Media Release
Adani Power announces Q3 FY22 results
Editor’s Synopsis
• Consolidated total revenue for Q3 FY22 at Rs. 5,594 crore vs Rs. 7,099 crore in
Q3 FY21; due to lower volumes on account of merit order issues owing to higher
imported coal prices and regulation of power supply following payment defaults
by DISCOMs, partially offset by higher merchant tariffs.
• 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 Comprehensive Income for Q3 FY22 at Rs. 233 crore vs Loss of Rs. (-) 289
crore for Q3 FY21
• Consolidated total revenues at Rs. 18,379 crore in 9M FY22 vs Rs. 21,248 crore in
9M FY21; due to lower volumes on account of merit order issues owing to higher
imported coal prices and regulation of power supply following payment defaults
by DISCOMs, and higher one-time revenue recognition by Rs. 2,531 crore in 9M
period of previous year.
• Consolidated EBITDA for 9M FY22 at Rs. 5,847 crore vs Rs. 8,454 crore in 9M
FY21; due to higher one-time revenue in 9M period of previous year.
• Total Comprehensive Income for 9M FY22 at Rs. 264 crore vs Rs. 1,221 crore for
9M FY21; due to higher contribution of one-time revenue in 9M period of
previous year.
Ahmedabad, February 3rd, 2022: Adani Power Ltd. [“APL”], a part of Adani Group, today
announced the financial results for the third quarter ended 31st December 2021.
Electricity Demand and Supply in India
The Indian economy has continued on its path of rapid recovery and growth after the
setback suffered on account of pandemic lockdowns. As a result, electricity demand has
demonstrated strong growth FY 2021-22. Aggregate energy demand for 9M FY 2021-22
across the nation was 1,030 Billion Units (BU), registering a growth of 10% over the
energy demand for 9M FY 2020-21 at 940 BU. Similarly, peak power demand registered
a growth of 11% to reach a record level of 203 GW in 9M FY 2021-22, as compared to 183
GW in 9M FY 2020-21. Energy deficit and peak power deficit widened to 0.4% and 1.2%
during 9M FY 2021-22, as compared to 0.3% and 0.3% respectively during 9M FY 2020-
21. Fuel supply constraints for the thermal power sector, along with a growing demand
for power resulted in average monthly price of power on exchanges rise to Rs. 8/kWh in
the Day Ahead Market. Subsequent supply side interventions resulted in a decline in
market clearing price in the Day Ahead Market to Rs. 3.54/kWh.
Business updates
The National Company Law Tribunal, Principal Bench at New Delhi, pronounced its order
approving the resolution plan submitted by APL for acquisition of Essar Power M P
Limited (“EPMPL”), a company undergoing insolvency resolution under the Insolvency
and Bankruptcy Code. EPMPL owns a 1,200 MW thermal power project in Singrauli
District, Madhya Pradesh.
The acquisition of EPMPL will help APL advance its leadership position among India’s
private sector thermal power producers and expand its operating fleet of strategically
located power plants in some of the key fuel producing regions of Central India. The
acquisition will be completed upon fulfilment of various Conditions Precedent under the
resolution plan.
Adani Power (Mundra) Ltd. (“APMuL”), wholly owned subsidiary of APL, and Gujarat Urja
Vikas Nigam Ltd. (“GUVNL”), have agreed in larger public and consumer interest to resolve
all disputes pertaining to the termination of the 1,234 MW Power Purchase Agreement
(“PPA”), pursuant to an order of the Hon’ble Supreme Court dated 2nd July 2019, in a
comprehensive and amicable manner and withdraw all pending cases/petitions and
claims , filed by either side pertaining to both PPAs dated 2nd February 2007 (“Bid-2
PPA”) and 6th February 2007 (“Bid-1 PPA”), and Supplementary PPAs (“SPPAs”) dated 5th
December 2018 connected to both these PPAs.
In furtherance of the above, APMuL and GUVNL have signed a Deed of Settlement
wherein, inter alia, they have agreed to revive the terminated Bid-2 PPA and its relevant
SPPA, subject to judicial and regulatory approvals.
