Adani Power (ADANIPOWER) Q2 24/25 earnings summary

Executive summary

• Achieved strong year-on-year growth in PLF to 78% and power dispatch of 26 billion units, driven by higher demand and improved operational efficiency.

• Consolidated power sale volume rose 29.2% year-over-year to 46 BU in H1 FY25, with major acquisitions expanding operating capacity to 17,550 MW.

• Nearly full resolution of regulatory petitions and recovery of past dues from DISCOMs, leading to revenues and profits reflecting ongoing business performance.

• Strategic focus on capacity expansion, with multiple new projects and acquisitions in the pipeline to meet rising power demand.

• Profit before tax (recurring) nearly doubled to INR 4,483 crore in Q1 FY25; H1 FY25 PBT from continuing operations surged 69% year-over-year to ₹8,020 crore.

Financial highlights

• Operating revenue for Q1 FY25 grew 29% year-over-year to INR 14,717 crore; H1 FY25 consolidated total income was ₹29,537 crore.

• Continuing EBITDA rose 57% year-over-year to INR 6,290 crore in Q1 FY25; H1 FY25 EBITDA increased 38.3% to ₹11,692 crore.

• Profit after tax for Q1 FY25 was INR 3,912 crore; H1 FY25 net profit was ₹6,594 crore.

• Finance cost reduced to INR 811 crore from INR 883 crore year-over-year; net debt reduction and lower finance costs improved profitability.

• Cash flow from operations for H1 FY25 was ₹10,488 crore (consolidated).

Outlook and guidance

• Confident of continued strong performance, supported by robust demand, ongoing capacity expansion, and new long-term power supply agreements.

• Targeting 30.67 GW capacity by 2030 through organic and inorganic growth, with several projects in advanced stages.

• Focus remains on rapid turnaround of acquired assets and leveraging operational strengths for further growth.

• Government projections indicate need for 80-90 GW additional thermal capacity by 2031-32, supporting long-term growth.