Adani Power (ADANIPOWER) Q3 24/25 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q3 FY2025, supported by high plant availability, recent acquisitions, and increased capacity utilization.

• Consolidated power sale volume rose 22% year-over-year to 69.5 BU in 9M FY25, driven by higher demand and expanded capacity.

• Strategic acquisitions, including Lanco (Korba), Coastal Energen, and Dahanu, and locational advantages enhance competitiveness for upcoming PPAs.

• Secured 87% of capacity under long/medium-term PPAs, with 91% of domestic fuel needs covered by long-term contracts.

• Improved ESG ratings, now among the top 15% in the power sector per S&P Global, with 100% fly ash utilization and enhanced water intensity metrics.

Financial highlights

• Nine-month PLF reached 69.3%, with dispatch of 69.5 billion units, up 22% year-over-year.

• Nine-month recurring revenue grew 13% year-over-year to INR 41,951 crore; consolidated revenue at INR 44,370 crore.

• Recurring EBITDA for nine months rose 22% to INR 16,478 crore; consolidated EBITDA at INR 18,897 crore.

• Profit after tax for nine months at INR 10,150 crore; Q3 PAT at INR 2,940 crore.

• Q3 FY2025 generating capacity at 17,550 MW, up from 15,250 MW in Q3 FY2024.

• Q3 consolidated PLF at 63.9%, down from 68.6% last year due to demand variability.

• Q3 power sales volume grew 8% year-over-year; continuing revenue stable at INR 13,434 crore.

• Q3 continuing EBITDA at INR 4,786 crore; continuing PBT at INR 2,659 crore.

• Basic & Diluted EPS for Q3 FY25: ₹7.67; 9M FY25: ₹25.70.

Outlook and guidance

• Targeting over 30 GW operating capacity by 2030, with 11.2 GW of equipment orders already placed and a locked-in growth pipeline.

• Ongoing and planned expansions at Mahan, Raipur, and Korba, with strong PPA pipeline and participation in upcoming state bids.

• Sectoral growth potential remains robust, with 80 GW additional coal-based capacity required by FY 2031-32 and 49 GW untapped opportunity.

• Expecting continued robust demand and improved performance in FY2026 as economic growth drives electricity consumption.