Adani Power profit soars over 280% in 2022
The company recorded a profit after tax, worth INR49.12b for FY 2022.
Adani Power reported its profit after tax grew by 287% to INR49.12b in 2022 from INR12.7b in the previous year.
Its profit after tax for the fourth quarter of 2021-2022 also rose to INR46.45b, compared to INR130m in 2021-2021.
“As the Indian economy’s need for affordable and reliable power continues to grow, Adani Power Ltd. stands uniquely positioned to fulfill this demand through its diversified, modern, and efficient fleet of power plants, backed by our deep expertise and operational excellence in core areas of business,” Anil Sardana, Managing Director, Adani Power Limited, said.
“In the coming years, we will focus on utilizing our fleet to the highest extent while guiding our acquisitions and greenfield assets to become value-accretive investments. Recent developments on the regulatory front have also dispelled much of the long-standing uncertainty, which will contribute significantly to enhancing our liquidity position.”
The company’s consolidated revenue during the year stood at INR316.86b, up 13% from INR281.50b in the previous year; whilst it grew 93% year-on-year to INR133.08b in the fourth quarter from INR69.02b in the same period last year.
Moreover, Adani Power reported that electricity demand in India continued to grow strongly, driven by the economic growth as well as a heatwave in the north-western parts of the country.
During the fiscal year, aggregate energy demand across the nation was 1,380 billion units (BU), representing a growth of 8.2% YoY.
Peak power demand grew 6.7% to 203 gigawatts (GW), whilst the peak power deficit widened to 1.2% over the same period.