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Adani Power Q1 FY22 results

Aug 6, 2021 by Rekha Nair 0 Comments #Adani Power Limited, #Managing Director, #Mr. Anil Sardana

Ahmedabad: Adani Power Ltd. [‘APL’], a part of Adani Group, today announced the financial results for the first quarter of FY 2021-22. APL and subsidiaries achieved improved operational and financial performance in Q1 FY22 as compared to the corresponding quarter of FY21 on back of improved electricity demand.

Electricity Demand and Supply

Electricity demand in the country has recovered smartly after the slump witnessed during the COVID-19 lockdown in Q1 FY21. Resumption of normal economic activity, coupled with inherent demand drivers has propelled the aggregate electricity demand to 341 BU in Q1 FY22, which is 16% higher than demand of 293 BU during Q1 FY21. Peak power demand has also improved sharply to 194 Giga Watts [‘GW’] in Q1 FY22, as compared to 167 GW in Q1 FY21. After the quarter end, peak demand has continued to grow and has reached an all-time high of over 200 GW on July 7, 2021, surpassing the previous all-time high of 197 GW.

Energy deficit has reduced from 0.5% in Q1 FY21 to 0.3% in Q1 FY22, while the peak deficit has increased from 0.4% to 1.2% respectively and spurred improvement in merchant and short-term tariffs.

Operating performance

Average Plant Load Factor (PLF) achieved by APL and its subsidiaries during the first quarter of FY22 was 65%, as compared to 51% achieved in Q1 FY 21. Rise in PLF was a result of improved power demand in various States apart from better tariffs and volumes in the merchant and short-term markets. Consolidated Units sold for Q1 FY22 were 16.2 BU, as compared to the Q1 FY21 sales volume of 12.7 BU.

Financial performance

Consolidated total revenue for Q1 FY22 stood higher at Rs. 7,213 Crore as compared to Rs. 5,356 Crore in Q1 FY21. The consolidated revenue for Q1 FY22 includes recognition of prior period net revenue from operations of Rs. 125 Crore and prior period Other Income of Rs. 532 Crore, primarily on account of various regulatory orders and delayed payments by DISCOMs. In comparison, prior period recognition amounted to Rs. 8 Crore as revenue from operations and Rs. (-) 5 Crore as Other Income in Q1 FY21.

Consolidated EBITDA for Q1 FY22 grew higher by 49% to Rs. 2,292 Crore as compared to Rs. 1,541 Crore for Q1 FY21. EBITDA for the quarter improved mainly due to higher volumes, improved merchant tariffs, and higher prior period income recognition, which was partially offset by higher import coal prices.

Finance costs for Q1 FY22 declined to Rs. 1,068 Crore as compared to Rs. 1,392 Crore in Q1 FY21 on account of conversion of unsecured loans into Unsecured Perpetual Securities during FY21, term loan repayment, interest rate reduction, and favourable currency movement.

The Profit Before Tax for Q1 FY22 was Rs. 450 Crore, as compared to loss of Rs. (-) 634 Crore in Q1 FY21. Profit After Tax for Q1 FY22 was Rs. 278 Crore, as compared to a loss of Rs. (-) 682 Crore in Q1 FY21. Total Comprehensive Income for Q1 FY22 was Rs. 270 Crore, as compared to Total Comprehensive Loss of Rs. (-) 705 Crore for Q1 FY 21.

Other developments

The Committee of Creditors of M/s. Essar Power M P Ltd. [‘EPMPL’], a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, has approved the Resolution Plan submitted by APL. EPMPL owns a 1,200 MW power plant in Singrauli Dist., Madhya Pradesh.

Pursuant to this approval, the Resolution Professional appointed by the Hon’ble National Company Law Tribunal, Delhi [the ‘NCLT’] has issued a Letter of Intent to APL. The closure of the transaction shall be subject to obtaining necessary approval from the NCLT and satisfaction of conditions precedent under the Resolution Plan.

Commenting on the quarterly results of the Company, Mr. Anil Sardana, Managing Director, Adani Power Limited, said, “Adani Power Ltd. continues to forge ahead in meeting India’s demand for cost-effective and reliable power supply, helping turn the vision of Power For All into reality. Our experience and excellence in various arenas, from plant operations & maintenance to fuel management, coupled with our locational advantage have helped us outperform the sector consistently. As we move closer to acquiring and turning around the fourth power asset, we are focusing on various excellence initiatives to enhance safety, reliability, predictability, and profitability of our entire portfolio. Various regulatory petitions, which are at concluding stages, will help release long-awaited cash flows and improve our liquidity position and competitive edge. We remain committed to fulfilling our promise to all stakeholders and creating lasting value for the nation and society.”

