The Business Bytes
New Delhi, May 01, 2024 (TBB Bureau): Adani Power on Wednesday announced impressive growth figures for FY24, with a 37% increase in revenue, reaching Rs 50,960 crore. Their continuing EBITDA more than doubled to Rs 18,789 crore. The company also reported a significant surge in consolidated profit before tax (PBT), which more than doubled to Rs 20,792 crore compared to the previous fiscal year’s Rs 7,675 crore.
In the fourth quarter (Q4) of FY24, revenue surged by 29% to Rs 13,787 crore year-on-year, with EBITDA more than doubling to Rs 5,273 crore. Consolidated profit before tax for the January-March period saw a remarkable nearly fourfold increase, reaching Rs 3,558 crore compared to Rs 898 crore in Q4 FY23.
The company attributed the higher volumes during the fourth quarter and FY24 to contributions from almost all plants, particularly Mundra, the newly commissioned Godda plant, Udupi, and Mahan. Domestic power sales volumes continued to be boosted by growing power demand across India, and off-take under Power Purchase Agreements (PPAs) was further supported by declining prices of imported coal and alternate fuel.
Consolidated power sale volume for FY24 reached 79.3 billion units, marking a 48% increase from 53.4 billion units in FY23. This uptick was attributed to improved power demand, lower import coal prices, and a larger installed capacity.
