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Adani Power Q3 Results 2022

24 May 2022

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.

Hits – Adani Power Q3 Results 2022

  • PAT up 194% QoQ to Rs 218 crore from a net loss of Rs 230 crore in the previous quarter
  • PAT up 175% YoY to Rs 218 crore from a net loss Rs 288 crore in the year ago period
  • Revenue from operations up 3.4% QoQ to Rs 5,360 crore from Rs 5,183 crore in Q2 FY22
  • Other income up 13.7% to Rs 232 crore from Rs 204 crore in the year ago period
  • Consolidated EBITDA for Q3 FY22 at Rs. 2,003 crore vs Rs. 1,827 crore for Q3 FY21; a growth of 9.6% due to higher contribution from merchant and short term sales
  • Total expenses down by 6.7%, 26.2% to Rs 5,389 crore in the quarter under review

Misses

  • Revenue from operations dipped by 22% YoY to Rs 5,360 crore from Rs 6,894 crore in Q3 FY21
  • Total income largely flat on a QoQ basis, down by 21% YoY decline to Rs 5,593 crore from Rs 7,099 crore in the year ago period
  • Other income decreased by 40% QoQ to Rs 232 crore in the quarter under review from Rs 388 crore in the previous quarter.

Segment-wise revenue

  • Power generation & related activities: Revenue down by 23% YoY to Rs 5,290 crore from Rs 6,864 crore in Q3 FY21
  • Trading & investment activities: Revenue up by 133% to Rs 70 crore from Rs 30 crore in Q3 FY21

What the management says

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.”

Other things to know about Adani Power Ltd

  • Capacity utilization was impacted in Q3 FY 2021-22 due to shortage of domestic coal and high prices of imported coal.
  • Adani Power Ltd has a P/E ratio of 32.91 against the industry average of 29.49 while its P/B ratio is at 3.17 against the industry average of 3.27. (as of February 3, 2022). 
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