Adani Power announces Q2 FY25 results

Continuing EBITDA grows 38.3% y-o-y to Rs. 11,692 Crore in H1
FY25 and 24.6% y-o-y to Rs. 5,402 Crore in Q2 FY25
Continuing PBT grows 69% y-o-y to Rs. 8,020 Crore in H1 FY25
and 44.8% y-o-y to Rs. 3,537 Crore in Q2 FY25

 

Adani Power Ltd. [“APL”], a part of Adani portfolio companies, today announced the financial results for the second quarter ended 30th September 2024.

Mr. S B Khyalia, CEO, Adani Power Limited, said, “Adani Power has embarked on the next
phase of its growth journey, swiftly achieving capacity expansion milestones and securing
power supply agreements to ensure long-term revenue stability. The Company consistently
delivers robust operating and financial performance by leveraging its inherent strengths
and competitive advantages. Its diverse capabilities and financial resilience provide a solid
foundation for growth, enabling it to realize its vision of supporting India’s economic
development with reliable, sustainable, and affordable power supplies. Additionally, we are
committed to rapidly turning around our recently acquired stressed power plants by
utilizing our core competencies and strengths.”

Power demand was flat during Q2 FY25 as compared to the corresponding quarter of FY24.
This was primarily due to climatic conditions such as a delayed but prolonged rain spell
affecting demand. Nevertheless, cumulative demand for FY 2024-25 till 30th September
2024 was robust with a growth of 5% over the first half of FY 2023-24. Growing peak
demand has also improved power offtake from the thermal power sector to ensure
uninterrupted power supply during the hours of low renewable energy generation.
Business updates
• APL has achieved operating generation capacity of 17,550 MW as on 30th September
2024 with the addition of 2,300 MW operating capacities, comprising:
o 2×250 MW (500 MW) Adani Dahanu Thermal Power Station (“ADTPS”), acquired
under a Business Transfer Agreement on 30th September 2024.
o 2×300 MW (600 MW) Lanco Amarkantak Power Limited (“LAPL”), acquired under
Corporate Insolvency Resolution Process (“CIRP”) under the aegis of the Insolvency
and Bankruptcy Code (“IBC”) on 6th September 2024. LAPL has been renamed to
Korba Power Limited (KPL) subsequent to the acquisition.
o 2×600 MW (1,200 MW) Coastal Energen Private Limited (“CEPL”), acquired under
CIRP under the aegis of IBC on 31st August 2024. CEPL has been amalgamated at
the time of acquisition with Moxie Power Generation Limited (“MPGL”), a Special
Purpose Vehicle of the acquiring consortium, in which APL holds a 49% equity
stake.
• APL received a Letter of Award from the Maharashtra State Electricity Distribution
Company Ltd. for supply of power under a 25-year, 1,496 MW (net) Power Supply
Agreement, to be supplied from a new 2×800 MW (1,600 MW) Ultra-supercritical
thermal power project.

Key operating highlights for Q2 and H1 FY25
Power supplied from the MPGL and KPL power plants post-acquisition has contributed to
the aggregate power dispatch growth in H1 and Q2FY25. These figures do not include the
operating performance of ADTPS, which was acquired on 30th September 2024.
Merchant sales witnessed substantial growth during H1 and Q2 FY25 as compared to the
corresponding periods of FY24 due to strong power demand, coupled with the Company’s
competitive advantages in serving this market. Power offtake under Power Purchase
Agreements (“PPAs”) also witnessed significant growth during both periods owing to
strong power demand from DISCOMs, supported by lower fuel costs, and full-period
operation of the Godda power plant.

Key financial highlights for H1 and Q2 FY 2024-25
• Revenues for H1 and Q2 FY25 include the contribution of MPGL and KPL for the month
of September 2024 post-acquisition. The revenues of ADTPS have not been included
as it was acquired on 30th September 2024.
• Continuing operating revenue growth in H1 FY25 moderated to 19.1% in comparison to
volume growth due to lower blended tariff realisation following a reduction in imported
coal prices. Continuing operating revenue growth for Q2 FY25 also moderated to 9.1%
for similar reasons.
• Robust Continuing EBITDA growth of 38.3% in H1 FY25 as compared to H1 FY24 on
account of a moderation in fuel costs along with a reduction in operating expenses and
positive operating leverage due to higher volumes. Similarly, Continuing EBITDA

growth of 24.6% in Q2 FY25 as compared to Q2 FY24 was on account of lower fuel and
operating expenses, and positive operating leverage.
• Reduction in finance costs despite growth in capacity due to deleveraging and lower
effective interest rate.
• Strong 69% growth in Continuing Profit Before Tax in H1 FY25 and 44.8% in Q2 FY25
as compared to the corresponding periods of FY24 due to improved operating
profitability and lower finance costs.
• Lower one-time revenue recognition of prior period items of Rs. 1,020 Crore in H1 FY25
as compared to Rs. 9,278 Crore in H1 FY24, following resolution of all major regulatory
matters and realisation of outstanding dues from DISCOMs in the previous year.
• Similarly, the one-time prior period revenue recognition for Q2 FY25 was Rs. 598 Crore,
as compared to Rs. 2,781 Crore for Q2 FY24.
• Higher tax expense including deferred tax charge totaling to Rs. 1,829 Crore in H1 FY25,
whereas H1 FY24 had recognition of deferred tax credit of Rs. 1,330 Crore. Similarly,
Q2 FY25 has a tax expense of Rs. 837 Crore as compared to a deferred tax credit of Rs.
1,371 Crore for Q2 FY24.

ESG Performance
• APL’s water intensity performance for Q2 FY25 was 2.07 m3
/MWh, which is significantly
lower than the statutory limit of 3.5 m3
/MWh.
• APL has achieved a Disclosure Score of 95% under the Workforce Disclosure Initiative
(“WDI”) and has been shortlisted for The WDI Award and Most Improved Categories. It
has also earned special mentions in the Contingent Workforce Data and Workforce
Action categories.
About Adani Power
Adani Power (APL), a part of the Adani portfolio, is the largest private thermal power
producer in India. The Company has an installed thermal power capacity of 17,510 MW
spread across eleven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan,
Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar
power plant in Gujarat. With the help of a world-class team of experts in every field of
power, Adani Power is on course to achieve its growth potential. The company is
harnessing technology and innovation to transform India into a power-surplus nation and
provide quality and affordable electricity for all.
For more information, please visit www.adanipower