Adani Group’s power arm, Adani Power Limited (APL), standalone losses widened for the quarter ended December 31, 2022, at ₹110 crore against ₹47 crore in the same quarter last year. The standalone revenues from operations tumbled by 52 per cent to ₹45 crore ( ₹94 crore). Total expenses jumped 32 per cent year-on-year to ₹352 crore, led by high finance costs at ₹313 crore (₹178 crore). On the consolidated basis, APL posted net profit of ₹9 crore for the quarter under review against ₹218 crore in the corresponding quarter last year. Consolidated revenues from operations stood at ₹7,764 crore ( ₹5,361 crore). The revenue for the quarter includes one-time prior period revenue of ₹517 crore, in comparison, one-time revenue items of this nature in same quarter last year amounted to ₹74 crore, the company said. Consolidated EBITDA for third quarter stood marginally lower at ₹1,996 crore ( ₹2,003 crore) constrained mainly by higher fuel cost, which was partially offset by higher one-time income.
Plant load factor
On the operations front, APL and its subsidiaries achieved an average Plant Load Factor (PLF) of 42.1 per cent and power sale volume of 11.8 Billion Units (BU) for the quarter under review, which was little improved from PLF of 41 per cent and volume of 10.6 BU in same quarter last year. The operating performance for Q3 FY 2022-23 includes the performance of the 1,200 MW power plant of Mahan Energen Ltd., which was acquired in March 2022, it said. “Operating performance during Q3 FY 2022-23 was constrained mainly due to high import coal prices and insufficient domestic fuel availability due to high power demand,” the company said. Anil Sardana, Managing Director, APL, said, “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.” After facing heavy selling pressure over the past week, Adani Power shares were locked in an upper circuit at ₹182 with 5 per cent gains on BSE on Wednesday.