Adani in the news

Adani Power surges ahead with 50% increase in Net Profit to Rs 109.11 crore for Q3 FY 2011
February 08, 2011

Adani Power Ltd, part of India’s leading infrastructure conglomerate the Adani Group today announced the financial results for the third quarter ended 31st December, 2010.

Income from Operations for the third quarter ended December 2010 increased 115% compared to the third quarter last year. The growth in income from operations is largely due to the addition of 330 MW power generation capacity in Q3, taking the total power generation capacity of Adani Power to 1,320 MW in third quarter of 2010-11. Furthermore, the company also sold 1,717.49 million units of electrical energy in the third quarter ended December 2010, compared to 605.59 million units in the corresponding quarter of the previous year.

Net Profit for the third quarter ended December 2010 stood at Rs 109.11 crore, up 50% compared to Rs 72.49 crore for the corresponding period last year. Basic & diluted Earnings per Share before extra-ordinary items for the three month period ended December 2010 was Rs 0.50 (non-annualized) and for the nine months stood at Rs 1.60 compared to Rs 0.47 for the nine month period last year.

Commenting on the results, Gautam Adani, Chairman, Adani Power said, “Adani Power is currently implementing 16,500 MW of power generation projects across seven locations in India. Our performance for the Q3 and nine months ended December 2010 bear testimony to the fact that we are well on our way to achieving our goals of implementing power generation projects totaling 20,000 MW by 2020. With the robust demand from home markets only set to grow, coupled with our highly competitive assets the future augurs well for Adani Power.” Adani Power synchronized India’s first ever super-critical power generation unit of 660-MW at its power plant in Mundra, Gujarat.

FINANCIAL PERFORMANCE REVIEW AND ANALYSIS

Turnover achieved for the three months ended 31st December 2010 was Rs 502.60 crore, up 115% over the corresponding period of the previous year.

Fuel costs were at Rs 179.01 crore for the three months as against Rs 96.97 crore due to capacity increase by about 300%.

Employee costs were at Rs 7.57 crore for the three months as against Rs 2.28 crore reflecting the costs of additional hires and increased benefits to employees.

Operating profit before other income increased by 107% from Rs 109.58 crore to Rs 227.49 crore.

Point to note here is that cash generation of the company improved from Rs 110 crore in Q3, 2009-10 to Rs 221 crore in Q3, 2010-11 signifying growth of 100% on Year on Year basis.

Financial Performance (Rs in crore)

 Q39 MonthsFY
2010-112009-10%2010-112009-10% 2009 -10
Sales502.60233.591151,250.85233.59435434.86
EBITDA272.97127.23114703.27126.63455244.58
Margin%54.3154.46-56.2254.21-56.24
PAT109.1172.4950349.4371.89386170.80
Margin%21.7131.03-27.9330.77-39.28
EPS (Not Annualized) 0.500.484.11.60 0.472400.82