Adani Power reported a 30 per cent year-on-year continuing revenue growth
Adani Power has announced its results for the first quarter of 2024-25 fiscal, reporting a 30 per cent year-on-year continuing revenue growth. Continuing EBIDTA, meaning earning before interest, taxes, depreciation, and amortization, has grown 53 per cent. And the continuing Profit Before Tax grew 95 per cent year-on-year.
"As Adani Power grows from strength to strength, we have undertaken advance development activities to secure execution pipelines for three Ultra-supercritical projects of 1,600 MW each to prepare ourselves for the anticipated resurgence in the thermal power sector. Our strategic focus is to derisk our growth plans by utilizing high efficiency, low emission technologies, pooling our deep experience and multi-domain expertise for project development, securing access to fuel resources, and revitalizing the organization to become more agile and competitive in the digitalized world," SB Khyalia, CEO of Adani Power Limited, said in a statement.
"Adani Power is dedicated to enhancing lives and ensuring India's energy security by proactively addressing the need for sustainable, affordable, and reliable power, while also being a responsible steward of the environment and surrounding communities," it added.
The consolidated power sale volume at 24.1 Billion Units in the first quarter is up by 38 per cent due to improved power demand and larger effective operating capacity, the statement said.
"Power demand is continuing to exhibit strong growth across India, with aggregate power demand in the first quarter growing at 10.6% year-on-year and peak demand growing at 12% to reaching a record level of 250 GW. This positive environment for the power sector has resulted in higher offtake from APL's power plants from both contracted capacities and open capacities," the statement said.
"During Q1 FY 2024-25, higher volumes were contributed by almost all plants led by Mundra and Mahan in addition to Godda, the second 800 MW unit of which was commissioned on 26th June 2023. Domestic power sales volumes continued to be driven by growing power demand , and offtake under Power Purchase Agreements ("PPAs") was further supported by falling prices of imported coal," it said.
Adani Power, it said, has transitioned to an era of greater regulatory certainty after satisfactory resolution of all major regulatory matters and recovery of regulatory dues during FY 2023-24. "Consequently, prior period revenue recognition on account of regulatory orders has come down significantly," it said.
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