The diversified Adani Group’s biggest private thermal power producer in India, Adani Power, has announced solid financial results for the quarter ending in January–March 2023 and the complete fiscal year 2022–2023.
Adani Power’s consolidated net profit (profit after tax) for the January-March 2023 quarter was $5,242 crore, according to the corporate statement. This is a rise of 12.9% from the same quarter in 2022 when the net profit was $4,645 crore. The company’s combined Profit After Tax for the entire fiscal year 2022–2023 rose from 4,912 crore to 10,727 crore, a 118.4% gain.
Adani Power reported its consolidated total revenue for the January-March 2023 quarter was 10,795 crore in a filing with the stock exchanges on Friday. This is a decrease of 18.9% from the same quarter the previous year when it was 13,308 crore. However, revenues for the quarter were nearly 23% higher than those for the prior quarter, and consolidated total revenue for the entire fiscal year 2022–23 increased by 35.8% to 43,041 crores from 31,686 crores the previous year.
Improved tariff realization and higher coal import prices were mostly to blame for the increase in revenues. Apart from a 40 MW solar power plant in Gujarat, Adani Power has an installed thermal power capacity of 14,410 MW split across eight power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand. The organization has been a major player in India’s electricity sector, supplying energy to a variety of businesses and residences around the nation.
The Chairman of the Adani Group, Gautam Adani, stated that “India’s growing need for top-notch infrastructural facilities is serving as the launchpad for the country’s next stage of economic growth. Adani Group, the leading infrastructure company in the country, is totally committed to addressing it in a trustworthy and sustainable way.
Adani Power is in the greatest position to complement the Group’s broad footprint across the energy value chain with its reliable and scalable baseload power, as well as the Group’s presence in renewable and conventional production, transmission, and distribution.
SB Khyalia, CEO of Adani Power, added that the commissioning of the first 800 MW unit of the Godda Ultra-Supercritical Thermal Power Project, which will give Bangladesh a dependable source of electricity and aid it in achieving its long-term economic objectives, marked the beginning of a new chapter in cross-border cooperation.
The company’s dedication to supplying India’s households and companies with dependable, sustainable energy and its sustained focus on doing so are demonstrated by Adani Power’s solid financial results. The company is well-positioned to augment baseload electricity that is dependable and scalable because of its diverse footprint across the energy value chain of renewable and conventional generation, transmission, and distribution.
The need for power is expected to rise as a result of India’s expanding economy and population. The country’s power sector has been expanding quickly over the years. The government has been making efforts to guarantee that there is a sufficient supply of electricity in the nation, while private firms like Adani Power have been crucial in supplying the nation’s energy requirements.
In conclusion, Adani Power’s financial results for the quarter ending in March 2023 and the entire fiscal year 2022–2023 are evidence of the company’s dedication to supplying the nation with dependable and sustainable power.