Adani Power logs 37 per cent revenue growth in FY24, consolidated PBT more than doubled

New Delhi, May 1 (IANS) Adani Power on Wednesday reported 37 per cent growth (year-on-year) in revenue at Rs 50,960 crore for FY24, as continuing EBITDA more than doubled to Rs 18,789 crore.

Consolidated profit before tax (PBT) for FY24 more than doubled to Rs 20,792 crore as compared to Rs 7,675 crore in the previous fiscal year.

For the fourth quarter (Q4), the revenue surged 29 per cent to Rs 13,787 crore (on-year), and EBITDA more than doubled to Rs 5,273 crore, the company said in a statement.

Consolidated profit before tax for the January-March period grew to nearly four times at Rs 3,558 crore as compared to Rs 898 Crore in Q4 FY23.

Gautam Adani, Chairman, Adani Group, said that 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," Gautam Adani added.

During the fourth quarter as well as FY24, higher volumes were contributed by almost all plants led by Mundra, the newly commissioned Godda plant, Udupi, and Mahan. Domestic power sales volumes continued to be driven by growing power demand across India, and off-take under Power Purchase Agreements (PPAs) was further supported by falling prices of imported coal and alternate fuel, said the company.

"Adani Power has posted yet another outstanding quarter demonstrating its core strengths, capping a year of exceptional operational and financial performance in a fitting testimony to its sound strategy and operational excellence," said S.B. Khyalia, CEO, Adani Power Limited.

Consolidated power sale volume was at 79.3 billion units in FY24, up by 48 per cent from 53.4 billion units in FY23 due to improved power demand, lower import coal prices, and larger installed capacity.

"We are committed to continuous innovation across businesses and creating sustainable value for all stakeholders,” said Gautam Adani.