Business World

Adani Transmission to acquire Warora-Kurnool Transmission from Essel for an enterprise value of Rs. 3,370 Cr

Apr 1, 2021 by Neel Achary 0 Comments #Adani Transmission, #Adani Transmission Ltd, #MD & CEO, #Mr. Anil Sardana, #Warora-Kurnool Transmission Ltd

Adani Transmission Limited (ATL),India’s largest private sector power transmission and retail distribution company, has signed definitive agreements with Essel Infra Projects Limited (EIL) for the acquisition of Warora-Kurnool Transmission Limited (WKTL). ATL’s acquisition values the Enterprise Valuation of the target at Rs. 3,370 Cr. The regulatory approval for substitution of original awardee in the contract by ATL has already been received from Central Electricity Regulatory Commission. The lenders consent and other necessary regulatory approvals shall be obtained before closure of transaction.

The acquisition is in sync with ATL’s strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities. With this acquisition, the cumulative network of ATL will reach ~17,200 ckt km, out of which ~12,350 ckt km is already operational and ~4,850 ckt km (including this asset) is in various stages of execution. With this enhanced scale of operations, ATL will enjoy substantial benefits in terms of cost optimisation and shared resources and will also fortify its position of being the largest private sector transmission company in the country.

Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd, said, “The acquisition of WKTL will bolster ATL’s pan-India presence, consolidating further its position as the largest private sector transmission company in India. This strategic West to South 765 KV interconnector with Substation in Southern India, completes ATL presence in all regions of the country. This asset will not only increase ATL’s size and scale but will also take ATL closer to its target of setting up 20,000 ckt km of transmission lines by 2022. The acquisition is a further demonstration of ATL’s drive towards differentiated capability through inorganic growth, successful integration & making such assets value accretive, for long term sustainable value creation for its stakeholders.”

Warora-Kurnool Transmission Ltd. will develop, operate and maintain transmission lines aggregating to ~1,750 ckt km. The 765 kV inter-state transmission line links Warora–Warangal and Chilakaluripeta-Hyderabad–Kurnool with a 765/400 kV new sub-station at Warangal. The project was awarded through competitive bidding process on a build, own, operate, maintain basis.

Business World, News

Adani Transmission to acquire Warora-Kurnool Transmission from Essel for an enterprise value of Rs. 3,370 Cr

Mar 31, 2021 by Rekha Nair 0 Comments #Adani Transmission Ltd, #MD & CEO, #Mr. Anil Sardana

Adani Transmission Limited (ATL),India’s largest private sector power transmission and retail distribution company, has signed definitive agreements with EsselInfraProjects Limited (EIL) for the acquisition of Warora-Kurnool Transmission Limited (WKTL). ATL’s acquisition values the Enterprise Valuation of the target at Rs. 3,370 Cr. The regulatory approval for substitution of original awardee in the contract by ATL has already been received from Central Electricity Regulatory Commission. The lenders consent and other necessary regulatory approvals shall be obtained before closure of transaction.

Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd, said, “The acquisition of WKTL will bolster ATL’s pan-India presence, consolidating further its position as the largest private sector transmission company in India. This strategic West to South 765 KV interconnector with Substation in Southern India, completes ATL presence in all regions of the country. This asset will not only increase ATL’s size and scale but will also take ATL closer to its target of setting up 20,000 ckt km of transmission lines by 2022. The acquisition is a further demonstration of ATL’s drive towards differentiated capability through inorganic growth, successful integration & making such assets value accretive, for long term sustainable value creation for its stakeholders.”

Warora-Kurnool Transmission Ltd. will develop, operate and maintain transmission lines aggregating to ~1,750 ckt km. The 765 kV inter-state transmission line links Warora–Warangal and Chilakaluripeta-Hyderabad–Kurnool with a 765/400 kV new substation at Warangal. The project was awarded through a competitive bidding process on a build, own, operate, maintain basis.

