Adani Power Ltd. ("APL"), a part of the Adani Group, today announced the financial results for the quarter and half year ended September 30th, 2019.
Performance during Q2 FY 2019-20
During the second quarter of FY 2019-20, APL and its subsidiaries (excluding recent acquisitions of REL and REGL) achieved an Average Plant Load Factor (PLF) of 63% and sales volume of 13.6 BU, as compared to a PLF of 65% and sales volume of 14.6 BU recorded in the second quarter of FY 2018-19. This lower performance was primarily a result of lower grid demand and higher renewable energy generation.
Consolidated Total Income for Q2 FY 2019-20 stood at Rs. 6,815 Crore, as compared to Rs. 7,657 Crore in Q2 FY 2018-19. This includes revenue recognition towards compensatory tariff and carrying cost of Rs. 805 Crore in Q2 FY 2019-20, as compared to Rs. 1.164 Crore in Q2 FY 2018-19.
The EBITDA for Q2 FY 2019-20 stood at Rs, 2,248 Crore. as compared to Rs, 2.806 Crore in Q2 FY 2018-19. due to lower vol umes and compensatory tariff.
Depreciation charge for Q2 FY 2019-20 was at Rs. 765 Crore. as compared to Rs, 697 Crore in Q2 FY 2018-19, after incorporating the consolidation of REL and REGL during the course of the quarter.
The Profit before tax for Q2 FY 2019-20 was Rs, 158 Crore. as compared to Rs, 702 Crore for Q2 FY 2018-19. The Total Comprehensive Income after Tax was Rs. 3 Crore for Q2 FY 2019-20. as compared to Rs. 387 Crore for Q2 FY 2018-19.
Performance during H1 FY 2019-20
During the six months ended 30th September 2019, APL and its subsidiaries (excluding recent acquisitions of REL and REGL) achieved an Average Plant Load Factor (PLF) of 69% and sales of 30,1 Billion Units (BU). as compared to a PLF of 52% and sales volume of 22,8 BU in the six months ended 30th September 2018. This 32% growth in sales volume was due to improved availability of domestic coal at the Tiroda and Kawai plants, and mitigation of the issue of high import coal prices through the implementation of the High Powered Committee's recommendations, which helped the Mundra plant operate at a higher PLF as compared to the corresponding period of FY 2018-19. This growth was partially offset by lower generation at the Udupi plant owing to lower grid demand due to the heavy monsoons. and higher generation from renewable energy sources in Karnataka.
Consolidated Total Income for the first half of FY 2019-20 grew by 28% to Rs, 14.830 Crore. as compared to Rs, 11,617 Crore for the first half of FY 2018-19, This includes additional revenue recognition towards compensatory tariff and carrying cost of Rs, 1,477 Crore in H1 FY 2019-20. as compared to Rs.1.205 Crore in H1 FY 2018-19.
Consolidated EBITDA for H1 FY 2019-20 grew by 26% to Rs. 5.142 Crore as compared to Rs, 4.095 Crore for H1 FY 2018-19 due to a higher level of operations.
Depreciation charge for H1 FY 2019-20 was Rs. 1,455 Crore. as compared to Rs. 1,377 Crore in H1 FY 2018-19, after incorporating the consolidation of REL and REGL during the course of the second quarter of FY 2019-20.
During H1 2019-20, Exceptional Items of Rs. 1,003 Crore were recognized pertaining to the write-off of certain receivables and advances, owing to the acceptance of the Resolution Plan submitted by the Company for the acquisition of the Korba West Power Co. Ltd.
The Profit Before Tax for H1 2019-20 was Rs. 36 Crore, as compared to a Loss Before Tax of Rs. (-) 51 Crore in H1 2018-19. Total Comprehensive Loss for H1 2019-20 was Rs. (-) 262 Crore, as compared to Rs. (-) 437 Crore for H1 FY 2018-19.
Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said. "Adani Power is forging ahead in its quest to establish itself as a key supplier of reliable and affordable electricity in India. The private sector has played an important role in strengthening India's economic fundamentals, and helping improve the prosperity of the masses. We are highly optimistic about the nation's long term economic outlook, and look forward to a continuing series of reforms in the power sector, which will encourage private sector investments. The Adani Group remains committed to sustainable growth and being an active contributor to nation building."
Mr. Vneet S Jaain, CEO, Adani Power Limited, said, "The recently concluded quarter has seen significant positive developments with long term implications. We have completed the acquisition of two strategically located power plants with aggregate capacity of 1,970MW, and received important judicial approvals and regulatory orders for Mundra. Tiroda, and Kawai. These developments together will facilitate growth and create substantial shareholder value, and we are now focusing on enhancing the profitability of our entire portfolio. We are fully committed to keeping our promise to all stakeholders, with an emphasis on efficiency, safety, and sustainability."
Shares of ADANI POWER LTD. was last trading in BSE at Rs.63.35 as compared to the previous close of Rs. 67.3. The total number of shares traded during the day was 1665777 in over 3153 trades.
The stock hit an intraday high of Rs. 67.5 and intraday low of 62.3. The net turnover during the day was Rs. 107201049.