Ahmedabad (Gujarat): Adani Power on Thursday said its net profit for the quarter ended March 31, 2022, surged to Rs 4,645 crore from Rs 13 crore recorded in the corresponding period of the previous year.
The company’s consolidated total revenue surged to Rs 13,308 crore in the fourth quarter of 2021-22 from Rs 6,902 crore in the corresponding period of the previous year, registering a year-on-year growth of 93 per cent.
For the full year 2021-22, Adani Power posted profit after tax of Rs 4,912 crore, which is 287 per cent higher than Rs 1,270 crore recorded in the corresponding period of the previous year.
The company’s consolidated total revenues jumped to Rs 31,686 crore in 2021-22 from Rs 28,150 crore in 2020-21, registering a growth of 13 per cent.
Commenting on the quarterly results of the company, Gautam Adani, Chairman, Adani Group said, “Availability of reliable power supply to various sectors across the nation is critical to India’s economic growth. The Adani Group stands committed to fulfilling India’s energy needs in a sustainable, reliable, and affordable manner.”
“Our diversified presence across the energy value chain helps us ensure that this vital input is always available to power the economy, even during times of global volatility, and helps advance the vision of progress and prosperity for all,” Adani said.
Adani Power’s EBITDA for the fourth quarter of 2021-22 surged 271 per cent year-on-year to Rs 7,942 crore as compared to Rs 2,143 crore recorded in the corresponding period of 2020-21.
EBITDA growth was aided by prior period income recognition, greater shortfall claims due to high import coal prices, and higher merchant and short-term tariffs and volumes, as compared to Q4 FY 2020-21, according to a statement released by Adani Power.
Consolidated EBITDA for FY 2021-22 stood higher by 30 per cent at Rs 13,789 crore as compared to Rs 10,597 crore for FY 2020-21, due to prior period revenue and improved tariff realisation, partially offset by higher Operation & Maintenance costs and unfavourable currency movement as compared to the previous year, it said.
“As the Indian economy’s need for affordable and reliable power continues to grow, Adani Power Ltd stands uniquely positioned to fulfill this demand through its diversified, modern, and efficient fleet of power plants, backed by our deep expertise and operational excellence in core areas of business,” said Anil Sardana, Managing Director, Adani Power Limited.
“In the coming years, we will focus on utilizing our fleet to the highest extent while guiding our acquisitions and greenfield assets to become value accretive investments. Recent developments on the regulatory front have also dispelled much of the long-standing uncertainty, which will contribute significantly to enhancing our liquidity position,” Sardana added.