Adani Power announces Q1 FY21 results

Adani Power Ltd, a part of Adani Group, today announced the financial results1 for the first quarter of FY 2020-21.

Consolidated total revenue for Q1 FY21 stood at Rs. 5,356 crore as compared to Rs. 8,015 crore in Q1 F20. Adjusted for one-time revenue recognition and prior period items, the normalized revenue for the quarter was Rs. 5,353 crore, as compared to Rs. 6,892 crore for the corresponding previous quarter.

Consolidated EBITDA for Q1 FY21 declined to Rs. 1,541 crore as compared to Rs. 2,894 crore for Q1 FY20. EBITDA for the quarter was lower mainly due to higher one-time income recognized in the corresponding quarter of the previous year, lower EBITDA of Mundra due to lower PLF, and incorporation of operating expenses of REL and REGL post-acquisition.

Depreciation and interest charge during the quarter were higher mainly due to the incorporation of the consolidation of REL and REGL.

The results of the corresponding previous quarter included exceptional item of Rs. 1,004 Crore, pertaining to the write off of certain receivables and advances, owing to the acceptance of resolution plan submitted by the company for acquisition of REGL (previously Korba West Power Co. Ltd.). In comparison, Q1 FY21 has not recorded any exceptional items.

The loss after tax and exceptional items for Q1 FY21 was Rs. (-) 682 Crore, as compared to loss after tax and exceptional items of Rs. (-) 263 Crore for Q1 FY20. The Total Comprehensive Loss after Tax was Rs. (-) 705 Crore for Q1 FY21. as compared to a Total Comprehensive Loss of Rs. (-) 266 Crore for the corresponding quarter of the previous year.

Commenting on the quarterly results of the Company, Mr, Gautam Adani, Chairman, Adani Group said, "Adani Power continues to march ahead towards achievement of its vision to play an important role in fulfilling India's growing demand for electricity. The Adani Group has a strong belief in India's economic fundamentals and potential, and the role of the infrastructure sector in attaining long term growth. Achieving the Government's ambitious targets for the infrastructure sector will call for a confluence of enabling policy actions, procedural reforms, and support from the financial sector, in order to reinvigorate investments by the private sector. We remain committed to sustainable growth and being an active contributor to nation building."

Mr, Anil Sardana, Managing Director, Adani Power Limited, said, "Having combated and overcome the challenge posed by the COVID-19 pandemic, our resolve is to excel in all spheres of our activity and to meet aspiration of millions of Indian who don't have access to affordable power, has only become firmer. As we continue to seize opportunities of value creation in a challenging market and a fast-changing competitive landscape, we are focusing on operational excellence and sustainability, while taking long term decisions to enhance our strategic capability and resource flexibility. We are committed to fulfilling our promise to all stakeholders and creating lasting value for the nation and society."

Shares of ADANI POWER LTD. was last trading in BSE at Rs.35.25 as compared to the previous close of Rs. 35.95. The total number of shares traded during the day was 94680 in over 471 trades.

The stock hit an intraday high of Rs. 36.2 and intraday low of 35.15. The net turnover during the day was Rs. 3360990.

Source : Equity Bulls

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