Adani Power Consolidated EBIDTA Rs 2356 crore in Q2 FY18

Ahmedabad, November 11, 2017: Adani Power Ltd, a part of Adani Group, today announced the financial results for the quarter and half year ended September 30th, 2017.

Average Plant Load Factor (PLF) achieved during the second quarter of FY 2017-18 was 63%, lower as compared to 70% achieved in Q2 FY 2016-17. This drop was on account of customer back downs, planned maintenance shutdowns, and domestic coal shortages.

Consolidated total income for Q2 FY18 grew by 14% to Rs. 6,462 crores as compared to Rs. 5,670 crores in Q2 FY17. The increase in revenues was mainly due to receipt of interim relief from Haryana DISCOMS as change in law for shortfall in domestic coal, pursuant to the CERC’s interim order dated 28th September 2017, following the Hon’ble Supreme Court’s judgement of 11th April 2017.

Consolidated total income for H1 FY18 grew by 9% to Rs. 12,111 crores as compared to Rs. 11,088 crores in H1 FY17.

Consolidated EBITDA for the quarter grew by 37% to Rs. 2,356 crore from Rs. 1,715 crore in Q2 FY17, mainly on account of growth in Revenues.

Consolidated EBITDA for H1 FY18 grew by 15% to Rs. 3,974 crore from Rs. 3,471 crore in H1 FY17.

Finance cost for Q2 FY18 was Rs. 1,389 crores as compared to Rs. 1,434 crore in Q2 FY17. The reduction in finance cost was primarily due to favorable currency movement during the quarter, as well as reduction in short term loans. Finance cost for H1 FY18 was Rs. 2,796 crores as compared to Rs. 2,885 crores for H1 FY17.

As a result of the higher EBITDA and lower finance costs during Q2 FY18, the Total Comprehensive Income for the quarter was a profit of Rs. 291 crores, as compared to a loss of Rs. 314 crores for Q2 FY17. For H1 FY18, the Total Comprehensive Income was a loss of Rs. 162 crore, which was lower as compared to a loss of Rs. 549 crore in H1 FY17.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Power said, “We are enthused by the steady gain in momentum of reforms initiated by the Government, which aim at relieving key fuel constraints, improving certainty, and expanding the power market. The bidding for coal linkages under the SHAKTI program for plants having PPAs, which was held recently, will allow power plants such as our Tiroda and Kawai projects to get an assured supply of domestic coal. The SAUBHAGYA scheme will accelerate the provision of power connections to a vast, underserved section of our nation, and give a major impetus to power demand growth. The recently signed PPA of 1,496 MW with the Bangladesh Power Development Board will help Adani Power to diversify its portfolio.”