Adani Power Ltd (APL) on Thursday (January 25) reported a multi-fold jump in consolidated net profit at ₹2,738 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year, Adani Power posted a net profit of ₹8.8 crore, the company said in a regulatory filing. The company's revenue from operations increased 67.3% to ₹12,991.4 crore against ₹7,764.4 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA stood at ₹4,645.3 crore in the third quarter of this fiscal over ₹1,469.8 crore in the year-ago period. The EBITDA margin stood at 35.8% in the reporting quarter compared to 18.9% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
The reported revenues for Q3 of FY24 of ₹13,355 crore include one-time net de-recognition of prior period items of (-)₹50 crore on account of domestic coal shortfall, carrying cost, and late payment surcharge. In comparison, the reported revenue for Q3 of FY 23 included recognition of one-time prior period items of ₹517 crore.
Similarly, reported revenues for 9M (first nine months) of FY24 of ₹46,400 crore include recognition of one-time prior period items of ₹9,227 crore on account of domestic coal shortfall, carrying cost, and late payment surcharge, against one-time prior period recognition of this nature of ₹5,641 crore for 9M of FY23.
The depreciation charge for Q3 FY24 increased to ₹1,002 crore from ₹838 crore in Q3 of FY23 due to the addition of the Godda power plant. Similarly, the depreciation charge for 9M of FY24 increased to ₹2,941 crore from ₹2,487 crore in 9M of FY223.
Finance costs for Q3 of FY24 reduced to ₹797 crore from ₹946 crore in Q3 of FY23, mainly due to a reduction in secured and unsecured debt over the past year, partly offset by higher borrowing costs for the Godda power plant. Finance costs for 9M of FY24 reduced marginally to ₹2,568 crore from ₹2,588 crore in 9M FY23 due to similar reasons.
Profit before tax (PBT) for Q3 FY24 was sharply higher at ₹3,210 crore against to PBT of ₹212 crore for Q3 of FY23. The same for 9M of FY24 was higher by 154% at ₹17,234 crore against PBT of ₹6,777 crore for 9M of FY23.
The results came after the close of the market hours. Shares of Adani Power Ltd ended at ₹542.50, up by ₹22.85, or 4.40%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Jan 25, 2024 7:31 PM IST
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