The power and energy giant Adani Power (NS:ADAN) has released its earnings for the quarter and fiscal year ended March 31, 2023, reporting a massive increase in net income.
The company reported that Adani Power’s consolidated net profit increased by 12.9% year-over-year to Rs 5,242 crore for the March quarter, compared to Rs 4,645 crore in the year-ago period, due to lower finance costs and certain reversals resulting from the Scheme of Amalgamation becoming effective.
The power giant’s quarterly consolidated sales and EBITDA fell year-over-year.
Total revenue decreased 18.9% year-over-year to Rs 10,795 crore in the fourth quarter of fiscal year 23 primarily due to lower revenue recognition in the preceding quarter, while EBITDA plummeted 69% year-over-year to Rs 2,461 crore due to the aforementioned factor as well as higher petroleum costs.
Adani Power reported a consolidated profit after tax of Rs 10,727 crore for the fiscal year 2022-23, up 118.4% from Rs 4,912 crore in FY22, primarily due to higher EBITDA and lower finance costs supported by debt prepayment.
In FY23, the company’s consolidated total revenue increased by 35.8% year-over-year to Rs 43,041 crore due to an increase in tariff realisation, a rise in the price of imported coal, and a rise in regulatory claims-related one-time revenue recognition.
Low Plant Load Factor (PLF) at imported coal-based power plants, as a result of high import coal prices and domestic coal-related constraints at plants with vacant capacities, negatively impacted Adani Power’s operating performance during the year, as stated by the company.
