Q1 2025 Adani Power Ltd Earnings Call Transcript
Key Points
- Adani Power Ltd (BOM:533096) achieved a significant year-on-year growth in PLF to 78% and power dispense across all plants, aggregating to 26 billion units.
- The company reported a sharp growth of 53% in continuing EBITDA, reflecting strong operational performance.
- Adani Power Ltd (BOM:533096) successfully managed to bring down finance costs, contributing to nearly doubling the profit before tax on a recurring basis.
- The company has proactive plans for capacity expansion, including the Mahan Energen Phase 2 ultra-supercritical expansion project of 1,600 megawatts, targeted for completion by June 2027.
- Adani Power Ltd (BOM:533096) has a strong outlook for India's thermal power capacity growth, with the government revising power demand projections significantly upwards.
- The company recognized a comparatively smaller amount of INR 422 crore as onetime period prior period revenue on account of regulatory orders, down from INR 6,497 crore in the previous year.
- Despite strong performance, the reported profit after tax for Q1 FY25 was INR 3,912 crore, significantly lower than INR 8,759 crore for Q1 FY24 due to onetime regulatory income in the previous year.
- The import coal price reduction led to slightly lower tariff realization in some PPAs with pass-through of import coal prices.
- There is a potential risk from future carbon taxes, although the company expects these to be passed through under PPAs.
- The company faces challenges in maintaining a balance between merchant power sales and long-term PPAs, aiming to keep around 20% of capacity for merchant sales to optimize returns.
Ladies and gentlemen, good day, and welcome to Adani Power Limited Q1 FY25 Results Earnings Conference Call hosted by ICICI Securities. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir.
Thank you, Sagar. Good evening. On behalf of ICICI Securities, we are pleased to welcome you all to the Q1 FY25 earnings call for Adani Power Limited. Today, we have with us the management team represented by Mr. S. B. Khyalia, CEO; Mr. Dilip Jha, CFO; and Mr. Nishit Dave, AVP, Investor Relations. We'll start with a brief opening remarks, which would be followed by Q&A. Over to you, sir.
Good afternoon, friends. Welcome to the earnings call for first quarter of '24, '25. I have with me our CFO, Mr. Dilip Jha, and the APL finance team. Adani Power Limited continues to grow from strength to strength
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