Adani Power Q2 results: Net profit declines 50% to ₹3,297.52 crore

The company had posted a consolidated net profit of ₹6,594.17 crore in the quarter ended September 2023, a BSE filing stated.

The company explained that there was lower one-time revenue recognition of prior period items of ₹1,020 crore in the first half of FY25 (April-September 2024) as compared to ₹9,278 crore in H1 FY24, following the resolution of all major regulatory matters and realisation of outstanding dues from discoms (power distribution companies) in the previous year.

It also stated that the one-time prior period revenue recognition in Q2 FY25 (July-September 2024) was ₹598 crore, as compared to ₹2,781 crore in Q2 FY24.

The company had higher tax expenses, including deferred tax charge totalling to ₹1,829 crore in H1 FY25, whereas H1 FY24 had recognition of deferred tax credit of ₹1,330 crore.

In the second quarter of the current fiscal, the company had a tax expense of ₹837 crore as compared to a deferred tax credit of ₹1,371 crore in the year-ago period.

Total income of the company dropped to ₹14,062.84 crore in the quarter from ₹14,935.68 crore in the same period a year ago.

S B Khyalia, CEO, Adani Power, said in a statement, "Adani Power has embarked on the next phase of its growth journey, swiftly achieving capacity expansion milestones and securing power supply agreements to ensure long-term revenue stability."

Additionally, Khyalia stated that the company is committed to rapidly turning around our recently acquired stressed power plants by utilising our core competencies and strengths.

The board of directors has approved the raising of funds by way of secured, rated, listed, redeemable, non-convertible debentures amounting up to ₹5,000 crore, comprising up to ₹2,500 crore by way of public issue and up to ₹2,500 crore by way of private placement, in one or more tranches.

The board has delegated the powers to the management committee to, among other things, approve, implement and carry out activities in connection with the issue.

Consolidated power sale volume at 21.9 BU (billion units) in Q2 FY25 was up by 21% from 18.1 BU in Q2 FY24, due to improved power demand and higher operating capacity.