Adani Power, which is part of the power-to-port conglomerate Adani Group, said its consolidated net profit after tax (PAT) grew by 12.9 per cent at Rs 5,242.48 crore as compared to Rs 4,645 crore for Q4 FY22. The consolidated total revenue for Q4 FY23 was Rs 10,795 crore as compared to Rs 13,308 crore in Q4 FY 2021-22.
The company said its revenue for Q4 FY 2022-23 includes de-recognition of revenue from operations pertaining to prior periods amounting to Rs (-) 194 crore and recognition of other income pertaining to prior periods amounting to Rs 325 crore.
In a regulatory filing, the company said its consolidated total revenue for FY23 grew by 35.8 per cent to Rs 43,041 crore in FY23 as compared to Rs 31,686 crore in FY22. The company said the improved revenue and profit are on the back of improved tariff realisation, high import coal price, and higher one-time revenue recognition.
The consolidated Profit Before Tax for FY 2022-23 was Rs 7,675 crore as compared to Rs 6,577 crore in FY 2021-22.
The total comprehensive income for Q4 2023 was Rs 5,286 crore as compared to Rs 4,691 crore for Q4 FY22.
Adani Power mentioned that its consolidated EBITDA for FY23 was higher at Rs 14,312 crore against Rs 13,789 crore in FY22.
“India’s growing demand for world-class infrastructure facilities is acting as the springboard for the next phase of its economic growth. As the nation’s foremost infrastructure conglomerate, Adani Group is fully committed to meet it in a sustainable and dependable manner. Reliable and scalable base load power is fundamental to its economic sustenance, which Adani Power is best placed to supplement along with the Group’s diversified presence across the energy value chain,” said Gautam Adani, Chairman, Adani Group.
Other highlights are as follows:
FY23 Revenue grows to Rs 43,041 crore, up by 35.8% YoY FY23 EBITDA grows to Rs 14,312 crore, up by 3.8% YoY FY23 PAT grows to Rs 10,727 crore, up by 118.4% YoY In comparison, India’s overall power generation grew 11.9 per cent YoY in Q4FY23, led by agricultural and commercial segments that accounted for increased demand.
Coal-based thermal generation rose 12.1 per cent YoY. Gas generation improved marginally in Q4, up 1.2 per cent YoY, post the slight normalisation in spot gas prices.
Renewable energy (RE) generation surged 20.4 per cent YoY, leading the overall generation mix after lignite, in Q4. Hydro-based generation saw a dip of 4.2 per cent YoY in the same period. RE generation stood at an average of 10.9 per cent (10.2 per cent in Q4FY22), of the total power generation in Q4FY23.
Stock watch
On Friday, shares of Adani Power rose about 2 per cent to Rs 243 in early trade, before turning flat. The company’s market capitalisation was Rs 92,500 crore.
The stock has surged about 85 per cent from its 52-week lows at Rs 132.55 on February 28, 2023, on the back of Hindenburg Research’s scathing report on Adani Group, which accused it of accounting frauds alongside market manipulation and high levels of insecure debt. Adani Group denied all allegations. Adani Power stock needs to rally another 80 per cent to hit its 52-week high of Rs 432.80.
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