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Adani Power announces Q3 FY21 consolidated results

Feb 5, 2021 by Rekha Nair 0 Comments #Adani Group, #Adani Power Limited, #Chairman, #Managing Director, #Mr. Anil Sardana, #Mr. Gautam Adani

Ahmedabad: Adani Power Ltd. [“APL”], a part of the Adani Group, today announced the financial results for the quarter and nine months ended December 31st, 2020.

Performance during Q3 FY 2020-21

During Q3 FY 2020-21, APL, along with the power plants of its subsidiaries achieved an Average Plant Load Factor [“PLF”] of 75%,andaggregate sales volumes of19.1 Billion Units [“BU”]. In comparison, during Q3 FY 2019-20, APL and its subsidiaries achieved an average PLF of 65% and salesvolume of 16.4 BU. Improvement in PLF was due to higher demand for power under both long term PPAs and in the short term and merchant markets. The sales volume for Q3 FY2020-21 includes 1 BU from REGL.

Consolidated Total Revenue for Q3 FY 2020-21stood 6% higher atRs. 7,099 Crore, as compared to Rs. 6,685 Crore in Q3 FY 2019-20. Revenue from Operations for Q3 FY 2020-21 includes revenue recognition pertaining to earlier years amounting to Rs. 25 Crore on the basis of various regulatory orders. In comparison, Revenue from Operations for Q3 FY 2019-20 included prior period itemsof Rs. 18 Crore.

The EBITDA for Q3 FY 2020-21 stood17% higher at Rs. 1,827 Crore, as compared to Rs. 1,557 Crore in Q3 FY 2019-20,aided by lower landed cost of imported and e-auction coal, as well as higher volumes.

The Lossbefore tax and exceptional items for Q3 FY 2020-21 was Rs. (-)206Crore, as compared to Rs. (-)649 Crore for Q3 FY 2019-20. The Total Comprehensive Loss after Tax was Rs. (-)289 Crore for Q3 FY 2020-21, as compared to Rs. (-)703 Crore for Q3 FY 2019-20.

Performance during 9M FY 2020-21

During the nine months ended December 31st, 2020, APL and the power plants of its subsidiaries achieved an Average Plant Load Factor (PLF) of 59% and aggregate sales volumes for the period were 44.4 BU. In comparison, APL and its subsidiaries achieved a PLF of 67% and sales volume of 47.5 BU in the nine months ended December 31st, 2019.Performance for the first nine months of FY 2020-21 was affected by the sharp drop in demand during the first quarter, which was caused by the strict nation-wide lockdown imposed to combat COVID-19.

Consolidated Total Income for the first nine months of FY 2020-21was almost similar to the previous year at Rs. 21,248 Crore as compared to Rs. 21,514 Crore.The figures for the nine month period of FY 2020-21 include recognition of prior period Revenue from Operations of Rs. 2,625 Crore and Other Income of Rs. 777 Crore, as compared to Rs. 1,077Crore and Rs. 780 Crore respectively for the nine month period of the previous year, primarily on account of various regulatory orders.

Consolidated EBITDA for 9M FY 2020-21 grew by 26% to Rs. 8,454 Crore as compared to Rs. 6,700 Crore for 9M FY 2019-20, due to a higher level of operations as well has higher prior period income recognition.

The Profit Before Tax for 9MFY 2020-21 was Rs. 2,055 Crore, as compared to loss of Rs. (-) 612 Crore in 9MFY 2019-20. Total Comprehensive Income for 9MFY 2020-21was Rs. 1,221 Crore, as compared to Total Comprehensive Loss of Rs. (-) 966 Crore for 9M FY 2019-20.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “India has demonstrated its indomitable spirit by combating and restricting the toll of COVID-19 on its people and the economy. The nation is poised to take off on a path of high growth for the economy and prosperity of its people, presenting an attractive set of opportunities for committed players in the infrastructure space. Energy will play a key role in fulfilling the dreams of our young citizens, and the demand for power will call for imaginative solutions for ensuring sustainability and stability. The Adani Group remains committed to sustainable growth of the energy infrastructure, and becoming a key contributor to the nation’s economic progress”.

Mr. Anil Sardana, Managing Director, Adani Power Limited, said, “As India’s power demand reclaims its growth trajectory, Adani Power, with its modern and efficient portfolio is standing ready to fulfil the need for reliable, cost effective, and efficient base load supply. Even as the execution of our strong growth pipeline progresses as per schedule, we strive to enhance our operating efficiencies on all parameters, in order to realize maximum value of our operating assets. We will continue to seize value accretive opportunities in furtherance of our vision and long term growth strategies, leveraging our deep operating experience along with our complementarity with the Adani Group’s energy mix portfolio and strategic partnerships”.

