Power generation company Adani Power Ltd. posted its quarterly earnings report for Q3 FY22 on February 3, 2022. The company posted approximately a 194% quarter on quarter (QoQ) jump in its consolidated profit after tax (PAT) which came in at Rs 218 crore after reporting a net loss of Rs 230 crore in the previous quarter. On a YoY basis, the company’s profit after tax (PAT) jumped by 175% from a net loss of Rs 288 crore in the year ago period.
The company’s revenue from operations jumped by 3.4% QoQ to Rs 5,360 crore from Rs 5,183 crore in Q2 FY22 while the revenue from operations dipped by 22% year on year (YoY) from Rs 6,894 crore in Q3 FY21. There were lower volumes on account of merit order issues. Higher imported coal prices and regulation of power supply following payment defaults by DISCOMs were also a couple of factors. These, however, were partially offset by higher merchant tariffs.
Adani Power’s total income increased by a marginal 0.3% QoQ to Rs 5,593 crore from Rs 5,571 crore in the previous quarter. However, the total income saw a 21% YoY decline from Rs 7,099 crore in the year ago period.
The stock of Adani Power Ltd closed in the red at Rs 107.60 per share after taking a dip of 0.69% at the end of the intraday trading session ahead of its quarterly results on February 3, 2022.
Anil Sardana, Managing Director, Adani Power Limited, said, “Adani Power is forging ahead in extending its lead among private sector thermal power producers. Our strategically located and operationally efficient power plants stand ready to service the growing demand for power with a reliable and cost-effective supply. We are confident that the actions being taken by the Government to enhance fuel security and reform fuel availability will help reduce cost of electricity, providing our industrial sector the competitive advantage necessary to grow and expand, and our underserved masses the means necessary for upliftment. We are also certain that the imminent resolution of various regulatory matters pertaining to our power plants will pave the way for enhancing our liquidity position and bring closure to the long outstanding issues.”