Adani Power Posts 126% Growth in EBITDA for Q2 2020

Adani Power has reported a consolidated EBITDA of Rs 5,086 crore in Q2, a growth of around 126 percent over the same period last year.

Adani Power, a part of the Adani Group, has reported its financial results for the second quarter (Q2) of the financial year 2020-21. The firm has reported a consolidated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs 5,086 crore in Q2. Over the same quarter last year, the firm managed an EBITDA of Rs 2,248 crore, witnessing a growth of 126 percent.

The firm also revealed that it clocked a profit before tax (PBT) of Rs 2,894 crore for the second quarter (July-September) of the financial year (FY) 2020-21. The PBT in the corresponding quarter last fiscal was Rs 158 crore. The total comprehensive profit after tax was Rs 1,511 crore for the first half (H1) of FY 2020-21, as compared to a loss of Rs 262 crore for H1 FY 2019-20.

Anil Sardana, Managing Director, Adani Power Limited, said, “India’s power demand has started to show strong improvement with the revival of its economic growth engine, after the slump brought by the pandemic. Adani Power, with its modern and efficient portfolio, strong expansion pipeline, and unmatched fuel management as well as deep operational expertise, will be at the forefront to meet the future power needs of the nation with reliable and cost-effective supply.”

“We have a strong belief in the essentiality of conventional power and its compatibility with the renewable growth imperative. With our complementarity with the Adani Group’s energy mix portfolio and partnerships in natural gas and solar energy, we will continue to seize value accretive opportunities and pursue our long-term growth strategies,” Sardana added.

Further, the consolidated total revenue for the quarter stood at Rs 8,792 crore, as compared to Rs 6,815 crore in Q2 of the last FY, an increase of 29 percent.

“This includes one-time revenue recognition of Rs 3,624 crore, mainly towards compensatory tariff and carrying cost in Q2 FY 2020-21, as compared to Rs 730 crore in Q2 FY 2019-20. This one-time revenue recognition in the current quarter was on account of regulatory approvals of APML’s claims for coal shortfall compensation and carrying costs,” the company statement read.

Commenting on the quarterly results of the company, Gautam Adani, Chairman, Adani Group said, “The Indian economy has started to demonstrate its resilience and diehard spirit, as the impact of COVID-19 wanes and the nation moves towards normalcy. Energy in all forms and power from all sources will act as a key enabler to achieve the dream of economic prosperity for India’s vast population.”

“The Adani Group remains committed to the sustainable growth of the energy infrastructure, and becoming a key contributor to the nation’s economic progress,” he added.

Recently, we had reported that Adani Green Energy while posting a slight increase in its total income Year-on-Year (YoY), has also reported a decline of over 82 percent in its consolidated net profit for the September quarter (YoY). The total income of the company rose to Rs 718.14 crore in the quarter from Rs 711.96 crore in the same period a year ago. While its net profit took a big hit to stumble to Rs 17.57 crore from Rs 102.29 crore during the same period last year. The firm has cited higher expenses as the reason for the big gap in the profits.

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Ayush Verma

Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.

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