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Adani Power profit jumps 17 times to Rs 4,780 crore

Adani Power on Wednesday posted an over 17 times increase in its consolidated net profit at Rs 4,780 crore for the quarter ended 30 June, 2022 compared with ₹278 crore in the corresponding quarter last year.

Consolidated total revenue for the quarter more than doubled at Rs 13,723 crore compared with ₹6,568.86 crore in the corresponding previous quarter.

Consolidated Ebitda or operating profit came in at ₹7,506 crore against ₹2,292 crore in the year-ago period, a rise of 227%, which includes prior period revenue recognition of ₹4,212 crore vs ₹657 crore during the respective periods, the company said in a BSE filing.

Anil Sardana, Managing Director, Adani Power Limited, said, “As the world goes through a period of increased uncertainty and hyperinflation in commodity prices caused by geopolitical conflict, India’s energy sector has also faced price-adversity. However, pragmatic policy decisions and abundant natural resources have shielded the economy from its worst impact.”

Adani Power’s scrip ended 3.76% up at Rs 341 on the BSE Wednesday.

A nation-wide heatwave and broadening of the recovery in economic activity continued to drive electricity demand growth in the first quarter of FY23, the company said, adding that aggregate energy demand for Q1 FY23 was 404.8 Billion Units (BU), registering a growth of 18.6% over the energy demand for Q1 FY22.

“This led to peak power demand scaling further heights and reaching a record level of 215.9 GW during the quarter. On the other hand, this sharp increase in power demand could not be matched by coal availability due to domestic shortages and high prices of imported coal, leading to peak power deficit of 4% and energy deficit of 1%,” the company said.

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