Business World

Adani Transmission Limited Consolidated Results for H1 FY21 and Q2 FY21

Nov 8, 2020 by Gouri Achary 0 Comments #Adani Transmission Limited, #Mr. Anil Sardana, #Mr. Gautam Adani

ATL reports cash profit of Rs. 1,591 Cr, up 51% yoy in H1 and Rs. 676 Cr, up 30% yoy in Q2

PBT of Rs. 778 Cr, up 33% yoy in H1 and Rs. 296 Cr, up12% yoy in Q2

Operational Highlights H1 FY21:

Transmission

Robust Transmission system availability at 99.9% even during pandemic times

Distribution

Maintained supply reliability at 99.99% (ASAI) during a difficult period of Covid
Customer adoption of digital avenues to interface with the company increases manifold reaching 73.3% (e-payments as a % of total collection) in H1 FY21 from 47.2% in H1 FY20

Financial Highlights H1 FY21:

Cash Profit of Rs. 1,591 Cr, up 51% yoy
PAT at Rs. 570 Cr, up 28% yoy
PBT at Rs. 778 Cr, up 33%; the positive impact of Rs. 330 Cr. from APTEL order in favour of MEGPTCL SPV in Transmission business received in Q1FY21
EPS at Rs. 4.3 vs. 2.2 in H1 FY20; up 94.2% yoy
Transmission Operational EBITDA at Rs. 1,267 Cr with a margin of 92% compared to Rs. 1,238 Cr in H1FY20
Distribution Operational EBITDA at Rs. 804 Cr with a margin of 28%
Consolidated Operational EBITDA⁽¹⁾ at Rs. 2,071 Cr vs. Rs. 2,120 Cr in H1FY20
Consolidated Operational Revenue⁽¹⁾ at Rs. 4,272 Cr vs. Rs. 5,446 Cr in H1FY20
With the announcement of favourable regulatory order in respect of MEGPTCL, ATL Conso will have annual recurring EBITDA benefit of ~Rs.60 Cr.

Ahmedabad, Adani Transmission Ltd. (“ATL”), a part of the Adani Group, today announced the financial results for the quarter.

Operational Highlights:

Particulars	H1 FY21	H1 FY20	Q2 FY21	Q2 FY20
Transmission
Average Availability (%)	99.88%	99.80%	99.90%	99.78%
Distribution
Supply reliability (%)	99.995%	99.991%	99.997%	99.996%
Distribution loss (%)⁽²⁾	8.51%	7.97%	3.16%	8.16%
Units sold (MU’s)⁽²⁾	3,469	4,558	1,741	2,136

Strong Transmission system availability at 99.9%

Distribution ensured more than 99.99% supply reliability despite challenges on the ground
Distribution losses were at 8.51% in H1 FY21improved significantly from 13.47% in Q1 FY21 on account of billing basis actual meter reading
Collection efficiency at AEML is back to normal levels and stood at 103.5% in Q2 FY21

Financial highlights – Transmission and Distribution:

Particulars (Rs. crore)	H1FY21	H1FY20	Q2FY21	Q2FY20
Transmission
Operational Revenue⁽¹⁾	1,368	1,343	688	674
Operational EBITDA⁽¹⁾	1,267	1,238	637	623
Margin (%)	92.4%	92.2%	92.4%	92.3%

Distribution
Revenue	2,904	4,103	1,467	1,914
Operational EBITDA	804	882	363	385
Margin (%)	27.7%	21.5%	24.8%	20.1%

Transmission business operational revenue in H1 FY21 was Rs. 1,368 Cr with stable operational EBITDA of Rs. 1,267Cr translating into the strong margin of 92.4%
Distribution segment’s H1 FY21 operational revenue down 29.2% YoY due to lower power demand and shortfall in collections in the first quarter of the year; Q2 saw considerable improvement in demand and recorded collection efficiency of 103.5%
Distribution operational EBITDA at Rs. 804 Cr in H1 FY21 saw 619 bps margin expansion at 27.7% due to stable EBITDA.

