during times of global volatility, and helps advance the vision of progress and prosperity for all.”

Mr. Anil Sardana, Managing Director, Adani Power Limited, said, "As the Indian economy’s need for affordable and reliable power continues to grow, Adani Power Ltd. stands uniquely positioned to fulfill this demand through its diversified, modern, and efficient fleet of power plants, backed by our deep expertise and operational excellence in core areas of business. In the coming years, we will focus on utilizing our fleet to the highest extent while guiding our acquisitions and greenfield assets to become value-accretive investments. Recent developments on the regulatory front have also dispelled much of the long-standing uncertainty, which will contribute significantly to enhancing our liquidity position.”