Adani Power Q4 Results: FY24 Sees Nearly Double Revenue

Adani Power Ltd. has unveiled its financial results for the fourth quarter ended March 31, 2024, reporting a 47.8 percent decline in consolidated net profit to INR 2,737 crore. This figure marks a drop from the net profit of INR 5,242 crore reported in the corresponding quarter of the previous fiscal year, according to the company's stock exchange filing.

Despite this decline, the company's net profit remained unchanged from the previous quarter. During Q4, Adani Power recorded a total income of INR 13,881.52 crore, representing a notable increase from INR 10,795.32 crore in the year-ago quarter. Meanwhile, expenses for the period under review stood at INR 10,323.58 crore, compared to INR 9,897.60 crore in the year-ago period.

The company's revenue from operations experienced a significant 30 percent increase to INR 13,363.69 crore from INR 10,242.06 crore in the same quarter of the previous financial year. Similarly, for the entire fiscal year 2023-24, the net profit almost doubled to INR 20,828.79 crore from INR 10,726.64 crore registered in FY23. Revenue reported for FY24 stood at INR 60,281 crore, marking a 40 percent increase from INR 43,041 crore in FY23.

Commenting on the quarterly results, Gautam Adani, Chairman of Adani Group, said, “As India transitions to a more sustainable energy future, the Adani Portfolio of companies will continue to provide innovative, reliable, and scalable solutions to support the nation’s economic growth and help realise the aspirations of its billion plus citizens. Adani Power is a key component of our long-term strategy, supplying reliable base load power across a vast part of the country, executing benchmark-setting projects, creating assets of national importance, and acting as the balancing supply to enable greater integration of renewables in the grid. We are committed to continuous innovation across businesses and creating sustainable value for all stakeholders.”

S.B. Khyalia, CEO of Adani Power Limited, lauded the company's outstanding quarter and highlighted its core strengths and operational excellence. "On our journey to achieve the Company’s vision, we are focusing on tech-enabled reliability enhancement, reduction in cost of generation, and improvement in plant efficiency. Adani Power is committed to empowering lives and contributing to India’s energy security by anticipating the need for sustainable, affordable, and reliable power supply and serving it by building capacities in a timely and cost-effective manner.”

The financial results reflect Adani Power's resilience and strategic vision amidst evolving market dynamics and underscore its continued efforts towards achieving operational excellence and sustainable growth.