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Home >> Markets >> Equities >> News - News Details
Results - Analysis
08-Nov-2018     19:47
Adani Power
Consolidated sales of Adani Power, a part of Adani Group and engaged in generation of power has registered a growth of 17% to Rs 7181.54 crore for the quarter ended Sep 2018. But with 210 bps contraction in operating profit margin (OPM) to 32.4%, the growth at operating profit was restricted at 10% to Rs 2330.37 crore. After accounting for higher other income (up 86% to Rs 475.69 crore) the PBIDT was up by 18% to Rs 2806.06 crore. As interest and depreciation cost as proportion to operating profit stand lower, the PBT more than doubled (up 124%) to Rs 701.88 crore. After accounting for higher taxation, the PAT was up by just 22% to Rs 386.89 crore. Eventually the net profit (total comprehensive income) was up by 23% to Rs 387.36 crore.
  • Average PLF for Q2FY19 was about 65% compared to 63% in Q2FY18 and this is largely due to better coal availability and strong demand from DISCOMs.
  • Revenue from operations was up by 17% to Rs 7181.54 crore largely due to additional revenue recognition on account of change in law compensation for domestic coal shortfall.
  • The company (based on the notifications and orders received during six months ended 30th September 2018 from various regulatory authorities such as RERC/MERC/CERC and APTEL relating to various claims including cost escalation/de-escalation claims of subsidiary entities) has recognized an net amount of Rs 268.24 crore during the quarter ended Sep 30, 2018 in revenue from operations. In addition the company has recognized an additional relief of Rs 1136.29 crore during the quarter ended Sep 2018 pertain to APML, for the period upto March 31, 2017 in the matter of compensation in lieu of non availability of coal linkages/coal under FSA on account of amendment to the NCDP 2007, where by the company has till Sep 30, 2018 recognized total claim of Rs 2821.41 crore in the matter.
  • Contraction in operating margin is largely due to higher power purchase cost and other expenditure. The fuel cost as proportion to sales was lower by 150 bps to 55.5% and the staff cost was down by 20 bps to 1.2%. The power purchase cost was up by 190 bps to 3.3% and that of other expenses were higher by 170 bps to 7.5%.
  • Other income was up by 86% to Rs 475.69 crore. Other income include Rs 52.34 crore pertain to claim received from the insurance company towards business interruptions loss incurred in UPCL. With interest cost stand higher by 1% to Rs 1406.72 crore. The increase in finance cost was primarily due to higher borrowing during the quarter, which was partially offset by gains on forex hedges. The depreciation was up by 3% to Rs 697.46 crore and thus the PBT before EO more than doubled (up 124%) to Rs 701.88 crore. EO was nil for the quarter as well as corresponding previous period. Thus, the PBT after EO was Rs 701.88 crore, a jump of 124%.
  • The taxation was a provision of Rs 314.99 crore compared to a write back of Rs 3.50 crore in the corresponding previous period. Thus the PAT was up by 22% to Rs 386.89 crore.

Half yearly performance

Consolidated sale for the period was down by 6% to Rs 11011.22 crore. The sales include The company (based on the notifications and orders received during six months ended 30th September 2018 from various regulatory authorities such as RERC/MERC/CERC and APTEL relating to various claims including cost escalation/de-escalation claims of subsidiary entities) has recognized an net amount of Rs 813.93 crore during the half year ended Sep 30, 2018 in revenue from operations. In addition the company has recognized an additional relief of Rs 1136.29 crore during the quarter ended Sep 2018 pertain to APML, for the period upto March 31, 2017 in the matter of compensation in lieu of non availability of coal linkages/coal under FSA on account of amendment to the NCDP 2007, where by the company has till Sep 30, 2018 recognized total claim of Rs 2821.41 crore in the matter.

With OPM expand by 20 bps to 31.7%, the fall at operating profit moderated at 5% to Rs 3489.13 crore. Though OI stood higher, the interest and depreciation cost as proportion to operating profit stood higher and thus it was a loss of Rs 51.24 crore at PBT level compared to a loss of Rs 140.60 crore in the corresponding previous period. After accounting for higher taxation (as provision of Rs 387.02 crore against a write back of Rs 4.64 crore in corresponding previous period) the loss at PAT level magnified to Rs 438.26 crore compared to a loss of Rs 135.96 crore in the corresponding previous period.

Management Comment

Gautam Adani, Chairman of Adani Power, commenting on the financial performance has said, We are pleased to note the progress in ensuring sustainable operations of the Mundra power plant, with the Hon'ble Supreme Court permitting the Gujarat Government to approach the CERC for implementation of recommendations made by the High Power Committee. We have also received other important Regulatory and judicial approvals for compensation claims of our projects at Tiroda and Kawai. With the quick ramp up of coal supplies under SHAKTI, we firmly believe that these developments will help the plants achieve cash flow certainty and improvement in longterm profitability. We remain committed to our goal of catering to India's growing power demand and contributing significantly to its economic growth.

Adani Power: Consolidated Financial Results

 
1809 (3)1709 (3)Var. (%)1809 (6)1709 (6)Var. (%)1803 (12)1703 (12)Var. (%)
Sales7181.546159.051711011.2211702.41-620611.0422615.51-9
OPM (%) 32.434.531.731.527.726.4
OP2330.372124.86103489.133686.12-55707.645971.65-4
Other Income475.69255.6086605.41313.4993482.39418.9615
PBIDT2806.062380.46184094.543999.6126190.036390.61-3
Interest1406.721388.8412769.012795.83-15570.235901.73-6
PBDT1399.34991.62411325.531203.7810619.80488.8827
Depreciation697.46678.2431376.771344.3822698.722672.361
PBT before EO701.88313.38124-51.24-140.60-64-2078.92-2183.48-5
EO Income0.000.000.000.000.00-4076.69-100
PBT after EO701.88313.38124-51.24-140.60-64-2078.92-6260.17-67
Taxation314.99-3.50PL387.02-4.64PL-5.15-86.07-94
PAT386.89316.8822-438.26-135.96222-2073.77-6174.10-66
Share of Profit/(Loss) from Associates0.000.000.000.00-29.180.00
Share of Profit/(Loss) of Minority0.000.000.000.000.000.00
Net profit 386.89316.8822-438.26-135.96222-2102.95-6174.10-66
Other comprehensive Income after tax (OCI)0.47-1.86-1251.61-0.87-2854.343.979
Total comprehensive income387.36315.0223-436.65-136.83219-2098.61-6170.13-66
EPS (Rs)*####
* Annualised on Current equity of Rs 3856.94 crore. Face Value: Rs 10
Var. (%) exceeding 999 has been truncated to 999
# Engineering and Construction activity being substantially seasonal EPS for quarter/ half year was not calculated
LP: Loss to Profit PL: Profit to Loss
** This being first year of listing no comparative previous quarter
Figures in Rs crore
Source: Capitaline Corporate Database

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