Financial Highlights – Consolidated:

Particulars (Rs. crore)	H1FY21	H1FY20	Q2FY21	Q2FY20
Operational Revenue⁽¹⁾	4,272	5,446	2,156	2,588
Operational EBITDA⁽¹⁾	2,071	2,120	1001	1,008
Margin (%)	48.5%	38.9%	46.4%	38.9%
PBT	778	585	296	264
PAT	570	444	214	230
EPS (Rs.)	4.28	2.20	1.37	1.17

Consolidated operational revenue was lower at Rs. 4,272 Crin H1 FY21 mainly due to lower revenue contribution from Distribution business in the first quarter led by the lower power consumption in Commercial and Industrial segment and a shortfall in collections.Q2 saw considerable improvement in both demand and collections.
Consolidated operational EBITDA at Rs. 2,071 Cr in H1 FY21 posted a solid EBITDA margin of 48.5%, an expansion of 956 bps in the margin on account of stable EBITDA.
Net debt to EBITDA as of H1 FY21 remains unchanged at 4.3x vs. FY20.

Other Key Highlights:

ATL making steady progress on the closure of Alipurduar transmission acquisition announced in Q1FY21
Customer adoption of digital avenues to interface with the company increases manifold reaching 73.3% (e-payments as a % of total collection) in H1 FY21 from 47.2% in H1 FY20
Adani Transmission to complete 1,000 MW line in Mumbai by Dec 2022under its SPV KhargharVikhroli Transmission Limited (KVTL)with a resolution on land allocation

Notes:

1)H1 FY21 Operational Revenue and Operational EBITDA doesn’t include the one-time positive impact of Rs. 330 Cr. from APTEL order in favour of MEGPTCL SPV of Transmission business

2) Distribution loss and units sold differs slightly from our provisional operational release released on 19^th October 2020

3) Cash profit calculated asPAT + Depreciation + Deferred Tax + MTM option loss

4) ASAI: Average Service Availability Index; APTEL: Appellate Tribunal for Electricity

Speaking on the performance of the company, Mr. Gautam Adani, Chairman, Adani Group, said, “There is abundant potential for increased growth in India’s transmission sector in the coming years. We are spearheading our energies and efforts towards providing reliable power supply across the nation. With the government’s core objective of 24×7 Power for all, considering anticipated growth and demand for power in major parts of the country, Adani Transmission Ltd is committed to delivering continuous growth and is helping in strengthening the transmission network across the nation. We are well-positioned to fulfil India’s electricity needs and look forward to delivering long-term sustainable value through our efficient management of electricity networks. Our increasingly sustainable practices will help ensure ESG driven goals, one that will benefit not only key stakeholders but the entire nation”

Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd, said, “Adani Transmission has evolved over the past few years. ATL is constantly benchmarking to be the best-in-class and is pursuing a focused approach to be world-class integrated utility through development agenda coupled with de-risking of strategic and operational aspects, capital conservation, ensuring high credit quality and forging strategic partnerships for business excellence and high governance standards. ATL is maintaining 24×7 quality power supply despite challenges posed by health and pandemic issues. The journey towards robust ESG framework and practicing culture of safety is integral to its pursuit for enhanced long-term value creation for all stakeholders”

Business World

Adani Transmission Limited Consolidated Results for Q1 FY2021

Aug 8, 2020 by Gouri Achary 0 Comments #a part of the Adani Group, #Adani Group, #Adani Transmission Ltd, #Adani Transmission Ltd. (“ATL”), #Chairman, #MD & CEO, #Mr. Anil Sardana, #Mr. Gautam Adani, #Results for Q1 FY2021

Adani Transmission Ltd. (“ATL”), a part of the Adani Group, today announced the financial results for the quarter.

COVID-19 impact:

Transmission: Power sector is an essential service with must-run status. Our lines are operating at
99.9% availabilities and there is no adverse impact on billing.

Distribution: Due to lockdown, even though power demand is down due to lower consumption by
industrial and commercial consumers slightly offset by retail demand, Distribution business being
a regulated asset there is no significant impact on EBIDTA margin.

Liquidity position: The Company maintains enough liquid investments and working capital lines to
meet its obligations in FY21.

Because of COVID-19, there was no impact on Transmission business, however, distribution business got affected due to lower power demand from C&I customers which had an impact on overall consolidated performance. However, the Company is also entitled to delay payment surcharge for delayed payment by customers.

