Adani Power reported a 36 per cent rise in revenue to ₹14,955.6 crore in the June quarter on higher power sales volumes, but net profit more than halved to ₹3,913 crore on higher expenses and tax outgo.
In the quarter, power sales volumes rose 38 per cent to 24 billion units on a surge in demand for power and improved operating capacity. The company explained that operating revenue growth was tempered in comparison to volume growth due to lower tariff realisation on account of a reduction in import coal prices.
The company has also secured execution pipelines for three ultra-supercritical projects of 1,600 MW each to prepare for the anticipated resurgence in the thermal power sector. “Our strategic focus is to de-risk our growth plans by utilising high efficiency, low emission technologies, pooling our deep experience and multi-domain expertise for project development, securing access to fuel resources, and revitalising the organisation to become more agile and competitive in the digitalised world,” said Chief Executive Officer SB Khyalia.
Effective installed capacity rose 5.4 per cent to 15.25 GW in the quarter, while the plant load factor improved to 78 per cent from 60 per cent a year ago.
In Q1, 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 in June 2023. Domestic power sales volumes continued to be driven by growing power demand, and offtake under power purchase agreements was further supported by falling prices of imported coal, the company said.
During the quarter, Adani Power filed with the NCLT a scheme of amalgamation of Stratatech Mineral Resources, a wholly-owned subsidiary of Adani Enterprises, with itself. Stratatech is the allocatee for the Dhirauli Coal Mine, having signed a coal block development and production agreement. The Dhirauli Coal Mine has a peak rated capacity to produce 6.5 million tonnes per annum of coal and is in close proximity to the thermal power plant of MEL at Singrauli, Madhya Pradesh.
It also acquired Mirzapur Thermal Energy U.P. from Adani Infra, which will provide it an opportunity to expand its generation capacity as well as its geographic footprint in India. It initiated the development of a 1,600 MW ultra-supercritical thermal power plant expansion project at its existing 1,370 MW plant at Raipur, Chhattisgarh.