Adani Power reports 7% Q3 profit growth, announces ₹5,000 cr QIP

Adani Group’s private thermal power arm, Adani Power Ltd, recorded a 7% year-on-year rise in consolidated net profit for the October-December quarter, reaching ₹2,940 crore, compared to ₹2,738 crore in the same period last year. Consolidated total revenue for Q3 FY25 was up 11% at ₹14,833 crore, versus ₹13,355 crore in Q3 FY24, primarily due to higher volume, the company said in an exchange filing. EBITDA for Q3 FY25 grew by 23% to ₹6,185 crore, compared to ₹5,009 crore in Q3 FY24, supported by higher one-time income. Adani Power's power sale volume as of December 31, 2024, stood at 23.3 billion units (BU), an 8% increase from 21.5 BU in Q3 FY24, driven by improved power demand and higher operating capacity.

For the first nine months of the fiscal year, Adani Power’s consolidated profit declined 44% to ₹10,150.38 crore, compared to ₹18,091.55 crore in the same period last year. Power sale volume increased by 22% to 69.5 BU, up from 57.1 BU in the year-ago period, on the back of improved power demand and larger operating capacity. The company’s total revenues were up 13%, reaching ₹41,951 crore, compared to ₹37,173 crore in the previous year. EBITDA grew by 22% to ₹16,478 crore, from ₹13,516 crore in the same period last year, primarily due to higher revenue and lower fuel prices.

Adani Power CEO, SB Khyalia, said the company is on track to achieve its generation capacity target of 30+ GW by 2030, with rapid progress on under-construction projects, a secure supply chain, and successful bids for long-term power purchase agreements (PPAs). “We are well-positioned to capitalize on the attractive opportunities in the Indian thermal power sector and support its steadily growing power demand. Our high-quality asset portfolio, operating excellence, and execution capabilities set us apart and help us deliver consistent profitability and cash flow. We are also taking steps like backward integration into mining to improve competitiveness and digitalizing our operations to enhance future readiness,” he said.

The company noted that all-India power demand grew by 4.3% to 393 BU in Q3 FY25 compared to Q3 FY24. Demand growth was marginally affected by cold weather, though it picked up in December 2024, which saw a growth of 5.7% over December 2023. Cumulative demand for FY 2024-25, as of December 31, 2024, was healthy, with a growth of 4.6% over the same period in FY 2023-24. "As a result of slower growth in power demand and increased supply, the average market clearing price on the Indian Energy Exchange declined by 26% year-on-year to ₹3.71/kWh in Q3 FY25. However, with the government estimating peak power demand to reach 270 GW in the summer of 2025, up from 250 GW in 2024, merchant prices are expected to regain strength," the company added.

Among key highlights, Adani Power stated that its newly acquired power plants, including Dahanu (ADTPS), Moxie Power Generation Ltd. (MPGL), and Korba Power Ltd. (KPL), contributed to the aggregate power dispatch growth in Q3 FY25.

Adani Power to raise ₹5,000 crore via QIP

The Adani Power board today approved an enhancement and combination of the previously approved fundraising limit by way of non-convertible debentures (NCDs) from ₹5,000 crore to ₹11,000 crore. These funds will be raised through public issue, private placement, or a mix. The board also approved the raising of funds through the issuance of equity shares or other eligible securities up to ₹5,000 crore via a qualified institutional placement, preferential issue, or a combination.

Following the results, Adani Power shares closed today’s trading session up 5% at ₹521 on the BSE.