Other Key Highlights:

 Acquisition of “KhargharVikhroli Transmission Private Limited” from Maharashtra State
Electricity Transmission Company Ltd.
 Signed SPA agreement with Kalpataru Power Transmission Limited for the acquisition of
“Alipurduar Transmission Limited” in July 2020.

Economic activity in Mumbai is picking up post relaxation in lockdown. We noticed
improvement in power demand in July 2020 and accordingly the collection scenario has
improved substantially.

Note 1: Q1FY21 Operational Revenue and Operational EBITDA doesn’t include Rs. 330 Cr. APTEL order in favour of MEGPTCL *ASAI – Average Service Availability Index

Speaking on the performance of the company, Mr Gautam Adani, Chairman, Adani Group, said, “We are steadfast in our pursuit of energizing and ensuring continuous power supply across all regions
through our assets in India. Adani Transmission is well-positioned to deliver exponential growth and we
are working towards fulfilling our nation’s electricity needs and strengthening our position as a world-class utility. Our increasingly sustainable practices will help ensure ESG driven goals, one that will benefit not only key stakeholders but the entire nation”

Mr Anil Sardana, MD & CEO, Adani Transmission Ltd, said, “Adani Transmission has evolved over the past few years from a high growth developing company to a growing cum mature asset operation company with minimal throughput risk. ATL is constantly benchmarking to be best in class and is
pursuing focused approached to be world-class integrated utility through development agenda coupled
with de-risking of strategic and operational aspects, capital conservation, ensuring high credit quality and forging strategic partnerships for business excellence and high governance standards. ATL is striving to achieve consumer participation and 24×7 quality power supply despite being disrupted by health and pandemic challenges. The journey towards robust ESG framework and practising a culture of safety is being made integral to its pursuit for enhanced long-term value creation for all stakeholders”

Business World

Adani Power Q1 FY21results

Aug 7, 2020 by Gouri Achary 0 Comments #Adani Group, #Adani Power Limited, #Adani Power Ltd, #Chairman, #financial results[1] for the first quarter of FY 2020-21., #Managing Director, #Mr. Anil Sardana, #Mr. Gautam Adani

Adani Power Ltd, a part of Adani Group, today announced the financial results[1] for the first quarter of FY 2020-21.

Operating performance

Average Plant Load Factor (PLF) achieved during the first quarter of FY21 is 51%, as compared to 78% achieved in Q1 FY 20. The PLF is lower due to the decline in power demand following the announcement of a nationwide lockdown to combat COVID-19. Consolidated Units sold for the quarter are 12.7 BU, as compared to theQ1 FY20 sales volume of 16.5 BU.

Despite the lockdown, the 3,300 MW Tiroda plant saw good demand for power for a major part of the quarter, due to its advantageous position in the Maharashtra merit order. The 1,320 MW Kawai plant also saw improving PLF in the month of June 2020, after the lockdown was relaxed and power demand started to normalize.

However, the Udupi plant witnessed a sharp fall in PLF due to a slump in power demand. The Mundra plant self was also affected by lower power demand and subdued short term market tariffs.

On the other hand, all power plants were able to achieve or exceed normative availability under long term PPAs through diligent efforts, despite restrictions imposed during the lockdown, in fulfilment of their role as providers of the essential service of electricity generation.

Financial performance

Consolidated total revenue for Q1 FY21 stood at. 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 an 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 the 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 a 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.

Other developments

The Madhya Pradesh Electricity Regulatory Commission has approved a 25 year, 1,230 MW Power Supply Agreement (PSA) entered into by the Company’s wholly-owned subsidiary, Pench Thermal Energy (MP) Ltd. with MP Power Management Company Ltd. The power to be supplied under this PSA will be supplied by a greenfield, 1,320 MW Supercritical power plant to be set up in Madhya Pradesh under a Design, Build, Finance, Own, and Operate basis.

Adani Power Ltd. has also signed a definitive agreement to acquire a 49% stake in Odisha Power Generation Corporation Ltd. (OPGC) from the affiliates of AES Corporation, a US-based energy company, for the INR equivalent of USD 135 million. OPGC operates a 1,740 MW thermal power plant in Odisha, which includes a recently commissioned Supercritical capacity of 1,320 MW. It has a 25 year PPA with the Odisha Grid Corporation, and a dedicated captive mine in the State. Balance 51% stake in OPGC is held by the Odisha State Government.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “Adani Power continues to march ahead towards the achievement of its vision to play an important role in fulfilling India’sgrowing 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 the 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.”

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