Adani Power Ltd on Wednesday released its fiscal fourth quarter earnings report with profit at Rs 2,636.97 crore. This was 3.66 per cent lower from Rs 2,737.24 crore recorded during the corresponding quarter of FY24. The profit decline was on account of higher depreciation due to new acquisitions, apart from slower demand growth and lower merchant tariffs. It posted revenue from operations at Rs 14,237.40 crore, up 6.54 per cent as against Rs 13,363.69 crore reported during the same period of previous fiscal year. This was primarily due to higher volume, offset by lower tariff realisation. Consolidated continuing EBITDA for Q4FY25 stood at Rs 5,098 crore vs Rs 5,273 crore for Q4FY24, due to additional operating expenses of recent acquisitions, apart from slower demand growth and lower merchant tariffs.
For the full year, Adani Power recorded 102.2 Billion Units (BU) power generation, up by 19.5 per cent from 85.5 BU in FY24. Consolidated power sale volume came in at 95.9 BU in FY25, up by 20.7 per cent as against 79.4 BU in FY24 due to robust power demand and higher operating capacity. During FY25, Adani Power reported consolidated continuing total revenues at Rs 56,473 crore, up 10.8 per cent vs Rs 50,960 crore in FY24, supported by higher sales volumes, offset partially by lower tariff realisation.
SB Khyalia, CEO, Adani Power Limited, said, “Adani Power has posted ever higher operating and financial performance for FY 2024-25, aptly demonstrating the strength and resilience of the Adani Portfolio companies. As we progress quickly in the next phase of capacity expansion, we are prioritising capital and cost efficiencies to sharpen our competitive edge and extend our sectoral leadership across key parameters.”
Power demand update
Adani Power said that all-India power demand grew by 3.5 per cent to 415 BU in Q4FY25 as compared to Q4FY24. The full year power demand for FY25 grew by 4.2 per cent to 1,695 BU as compared to FY24. “The marginal slowdown in demand growth was primarily due to cold weather. However, demand picked up in the month of March 2025, which registered a growth of 6.6 per cent over March 2024,” it said. As a result of the cold weather and an increase in supply of electricity, average market clearing price on the Indian Energy Exchange declined by 15 per cent year-on-year to Rs 4.47/kWh in FY25 from Rs 5.24/kWh in FY24. However, merchant prices have regained strength with the early onset of summer in 2025.
Net debt at Rs 31,023 crore
Adani Power’s Net Total Debt increased to Rs 31,023 crore as of 31st March 2025 as compared to Rs 26,545 crore on account of acquisition debt for KPL and higher working capital borrowings in line with the increased scale of operations. APL continued to be a low-debt power generator, with the net debt per MW of Rs 1.77 crore as of 31st March 2025.
The company ended FY 2024-25 with an even stronger balance sheet and sound liquidity following robust performance during the year. As of 31st March 2025, total shareholders’ funds grew to Rs 56,347 crore as compared to Rs 43,145 crore as of 31st March 2024.