Revenue from operations stood at Rs 7,764.41 crore in the quarter ended 31 December 2022, registering a growth of 44.8% from Rs 5,360.88 crore posted in Q3 FY22. Total income jumped 48.2% year on year to Rs 8,290.21 crore in Q3 FY23. The growth in the total income was mainly driven by higher regulatory income, increased operating capacity, improved tariff realisation under long term Power Purchase Agreements (PPA), and revival of 1,234 megawatt (MW) Bid-2 PPA with Gujarat distribution companies (DISCOMs) in March 2022. Financial performance for Q3 FY 2022-23 includes the performance of the 1,200 MW power plant of Mahan Energen, which was acquired in March 2022. The company said that the revenue for Q3 FY23 includes one-time prior period revenue of Rs 517 crore. In comparison, one-time revenue items of this nature in Q3 FY22 amounted to Rs 74 crore.

Consolidated profit before tax rose 3.7% to Rs 211.90 crore in Q3 FY23 from Rs 204.34 crore posted in the same period a year ago.

The EBITDA for Q3 FY23 was marginally lower at Rs 1,996 crore as compared to Rs 2,003 crore reported in Q3 FY22, constrained mainly by higher fuel cost, which was partially offset by higher one-time income.

Total expenses surged 49.9% YoY to Rs 8,078.31 crore in the quarter ended 31 December 2022. Fuel cost was at Rs 5,532.83 crore (up 91.04% YoY) and employee expenses stood at Rs 142 crore (up 22.38% YoY) during the period under review.

During Q3 FY23, Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 42.1% and power sale volume of 11.8 billion units (BU), as compared to PLF of 41% and power sale volume of 10.6 BU in Q3 FY22. Operating performance for the quarter includes the performance of Mahan Energen.

The power generation company said that the operating performance during the quarter was constrained mainly due to high import coal prices and insufficient domestic fuel availability due to high power demand.

Anil Sardana, managing director, Adani Power, said, "Adani Power has consistently demonstrated its superior skills in project execution, excellence in power plant operations, and capabilities in fuel and logistics management, which has helped it turn around stressed power assets acquired under schemes of corporate debt resolution, apart from setting various benchmarks in its greenfield power plants.

He further added. “With resolution of most of its regulatory issues now, the company is well placed in terms of liquidity to meet its present commitments and growth requirements. Adani Power, with its strategically located and efficient power plants, is poised to gain maximum advantage from India's growing power demand and provide stable, reliable and affordable power supply, while ensuring the betterment of communities around it.”

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