Ahmedabad, India – January 29, 2025
Adani Power Limited (NSE: ADANIPOWER, BSE: 533096) has announced its financial results for Q3 and nine months (9M) of FY 2024-25, showcasing significant growth in profitability, increased power generation, and operational efficiencies.Financial Highlights (Consolidated Results)
Nine-Month Performance (9M FY 2024-25 vs 9M FY 2023-24)
- Power Sale Volume: 69.5 Billion Units (BU), up 22% YoY from 57.1 BU.
- Total Revenue: ₹41,951 crore, a 13% increase YoY from ₹37,173 crore.
- EBITDA: ₹16,478 crore, up 22% YoY, fueled by higher revenue and lower fuel costs.
- Profit Before Tax (PBT): ₹10,679 crore, surging 33% YoY from ₹8,006 crore.
Quarterly Performance (Q3 FY 2024-25 vs Q3 FY 2023-24)
- Power Sale Volume: 23.3 BU, up 8% YoY from 21.5 BU.
- Total Revenue: ₹14,833 crore, up 11% YoY from ₹13,355 crore.
- EBITDA: ₹6,185 crore, rising 23% YoY, supported by higher one-time income.
- PBT: ₹4,059 crore, up 26% YoY from ₹3,210 crore.
- Net Profit: ₹2,940 crore, a 7% YoY growth from ₹2,738 crore.
CEO’s Statement
Mr. S.B. Khyalia, CEO, Adani Power Limited, stated:"Adani Power is on track to achieve its 30+ GW generation capacity target by 2030. With rapid progress in under-construction projects, a robust supply chain, and successful long-term PPA tie-ups, we are well-positioned to capitalize on India’s growing power demand. Our focus on operational efficiency, backward integration into mining, and digitalization strengthens our competitive edge. Our ESG efforts have placed us among the top 15% of global peers, earning international recognition.”
Operational Performance & Expansion Plans
Power Generation & Sales Growth
- Installed Capacity: 17,550 MW, up from 15,250 MW in Q3 FY 2024.
- Plant Load Factor (PLF):
- 9M FY 2025: 69.3%, up from 62.4% last year.
- Q3 FY 2025: 63.9%, slightly lower than 68.6% in Q3 FY 2024, due to seasonal factors.
- India’s Power Demand:
- Grew 4.3% to 393 BU in Q3 FY25, compared to Q3 FY24.
- December 2024 demand grew 5.7% YoY, reflecting an upward trend.
- Government expects peak power demand to reach 270 GW in summer 2025, up from 250 GW in 2024.
Key Business Developments
Acquisitions & Expansion
- Acquisition of Coastal Energen Private Limited (CEPL):
- Merged into Moxie Power Generation Ltd. (MPGL), strengthening Adani Power’s generation capacity.
- Acquisition of Korba Power Limited (KPL):
- Formerly Lanco Amarkantak Power Limited, boosting Adani Power’s presence in Chhattisgarh.
- Acquisition of Adani Dahanu Thermal Power Station (ADTPS):
- 500 MW coal-based plant in Maharashtra, acquired for ₹815 crore from North Maharashtra Power Limited (NMPL).
New Power Purchase Agreements (PPA)
- Signed a 1,496 MW Long-Term PPA with Maharashtra State Electricity Distribution Company Limited (MSEDCL).
- Expanding a 1,600 MW Ultra-Supercritical Power Plant in Raipur, Chhattisgarh, for MSEDCL’s growing demand.
Fundraising Initiatives
- Enhanced NCD Issuance Limit:
- Increased from ₹5,000 crore to ₹11,000 crore via public issue or private placement.
- Qualified Institutional Placement (QIP) Plan:
- Up to ₹5,000 crore to be raised through QIP or other eligible securities.
Financial Performance Breakdown
| Particulars | 9M FY25 | 9M FY24 | % Change | Q3 FY25 | Q3 FY24 | % Change |
|---|---|---|---|---|---|---|
| Continuing Revenue from Operations | ₹40,357.84 Cr | ₹36,379.52 Cr | +10.9% | ₹12,691.83 Cr | ₹13,143.34 Cr | -3.4% |
| Continuing Other Income | ₹1,592.83 Cr | ₹793.09 Cr | +100.8% | ₹741.94 Cr | ₹262.13 Cr | +183.0% |
| Total Continuing Revenue | ₹41,950.66 Cr | ₹37,172.61 Cr | +12.9% | ₹13,433.76 Cr | ₹13,405.47 Cr | +0.2% |
| Total Reported Revenue | ₹44,370.23 Cr | ₹46,399.96 Cr | -4.4% | ₹14,833.44 Cr | ₹13,355.27 Cr | +11.1% |
| Continuing EBITDA | ₹16,477.78 Cr | ₹13,516.01 Cr | +21.9% | ₹4,785.50 Cr | ₹5,059.37 Cr | -5.4% |
| Reported EBITDA | ₹18,897.35 Cr | ₹22,743.36 Cr | -16.9% | ₹6,185.18 Cr | ₹5,009.17 Cr | +23.5% |
| Continuing Profit Before Tax | ₹10,678.66 Cr | ₹8,006.22 Cr | +33.4% | ₹2,658.96 Cr | ₹3,260.58 Cr | -18.5% |
| Reported Profit Before Tax | ₹13,098.23 Cr | ₹17,233.57 Cr | -24.0% | ₹4,058.64 Cr | ₹3,210.38 Cr | +26.4% |
| Tax Expenses / (Credit) | ₹2,947.85 Cr | ₹(-857.98) Cr | n.m. | ₹1,118.57 Cr | ₹472.42 Cr | +136.8% |
| Profit After Tax | ₹10,150.38 Cr | ₹18,091.55 Cr | -43.9% | ₹2,940.07 Cr | ₹2,737.96 Cr | +7.4% |
Sustainability & ESG Performance
- Recognized for Sustainability Commitment at Times Now Sustainable Organisation 2024 Summit.
- S&P Global Corporate Sustainability Assessment Score: 67/100, placing Adani Power in the top 15% of global peers.
- Achieved over 100% fly ash utilization across its fleet.
- Water Intensity for Q3 FY25: 2.12 m³/MWh, significantly lower than statutory limits.
Conclusion
Adani Power’s Q3 FY 2024-25 results showcase robust growth, strategic acquisitions, and financial resilience. With a strong project pipeline, new PPAs, and a focus on ESG goals, the company is well-positioned for long-term growth in India’s evolving energy landscape.
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