Adani Power Q1 Results: Net Profit Rises 42% YoY to ₹4,806 Cr; Expansion Plans Gather Pace

Adani Power reported a 42% year-on-year (YoY) rise in its consolidated net profit to ₹4,806 crore for the quarter ended June 30, compared with ₹3,385 crore in the same period last year, according to the company's stock exchange filing.

Revenue from operations grew 34% YoY to ₹18,902 crore during the quarter. The company's board also approved raising up to ₹15,000 crore through the issuance of equity shares via a qualified institutional placement (QIP) or other permissible routes.

The company said it recorded its highest-ever quarterly operating and financial performance, supported by rising electricity demand, higher power generation and improved capacity utilisation.

Power Demand Drives Record Performance

Adani Power's consolidated power sales increased 17% YoY to 28.8 billion units in the June quarter from 24.6 billion units a year earlier. Power generation also touched a record 31 billion units during the quarter.

Its installed power generation capacity increased to 18,330 MW from 17,550 MW a year ago. The plant load factor (PLF), a key measure of capacity utilisation, improved to 77.9% from 67% in the corresponding quarter last year.

The company reported EBITDA of ₹8,369 crore, up 36% from ₹6,150 crore in the year-ago period. Continuing EBITDA rose 22% YoY to ₹6,983 crore from ₹5,744 crore.

Higher Costs Offset by Strong Demand

During the quarter, Adani Power recognised ₹1,386 crore as net prior-period income, largely due to the revision of historic energy charges under certain power purchase agreements (PPAs). This compares with ₹406 crore recorded in the same quarter last year.

Fuel costs rose 30% YoY to ₹9,513 crore, mainly due to higher power generation and increased landed prices of imported coal. Finance costs also rose 5% to ₹901 crore from ₹857 crore, although the company said borrowing costs remained under control despite acquisitions and ongoing capital expenditure.

Power sales under long-term PPAs increased 30% to 24.5 billion units during the quarter, while tariff realisation under these agreements improved 8% to ₹5.95 per kWh. Merchant and short-term tariff realisation rose 13% to ₹7.04 per kWh, supported by stronger demand and improved capacity utilisation.

Expansion Plans Gather Pace

Commenting on the results, Adani Power CEO S B Khyalia said the company delivered its highest-ever quarterly continuing EBITDA, reflecting the strength of its operating portfolio and execution.

"Adani Power has once again demonstrated the strength of its efficient and cost-competitive portfolio and operational excellence in various spheres by posting its highest-ever quarterly EBITDA on a continuing basis," Khyalia said.

He said the company remained on track to expand its generation portfolio to 45 GW, supported by progress on ongoing projects and healthy liquidity generated from operations.

Khyalia added that Adani Power was also expanding beyond thermal power through the acquisition of Jaiprakash Associates' power assets and was exploring opportunities in domestic and international hydropower projects as well as the nuclear power sector.

"We are strongly committed to helping India meet its long-term development goals with the supply of reliable and competitive electricity," he added.