Adani Power Ltd on Monday (October 28) reported a 50% year-on-year (YoY) decline in net profit at ₹3,297.5 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Adani Power posted a net profit of ₹6,594.2 crore, the company said in a regulatory filing.
Revenue from operations increased 2.7% to ₹13,339 crore against ₹12,990 crore in the year-ago period.
At the operating level, EBITDA was up 2% to ₹5,275.7 crore in the second quarter of this fiscal over ₹5,171.4 crore in Q2 of FY24.
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The EBITDA margin stood at 39.6% in the reporting quarter compared to 39.8% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Adani Power reported a consolidated power sale volume of 46 billion units (BU) in the first half (H1) of FY25, representing a 29.2% YoY increase from 35.6 BU in H1 FY24. This growth was driven by improved power demand and expanded operating capacity. In Q2 FY25 alone, power sale volume reached 21.9 BU, up 21% from 18.1 BU in Q2 FY24, continuing the upward momentum in demand and capacity utilisation.
For H1 FY25, consolidated continuing total revenues rose 20% to ₹28,517 crore, compared to ₹23,767 crore in H1 FY24, due to higher sales volumes. Consolidated continuing EBITDA increased by 38.3% to ₹11,692 crore from ₹8,457 crore in the same period last year, bolstered by greater volumes as well as reductions in fuel and operating costs.
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Consolidated continuing profit before tax surged 69% YoY to ₹8,020 crore, up from ₹4,746 crore, benefiting from the stronger EBITDA performance and lower finance costs. One-time revenue recognition related to prior period items significantly declined, totalling ₹1,020 crore in H1 FY25 as opposed to ₹9,278 crore in H1 FY24. This reduction follows the resolution of major regulatory issues and the collection of outstanding dues from discoms in the previous year.
Similarly, Q2 FY25 saw one-time prior period revenue recognition of ₹598 crore, down from ₹2,781 crore in Q2 FY24. Adani Power’s tax expense, including deferred tax, amounted to ₹1,829 crore in H1 FY25, contrasting with the deferred tax credit of ₹1,330 crore in H1 FY24.
In Q2 FY25, the company reported a tax expense of ₹837 crore, while Q2 FY24 included a deferred tax credit of ₹1,371 crore. This shift reflects adjustments in deferred tax treatment and an increased tax burden in the current fiscal period.
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The results came after the close of the market hours. Shares of Adani Power Ltd ended at ₹599, up by ₹6.65, or 1.12%, on the BSE.