Operating performance
Capacity utilization was impacted in Q3 FY 2021-22 due to shortage of domestic coal and
high prices of imported coal. The Tiroda plant was the only plant to report an increase in
capacity utilization, whereas the Udupi plant was shut down for the entire quarter due
to backdown by Karnataka DISCOMs on account of high import coal prices.
As a result of the above, during Q3 FY 2021-22, APL achieved a consolidated average
Plant Load Factor (PLF) of 40.9% and sales volume of 10.5 BU, as compared to a PLF of
75.1% and sales volume of 19.1 BU recorded in Q3 FY 2020-21.
During the nine months ended 31st December 2021, APL and its subsidiaries achieved an
average PLF of 51.4% and sales volume of 39.1 BU, as compared to a PLF of 58.6% and
sales volume of 44.4 BU in the nine months ended 31st December 2020, primarily on
account of lower capacity utilization during the recently concluded quarter.
Financial performance
Consolidated Total Income for Q3 FY 2021-22 stood lower at Rs.,5,594 crore, as compared
to Rs. 7,099 crore in Q3 FY 2020-21. Prior period and one-time items of revenues were
Rs. 74 crore in Q3 FY 2021-22 as compared to Rs. 25 crore in Q3 FY 2020-21. Low volumes
contributed to lower recurring revenues in case of Mundra and Kawai on account of
regulation of power supply due to payment defaults by DISCOMs, and in case of Udupi
due to merit order dispatch pursuant to higher imported coal prices. On the other hand,
Tiroda contributed improved revenues on back of higher volumes. Raigarh and Raipur
plants contributed higher revenues despite lower volumes due to higher merchant and
short-term tariffs during Q3 FY 2021-22.
Consolidated Total Income for 9M FY 2021-22 stood at Rs. 18,379 crore, as compared to
Rs. 21,248 crore in 9M FY 2020-21. During 9M FY 2021-22, one-time revenue recognition,
pertaining to regulatory claims including carrying costs and surcharge on delayed
payments by DISCOMs was Rs. 872 crore, as compared to Rs. 3,403 crore in 9M FY 2020-
21.
The EBITDA for Q3 FY 2021-22 stood higher by 9.6% at Rs. 2,003 crore, as compared to
Rs. 1,827 crore in Q3 FY 2020-21, mainly on account of improved contribution from
merchant and short-term sales.
The EBITDA for 9M FY 2021-22 stood lower at Rs. 5,847 crore, as compared to Rs. 8,454
crore in 9M FY 2020-21, mainly due to higher one-time revenue recognition during the
previous period.
Profit Before Tax for Q3 FY 2021-22 was Rs. 204 crore, as compared to Loss Before Tax
of Rs. (-) 206 crore for Q3 FY 2020-21. Total Comprehensive Income after tax was Rs.
233 crore for Q3 FY 2021-22, as compared to loss of Rs. (-) 289 crore for Q3 FY 2020-21.
Profit Before Tax for 9M FY 2021-22 was Rs. 444 crore, as compared to Profit Before Tax
of Rs. 2,055 crore for 9M FY 2020-21. Total Comprehensive Income after Tax was Rs.
264 crore for 9M FY 2021-22, as compared to Rs. 1,221 crore for 9M FY 2020-21, due to
higher contribution of one-time revenue in the corresponding period of the previous year.
Mr. 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.”
About Adani Power
Adani Power (APL), a part of the diversified Adani Group, is the largest private thermal
power producer in India. The company has 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. With the help of a world-
class team of experts in every field of power, Adani Power is on course to achieve its
growth potential. The company is harnessing technology and innovation to transform
India into a power-surplus nation, and provide quality and affordable electricity for all.
For more information, please visit www.adanipower.com
Follow us on: \AdaniOnline
For further information on this release, please contact:
Roy Paul Swagat Lakku
Adani Group MSL Group
Tel: 91-79-25556628 Tel: +919820386368
[email protected] [email protected]
[email protected]
