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Reliable power supply key to growth: Adani
Gautam Adani, Chairman of Adani Group
Adani Power’s consolidated net profit jumped multi-fold to Rs 4,645.47 crore in the March quarter from Rs 13.13 crore in the year-ago period, mainly on the back of higher revenues.
New Delhi: Adani Power's consolidated net profit jumped multi-fold to Rs 4,645.47 crore in the March quarter from Rs 13.13 crore in the year-ago period, mainly on the back of higher revenues. Total income of the company surged 93 per cent to Rs 13,308 crore in the March quarter, from Rs 6,902 crore in the same period a year ago, a company statement said on Thursday.
"Revenue for Q4 FY 2021-22 includes prior-period revenue from operations of Rs 2,946 crore, and prior-period other income of Rs 1,982 crore," the statement said.
The EBITDA for Q4 FY 2021-22 witnessed multi-fold increase to Rs 7,942 crore, as compared to Rs2,143 crore in Q4 FY 2020-21.
"EBITDA growth was aided by prior-period income recognition, greater shortfall claims due to high import coal prices, and higher merchant and short-term tariffs and volumes, as compared to Q4 FY 2020-21," the statement added.
The consolidated net profit for 2021-22 climbed to Rs 4,911.58 crore, from Rs 1,269.98 crore in 2020-21. Last fiscal, the company's total income increased to Rs 31,686.47 crore, from Rs 28,149.68 crore in the same period a year ago.
Gautam Adani, Chairman of Adani Group, said that availability of reliable power supply to various sectors across the nation is critical to economic growth. "The Adani Group stands committed to fulfilling India's energy needs in a sustainable, reliable, and affordable manner. Our diversified presence across the energy value chain helps us ensure that this vital input is always available to power the economy, even during times of global volatility, and helps advance the vision of progress and prosperity for all," said Adani.
Anil Sardana, Managing Director of Adani Power, said that in the coming years, "we will focus on utilising our fleet to the highest extent while guiding our acquisitions and greenfield assets to become value accretive investments". "Recent developments on the regulatory front have also dispelled... long-standing uncertainty, which will contribute significantly to enhancing our liquidity position," he added. The company completed the acquisition of Essar Power M P Limited (EPMPL), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, on March 16, 2022. The name of EPMPL was subsequently changed to Mahan Energen Ltd (MEL). The installed thermal power generation capacity of the APL has increased to 13,610 MW after the acquisition of MEL.
The company said that electricity demand continues to grow strongly in India, driven both by economic growth and heatwave in the north-western parts of the country. Moreover, the recent geopolitical events in Europe have resulted in a sharp increase in global fuel prices, including coal, petroleum, and natural gas. Aggregate energy demand for 2021-22 across the nation was 1,380 Billion Units (BU), registering a growth of 8.2 per cent over the energy demand for FY 2020-21. Similarly, peak power demand registered a growth of 6.7 per cent to reach a record level of 203 GW in 2021-22 as compared to FY 2020-21.
