Adani Power Revenue higher at Rs7657 Crore in Q2 FY19

Ahmedabad, October 31, 2018: Adani Power Ltd, a part of Adani Group, today announced the financial results for the quarter and half year ended September 30^th, 2018.

Average Plant Load Factor (PLF) achieved during the second quarter of FY 2018-19 was 65%, higher as compared to 63% achieved in Q2 FY 2017-18.  This growth was on account of better coal availability and strong demand from DISCOMs. 

Consolidated total income for Q2 FY19 grew by 19% to Rs. 7,657 crore as compared to Rs. 6,415 crore in Q2 FY18. The increase in revenues was mainly due to additional revenue recognition on account of Change in Law compensation for Domestic Coal Shortfall.

Consolidated total income for H1 FY19 was lower by -3% at Rs. 11,617 crore as compared to Rs. 12,016 crore in H1 FY18, owing to the lower volumes recorded in Q1 FY 2018-19. 

Consolidated EBITDA for the quarter grew by 18% to Rs. 2,806 crore from Rs. 2,380 crore in Q2 FY18, mainly on account of growth in Revenues.  Consolidated EBITDA for H1 FY19 was higher by 2% at Rs. 4,095 crore as compared to Rs. 4,000 crore in H1 FY18. 

Finance cost for Q2 FY19 was Rs. 1,407 crore as compared to Rs. 1,389 crore in Q2 FY18. The increase in finance cost was primarily due to higher borrowing during the quarter, which was partially offset by gains on forex hedges.

As a result of the higher revenues and EBITDA during Q2 FY19, the Total Comprehensive Income for the quarter was Rs. 387 crore, as compared to Rs. 315 crore for Q2 FY18.  For H1 FY19, the Total Comprehensive Income was a loss of Rs. 437 crore, which was higher as compared to a loss of Rs. 137 crore in H1 FY18. 

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Power said, “We are pleased to note the progress in ensuring sustainable operations of the Mundra power plant, with the Hon’ble Supreme Court permitting the Gujarat Government to approach the CERC for implementation of recommendations made by the High Power Committee.  We have also received other important Regulatory and judicial approvals for compensation claims of our projects at Tiroda and Kawai. With the quick ramp up of coal supplies under SHAKTI, we firmly believe that these developments will help the plants achieve cash flow certainty and improvement in long-term profitability.  We remain committed to our goal of catering to India’s growing power demand and contributing significantly to its economic growth.”

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 capacity of 10,480 MW spread across four power plants in Gujarat, Maharashtra, Karnataka and Rajasthan. With the help of a world-class team of experts in every field of power, Adani Power is on course to achieve its ambitious generation target of 20,000 MW by 2020. The company is harnessing technology and innovation to transform India into a power-surplus nation, and provide quality and affordable electricity for all.