Adani Power Ltd

Adani Power announced that the 28th Annual General Meeting(AGM) of the company will be held on 25 June 2024.

Powered by Capital Market - Live News

Continuing revenue from operations increased by 27.3% YoY to Rs 13,288 crore in the fourth quarter. The company had recorded revenues of Rs 10,436 crore in Q4 FY23.

Adani Power stated that post satisfactory resolution of all major regulatory matters, tariffs under PPAs now have adequate fuel cost recovery, leading to reduction in one-time prior period revenue recognition. Reported revenues for the quarter include prior period items of Rs 94 crore.

Reported EBITDA for the period under review was 5,368 crore, which is higher by 118.1% as compared with Rs 2,461 crore recorded in the same period last year. This was primarily due to lower import fuel prices, higher merchant sales contribution, and addition of Godda operating profit.

Depreciation charge and finance cost for the quarter increased to Rs 990 crore and Rs 820 crore, respectively, due to the commissioning of the Godda project. However, increase in finance costs was moderated due to reduction borrowings as well as a reduction in interest rates after credit rating upgrades.

Profit before tax in Q4 FY24 stood at Rs 3,558 crore, up by 296.3% from Rs 898 crore recorded in Q4 FY23.

Tax outgo for Q4 FY24 was Rs 821 crore. APL had written back taxes amounting to Rs 4,345 crore in the corresponding period last fiscal.

For FY24, Adani Power has recorded net profit and continuing revenue from operations of Rs 20,829 crore (up 94.2% YoY) and Rs 49,668 crore (up 36.5% YoY), respectively.

Net total debt as on 31 March 2024 stood at Rs 26,545 crore as against Rs 39,434 crore as on 31 March 2023.

Adani Power has bid successfully for the acquisition of Lanco Amarkantak Power (LAPL), which is undergoing corporate insolvency resolution process (CIRP). The committee of creditors LAPL has approved the resolution plan submitted by APL, following which the resolution professional has issued it a letter of intent (LOI).

LAPL owns and operates a 2x300 MW (600 MW) thermal power plant (Phase-I) in Korba District of Chhattisgarh. The Phase-I capacity is tied up with Haryana and Madhya Pradesh DISCOMs under long term Power Purchase Agreements. It is also setting up 2x660 MW (1320 MW) expansion capacity under Phase-II at this site.

The resolution professional of Coastal Energen (CEPL), which is also undergoing CIRP, had issued an LOI to a consortium of which APL is a part. CEPL owns and operates a 2x600 MW (1200 MW) thermal power plant in Tamil Nadu.

APL has initiated development of a 2x800 MW (1600 MW) USCTPP expansion project at its existing 600 MW plant at Raigarh, Chhattisgarh. The company’s wholly owned subsidiary Mahan Energen is already executing a 2x800 MW (1600 MW) USCTPP expansion project at Singrauli, Madhya Pradesh.

Apart from the above, looking at the strong demand outlook for thermal power in the coming years, the company is evaluating options for further organic expansion by 1600 MW at one of its existing plant locations as well as evaluating various other inorganic acquisition opportunities.

The addition of these capacities will augment APL’s generation capacity to beyond 24 GW by 2029 from 15.25 GW currently, further cementing its position as a sector leader,” Adani Power said in a statement.

Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.

The company has an installed thermal power capacity of 15,210 MW spread across eight power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, apart from a 40 MW solar power plant in Gujarat.

The scrip rose 0.01% to currently trade at Rs 612.60 on the BSE.

Powered by Capital Market - Live News

The Board of Adani Power at its meeting held on 01 May 2024 has appointed Sangeeta Singh (DIN: 10593952) as an Additional Director (Non-Executive, Independent) of the Company, for an initial term of 3 (three) years.

Powered by Capital Market - Live News

Adani Power has appointed Sanjay Argade as “Head – Human Resources” of the Company, designated as Senior Management Personnel with effect from 01 May 2024.

Powered by Capital Market - Live News

Net profit of Adani Power declined 47.79% to Rs 2737.24 crore in the quarter ended March 2024 as against Rs 5242.48 crore during the previous quarter ended March 2023. Sales rose 30.48% to Rs 13363.69 crore in the quarter ended March 2024 as against Rs 10242.06 crore during the previous quarter ended March 2023.

