Adani Power reported a 96% drop in consolidated net profit to Rs 8.77 crore for the December quarter 2022–23, owing mostly to higher costs.
According to a BSE filing, the previous year’s profit was Rs 218.49 crore.
Total costs climbed in the quarter to Rs 8,078.31 crore from Rs 5,389.24 crore. Total income increased to Rs 8,290.21 crore from Rs 5,593.58 crore in the previous year’s similar period.
During the quarter, the firm and its subsidiaries achieved an average Plant Load Factor (PLF) of 42.1 percent and a power sale volume of 11.8 billion units (BU), compared to a PLF of 41% and a power sale volume of 10.6 BU in Q3 FY22.
The operating performance for Q3 FY23 includes the performance of Mahan Energen Ltd.’s 1,200 MW power plant, which was bought in March 2022.
Operating performance was hampered during the quarter under review primarily owing to high import coal costs and limited domestic fuel availability due to high power demand.
“Adani Power Ltd. has consistently demonstrated its superior skills in project execution, excellence in power plant operations, and capabilities in fuel and logistics management, which have helped it turn around stressed power assets acquired under schemes of corporate debt resolution, apart from setting various benchmarks in its greenfield power plants,” Anil Sardana, Managing Director, Adani Power, said in a statement.
With the majority of its regulatory difficulties now resolved, the firm is well positioned in terms of liquidity to satisfy its current obligations and expansion goals, he noted.
With its strategically positioned and efficient power facilities, Adani Power is prepared to capitalise on India’s expanding power demand and deliver a steady, consistent, and inexpensive power supply, all while improving the areas surrounding it, he believes.
Adani Power’s planned scheme for amalgamation with six of its operating companies has been approved by its secured creditors. It is believed that the merging process will be finished soon.
