Adani Power Ltd Posts Rs 13.13 Crore Net Profit in Q4 2021 Results

Adani Power Limited (APL), the power business subsidiary of Indian conglomerate Adani Group, yesterday recorded a consolidated net profit of Rs 13.13 crore in the March 2021 quarter, as opposed to, a BSE filing revealed, a consolidated net loss of Rs 1,312.86 crore in the quarter ended March 31, 2020. The reason for the pleasant result owes to higher revenues earned in the latest quarter.

Total income of the company rose to Rs 6,902.01 crore in the quarter from Rs 6,327.57 crore in the same period a year ago. For the entire fiscal year (2020-21), the company’s consolidated net profit stood at Rs 1,269.98 crore. It had reported a loss of Rs 2,274.77 crore in 2019-20. Total income in 2020-21 came in at Rs 28,149,68 crore as compared to Rs 27,841.81 crore in 2019-20. During fourth quarter of 2020-21, Adani Power, along with the power plants of its subsidiaries achieved an Average Plant Load Factor (PLF or capacity utilisation) of 59.6 pe cent, and aggregate sales volumes of 14.8 Billion Units (BU). In comparison, during the fourth quarter of 2019-20, Adani Power and its subsidiaries achieved an average PLF of 65.5 per cent and sales volume of 16.5 BU.

The company explained that its operating performance was affected due to lower merchant sales and grid backdown in various plants, as well as reserve, shutdown at Udupi due to higher penetration of renewables. It also said that the decline in PLF was offset partially by higher merchant sales at Raipur and Raigarh, and higher grid demand at Kawai. Gautam Adani, Chairman, Adani Group issued a statement, saying, “India is facing a renewed challenge in the form of a sudden surge of the Covid-19 pandemic. The Adani Group stands shoulder-to-shoulder with the nation in facing and surmounting this challenge. We are expending all efforts to help India recover quickly and resume on its path to progress and prosperity for all. The Adani Group remains committed to sustainable growth of energy infrastructure and becoming a key contributor to the nation’s economic progress.”

The Adani Group’s commitment towards increasing the share of clean energy in the Indian power mix is reflected in the many renewable energy projects it has been announcing across the country in recent time. This year’s announcements include Adani Solar Energy Chitrakoot One Limited (ASECOL) commissioning a 50 MW solar power plant in Chitrakoot, UP, and Adani Green Energy raising USD 1.35 billion to initially finance a 1.69 GW portfolio of solar and wind projects in Rajasthan, and commissioning a 100 MW wind power plant in Kutch, Gujarat, among several others. The latter also posted 136% increase in cash profit for FY21. Adani Power is the largest private thermal power producer in India, having an installed thermal power capacity of 12,410 MW spread across six power plants in Gujarat, Maharashtra, Karnataka, Rajasthan and Chhattisgarh, apart from a 40 MW solar power plant in Gujarat.

Anil Sardana, Managing Director, Adani Power, said, “As India’s largest private sector power producer, Adani Power Ltd. is committed to fulfilling the demand for reliable and cost-effective electricity for diverse needs, from farms to metro railways, factories to hospitals, and malls to households. We have taken a pledge to serve our customers with uninterrupted supply of power, while ensuring that precautions to curb the spread of Covid-19 pandemic are followed strictly in all our establishments.”