Adani Power clocks profit before tax of Rs 2,894 crore for Q2 FY21
Nov 05, 2020
Ahmedabad (Gujarat) [India], November 5 : Adani Power Limited (APL), a part of the Adani Group, clocked profit before tax (PBT) of Rs 2,894 crore for the second quarter (July-September) of financial year (FY) 2020-21.
The PBT in the corresponding quarter last fiscal was Rs 158 crore.
The consolidated total revenue for Q2 FY 2020-21 stood at Rs 8,792 crore, as compared to Rs. 6,815 crore in Q2 of the last FY, an increase of 29 per cent.
"This includes one-time revenue recognition of Rs. 3,624 crore, mainly towards compensatory tariff and carrying cost in Q2 FY 2020-21, as compared to Rs 730 crore in Q2 FY 2019-20. This one-time revenue recognition in the current quarter was on account of regulatory approvals of APML's claims for coal shortfall compensation and carrying costs," the statement read.
The consolidated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q2 is Rs 5,086 crore as compared to Rs 2,248 crore in the corresponding period in the previous year, showing a growth of 126 per cent.
Commenting on the quarterly results of the company, Gautam Adani, Chairman, Adani Group said, "The Indian economy has started to demonstrate its resilience and diehard spirit, as the impact of COVID-19 wanes and the nation moves towards normalcy. Energy in all forms, and power from all sources will act as a key enabler to achieve the dream of economic prosperity for India's vast population."
"The Adani Group remains committed to sustainable growth of the energy infrastructure, and becoming a key contributor to the nation's economic progress," he added.
Meanwhile, as per the company statement, the PBT for H1 FY 2020-21 was Rs 2,260 crore, as compared to Rs 36 crore for the corresponding half in the last financial year.
Further, the total comprehensive profit after tax was Rs 1,511 crore for the first half (H1) of FY 2020-21, as compared to a loss of Rs 262 crore for H1 FY 2019-20.
Anil Sardana, Managing Director, Adani Power Limited, said,"India's power demand has started to show strong improvement with revival of its economic growth engine, after the slump brought by the pandemic. Adani Power, with its modern and efficient portfolio, strong expansion pipeline, and unmatched fuel management as well as deep operational expertise, will be at the forefront to meet the future power needs of the nation with reliable and cost-effective supply."
"We have a strong belief in the essentiality of conventional power and its compatibility with the renewable growth imperative. With our complementarity with the Adani Group's energy mix portfolio and partnerships in natural gas and solar energy, we will continue to seize value accretive opportunities and pursue our long-term growth strategies," Sardana added.
