Adani Power net profit of Rs 2,737.96 crore | Top Vip News

Adani Power Limited (APL) on January 25 reported a consolidated net profit of Rs 2,737.96 crore for the quarter ended December 31, 2023. The net profit for the same quarter of the same period last year was Rs 8.77 crore.

Sequentially, the company’s net profit declined from Rs 6,594.17 crore in the quarter ended September 30.

Its operating income stood at Rs 12,991.4 crore, up 67 per cent from Rs 7,764.41 crore in the same quarter last year. Total revenue rose 61 per cent to Rs 13,355.3 crore from Rs 8,290 crore.

The revenue growth was due to higher operational capacity following the commissioning of the Godda thermal power plant and better power consumption following growth in demand and lower imported fuel prices, the company said in a statement.

EBITDA for Q3FY24 was 151 per cent higher at Rs 5,009.17 crore, compared to Rs 1,995.53 crore in Q3FY23. This was due to higher contribution due to lower fuel costs and strong commercial prices.

Consolidated power sales volume of 21.5 billion units (BU) in Q3FY24, an increase of 82% from 11.8 BU in Q3FY23 due to improved demand for energy and greater installed capacity.

SB Khyalia, CEO of Adani Power Limited, said: “The company’s strategically located power plants and optimal allocation of capacity between power purchase agreements (PPAs) and commercial capabilities, along with its strength in management and logistics of fuel and excellence in power plant operations and maintenance, have allowed it to address the growing demand for energy and generate strong profitability. This has resulted in greater liquidity, which in turn has been used to reduce debt”.

Khyalia said the current industrial capacity expansion of 1,600 MW at Mahan is on track as the company moves to further expand its lead inorganically.

Sale of shareholding in two subsidiaries

In a separate filing, the company also informed the stock exchange that it has signed a Memorandum of Understanding (MOU) to sell its 100 per cent stake in its two wholly-owned subsidiaries: Aviceda Infra Park Limited (AIPL); and Innovant Buildwell Private Limited (IBPL), to AdaniConnex Private Limited (ACX). Accordingly, AIPL and IBPL will cease to be wholly owned subsidiaries upon completion of the sale.

ACX is a joint venture between Adani Enterprises Ltd and private data center operator EdgeConneX.

Adani Power appoints new CFO

In another announcement on January 25, APL said its current chief financial officer (CFO), Shailesh Sawa, will transition his role to a new role in Group Regulatory Engagement for Adani’s portfolio of companies and Dilip Kumar Jha will be the new CFO starting in April. 1.

The APL Board of Directors, while accepting Sawa’s letter resigning from his position (as of close of business hours on March 31, 2024), also approved the appointment of Dilip Kumar Jha, who is currently serving as Chief Financial Officer of Integrated Resource Management. vertical of Adani Enterprises Limited, as the new appointed CFO.