Ahmedabad, May 6 Adani Power Ltd (APL) standalone net profit for the fourth quarter ended March 31, 2023 stood at ₹4,851 crore, up 2 per cent from ₹4,748 crore in the corresponding quarter last year.
The revenues from operations during the quarter dipped by 10 per cent year on year to ₹9,507 crore (₹10,598 crore). Total expenses increased by 32.5 per cent year-on-year led by a sharp 74 per cent jump in fuel cost to ₹7,146 crore. The total expenses for the quarter stood at₹9,428 crore ( ₹7,112 crore).
FY’23 revenues, net
For the fiscal 2022-23, APL recorded standalone net profit of ₹10,246 crore (₹5,036 crore last year). Standalone revenues from operations stood at ₹36,681 crore (₹27,711 crore).
On consolidated basis, company’s quarterly net grew by 13 per cent to ₹5,242 crore (₹4,645 crore yoy). Consolidated revenues from operations stood at ₹10,242 crore, down 3 per cent from ₹10,598 crore in the corresponding quarter last year. For the fiscal 2022-23, APL recorded consolidated net profit of ₹10,727 crore, up 118 per cent from ₹4,912 crore in the previous year. Consolidated operational revenues for the year stood at ₹38,773 crore, up 40 per cent from ₹27,711 crore a year ago.
Consolidated EBITDA for FY23 was higher at ₹14,312 crore as against ₹13,789 crore last year, mainly due to higher tariff realisation and one-time revenue recognition, offset mainly by higher fuel cost.
Notably, the company informed that “the results for the quarter and year ended March 31, 2023 include the results of wholly owned subsidiary Mahan Energen Limited which was acquired w.e.f. March 16, 2022. Accordingly, the results for the quarter and year are not comparable with quarter and year ended March 31, 2022 to that extent.”
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“Operating performance for the year was impacted mainly on account of low PLFs at imported coal-based power plants due to high import coal prices and domestic coal related constraints at plants with open capacities,” it added.
During the quarter, APL’s power offtake under long term Power Purchase Agreements (PPAs) was constrained by high import coal prices, while the PLF of open capacities was affected by domestic coal related constraints.
S B Khyalia, CEO APL, said, “The Company now enters the next stage of its corporate journey with a healthy balance sheet, a modern and efficient fleet, and a revitalized holding structure. The culmination of long-deliberated regulatory matters has helped evolve and refine the principles that will enable the power sector to grow profitably a nd equitably.”