For the full year,net profit rose 94.18% to Rs 20828.79 crore in the year ended March 2024 as against Rs 10726.64 crore during the previous year ended March 2023. Sales rose 29.86% to Rs 50351.25 crore in the year ended March 2024 as against Rs 38773.30 crore during the previous year ended March 2023.

Powered by Capital Market - Live News

Adani Power will hold a meeting of the Board of Directors of the Company on 1 May 2024.

Powered by Capital Market - Live News

Shares of Reliance Industries (RIL) rose 0.47% to Rs 3,001.75 on the BSE.

Under this agreement, one of MEL's operational 600 megawatt (MW) units at the Mahan thermal power plant will be designated to exclusively supply 500 MW of power to Reliance for the next 20 years. This move allows Reliance to benefit from a long-term stable power supply.

Reliance Industries (RIL) has agreed to invest Rs 50 crore in Mahan Energen (MEL) to acquire a 26% stake in a captive power unit. This strategic move allows RIL to benefit from a specific policy, likely related to power procurement or pricing. The investment will involve RIL purchasing 5,00,00,000 equity shares in MEL. This stake corresponds proportionally to the capacity of the captive unit relative to MEL's total power plant capacity.

Reliance Industries (RIL) has secured a long-term deal to purchase 500 megawatts (MW) of power from Adani Power subsidiary, Mahan Energen (MEL), in a significant development for both companies.

Meanwhile, Adani Power (APL) announced a major financial restructuring following a credit rating upgrade to AA-. This upgrade came after the merger of six of their special purpose vehicles (SPVs) into the main company. The company has consolidated the standalone term loan facilities of the SPVs into a single long-term Rupee term loan facility of Rs 19,700 crore under a consortium financing arrangement comprising eight lenders.

The revised arrangement will allow the company to benefit from uniform terms and greater financial flexibility in addition to reducing the effective rate of interest, stated in the company’s press release.

Reliance Industries (RIL) is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.

Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.

Powered by Capital Market - Live News

Adani Power announced that Mahan Energen (MEL), wholly owned subsidiary of the company has entered into a 20-year long-term Power Purchase Agreement (PPA) for 500 MW with Reliance Industries (RIL), under the Captive User policy as defined under the Electricity Rules, 2005.

One unit of 600 MW capacity of MEL's Mahan thermal power plant, out of its aggregate operating and upcoming capacity of 2800 MW, will be designated as the Captive Unit for this purpose.

In order to avail the benefit of this policy, RIL has to hold a 26% ownership stake in the Captive Unit in proportion to the total capacity of the power plant. It will accordingly invest in 5,00,00,000 equity shares of MEL, aggregating to Rs. 50 crore for the proportionate ownership stake.

This development brings between two corporates an exclusive arrangement for 500 MW of power purchase by Reliance Industries on long term basis.

In this connection, APL, MEL, and RIL have signed an Investment Agreement on 27 March 2024 at 7:00 pm. Closing of the transaction is subject to customary closing conditions including receipt of requisite approvals.

Powered by Capital Market - Live News

Adani Power announced that the Committee of Creditors (COC) of Lanco Amarkantak Power (LAPL), a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC) has approved the Resolution Plan submitted by Adani Power.

In this regard, APL has received a Letter of Intent (LOI) from the Resolution Professional (RP) on 04 March 2024 at 11:25 p.m.

LAPL owns and operates a 2x300 MW (600 MW) thermal power plant (PhaseI) at Pathadi Village in Korba District of Chhattisgarh. The Phase-I capacity is tied up with Haryana and Madhya Pradesh DISCOMs under long term Power Purchase Agreements. It is also setting up 2x660 MW (1320 MW) expansion capacity under Phase-II.

Powered by Capital Market - Live News

Adani Power announced that India Ratings has upgraded the credit rating assigned to the term loan facilities of the company from ”IND A/Positive“ to ”IND AA-/Stable”. Similarly, it has also upgraded the credit rating assigned to the working capital facilities of the company from “IND A/Positive/A1” to “IND AA-/Stable/A1+”.

Powered by Capital Market - Live News