Earnings Review
Rains hit Adani Power's top line, depreciation impacts PAT
This story was originally published at 16:30 IST on 30 October 2025
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--Adani Power Jul-Sept consol PAT INR 29.53 bln vs INR 33.32 bln year ago
--Adani Power Jul-Sept consol revenue INR 134.57 bln vs INR 133.39 bln year ago
--Adani Power Apr-Sept consol PAT INR 63.38 bln vs INR 72.45 bln year ago
--Adani Power Apr-Sept consol revenue INR 275.66 bln vs INR 282.95 bln year ago
--Adani Power Jul-Sept consol power sale volume 23.7 bln units, up 7.4% YoY
--Adani Power Q2 consol power sales volume up on yr despite high base effect
--Adani Power Jul-Sept consol EBITDA INR 60.01 bln vs INR 60.00 bln
--Adani Power Jul-Sept plant load factor 62.8% vs 66.9% year ago
--Adani Power installed capacity 18.15 GW as of Sept 30 vs 17.55 GW yr ago
--Adani Power: Well positioned to meet 42 GW capacity expansion goal by FY32
By Avishek Rakshit
MUMBAI – Adani Power Ltd.'s net profit declined year on year for the third consecutive quarter although its sales grew marginally in the September quarter. The company blamed abnormal weather which disrupted demand and supply of power during the quarter for its weak performance.
The company's consolidated net profit declined 11.4% on year and 12.8% on quarter to INR 29.5 billion in the September quarter. Consolidated revenue rose just about 1% on year but fell 4.6% on quarter to INR 134.6 billion.
Though lower merchant tariffs pulled down the revenue growth despite a 7.4% on-year increase in sales volume, higher depreciation and deferred tax expenses weighed on the bottom line growth. Adani Power sold total 23.7 billion units of power in the September quarter compared to 22.0 billion units sold in the year ago quarter despite a high base effect and demand disruption due to early and prolonged monsoon. However, the plant load factor, which is a kind of barometer for the power industry to measure output from power plants, declined to 62.8% in the September quarter from 66.9% in the year-ago quarter.
The company's top line was also marginally tempered in the September quarter by lower power purchase agreement tariff realisations which was on account of lower international coal prices and lower merchant tariffs. Depreciation costs increased on account of new acquisitions.
The monsoon started early in May and the rainfall lasted for more than a month beyond the usual abatement horizon which disrupted demand in peak and non-peak hours, thereby subduing tariffs in the merchant market, Adani Power said in a statement. Consequently, energy demand in the country grew at a slower pace of 3.2% to 449.2 billion units in the September quarter as compared to 435.1 billion units in the year-ago period. The energy demand growth during the first two quarters of the current financial year was also muted at 894.4 billion units compared to 887.5 billion units during the similar time frame of the last financial year, according to the statement.
Fuel costs, which account for nearly 70% of the total costs, rose 2.5% on year to over INR 72 billion and amortisation and depreciation expenses rose 12.7% on year to INR 11.9 billion. Effectively, total expense rose over 4% on year to INR 103.4 billion in the September quarter.
Adani Power acquired the 600 megawatt Vidarbha Industries Power Ltd. through the corporate insolvency resolution process, taking the company's total capacity to 18.2 gigawatt. As on Sept. 30, 2024, its installed capacity was 17.6 gigawatt. The company signed three new long-term power purchase agreements during the quarter under review. An agreement was signed with the power distribution company of Bihar for 2,400 megawatt, another agreement was signed with the power distribution company of Madhya Pradesh for 1,600 megawatt, and a third agreement was inked with the Karnataka power distribution company for 570 megawatt.
"We are steadily expanding our presence in the market by securing another 4.5 gigawatt of new long-term PPAs under the SHAKTI scheme," S.B. Khyalia, chief executive officer of Adani Power, said in the statement. "Our strong profitability and liquidity position us well to achieve our enhanced capacity expansion goal of 42 gigawatt by 2031-32. We have already arranged ordering for equipment and land for the entire 23.7 gigawatt expansion, with project implementation progressing rapidly."
For the first two quarters of the current financial year, Adani Power's consolidated net profit fell 12.5% on year to INR 63.4 billion and consolidated sales fell 2.6% on year to INR 275.7 billion. Shares of Adani Power closed 0.3% higher at INR 162.57 on the National Stock Exchange. End
Edited by Ashish Shirke
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