Ahmedabad, 30 April 2025: Adani Power Ltd. [“APL”], a part of Adani portfolio of companies, today announced the financial results for the fourth quarter ended 31st March 2025. Commenting on the results, Mr. S B 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. We are employing our deep, cross-domain expertise to make the business future ready to continue delivering superior returns over the long term. Our unrelenting commitment to sustainability, which has seen us rank among the best thermal power producers in the world on several counts, will continue to guide us on our growth journey.”
Operating performance
| Parameter | FY25 | FY24 | Q4 FY25 | Q4 FY24 |
| Installed Capacity (MW) | 17,550 | 15,250 | 17,550 | 15,250 |
| Plant Load Factor | 70.5% | 64.7% | 74.2% | 71.5% |
| Units Sold (BU) | 95.9 | 79.4 | 26.3 | 22.2 |
MW: Mega Watts; BU: Billion Units
- Consolidated Operating capacity grew from 15,250 MW in FY24 to 17,550 MW in FY25 on account of acquisition of the 1,200 MW Moxie Power Generation Ltd. [“MPGL”], 600 MW Korba Power Limited [“KPL”], and 500 MW Adani Dahanu Thermal Power Station [“ADTPS”].
- Power generation of 102.2 BU achieved in FY25, which is 19.5% higher than 85.5 BU power generated in FY24.
- Power sales under Power Purchase Agreements [“PPAs”] increased by 15.1% to 75.3 BU in FY25 as compared to FY24, and by 14.8% to 20.8 BU in Q4 FY25 as compared to Q4 FY24, on account of newly acquired capacity under PPAs as well as higher offtake driven by power demand and lower import coal prices.
- Power sales under short-term contracts and in the merchant market increased by 46.7% to 20.6 BU in FY25 as compared to FY24, and by 37.2% to 5.6 BU in Q4 FY25 as compared to Q4 FY24, on account of growing peak demand.
- All-India power demand grew by 3.5% to 415 BU in Q4 FY25 as compared to Q4 FY24. The full year power demand for FY25 grew by 4.2% 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% over March 2024.
- 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% 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.
Business updates
- On 25th April 2025, Adani Power (Jharkhand) Limited [“APJL”] was amalgamated with APL, its holding company, effective from 1st April 2024 following the approval of the Scheme of Amalgamation by the Hon’ble National Company Law Tribunal, Ahmedabad bench [“NCLT”]. The erstwhile APJL operates the 1,600 MW Godda Ultra-supercritical Thermal Power Plant [“USCTPP”] in Godda District of Jharkhand, which supplies power to the Bangladesh Power Development Board under a 1,496 MW (net) cross-border PPA. As a result of this amalgamation, the power generation capacity of the Godda plant will form part of the standalone entity of APL.
- The Committee of Creditors of Vidarbha Industries Power Ltd. [“VIPL”], a company operating a 2×300 MW (600 MW) thermal power plant at Butibori in Nagpur District of Maharashtra, has approved APL’s Resolution Plan under the Insolvency and Bankruptcy Code, following which APL has received a Letter of Intent from VIPL’s Resolution Professional on 24th February 2025. Subsequent to this development, approval of the Hon’ble NCLT, Mumbai bench has been sought for implementation of APL’s resolution plan.
- APL is now rated AA; Stable by four rating agencies: CRISIL, India Ratings, CARE Ratings, and ICRA for its bank loan facilities and the proposed issuance of Rs. 11,000 Crore Non-Convertible Debentures [“NCDs”].
- India Ratings has also assigned AA; Stable ratings to the debt facilities of APL combined with the debt facilities of the erstwhile APJL following the amalgamation.
Financial performance
| Particulars
(Rs. in Crore) |
FY25 | FY24 | Change +/- | Q4 FY25 | Q4 FY24 | Change +/- |
| Continuing Revenue from Operations(1) | 54,502.81 | 49,667.82 | 9.73% | 14,145.31 | 13,288.30 | 6.45% |
| Continuing Other Income(2) | 1,969.91 | 1,292.06 | 52.46% | 377.08 | 498.97 | (24.43%) |
| Total Continuing Revenue | 56,472.72 | 50,959.87 | 10.82% | 14,522.39 | 13,787.26 | 5.33% |
| Total Reported Revenue | 58,905.83 | 60,281.48 | (2.28%) | 14,535.60 | 13,881.52 | 4.71% |
| Continuing EBITDA | 21,575.07 | 18,789.32 | 14.83% | 5,097.62 | 5,273.31 | (3.33%) |
| Reported EBITDA | 24,008.18 | 28,110.93 | (14.59%) | 5,110.83 | 5,367.57 | (4.78%) |
| Continuing Profit Before Tax | 13,926.40 | 11,469.90 | 21.42% | 3,248.07 | 3,463.68 | (6.22%) |
| Reported Profit Before Tax | 16,359.51 | 20,791.51 | (21.32%) | 3,261.28 | 3,557.94 | (8.34%) |
| Tax expenses / (Credit) | 3,609.90 | -37.28 | n.m. | 662.05 | 820.70 | (19.33%) |
| Profit After Tax | 12,749.61 | 20,828.79 | (38.79%) | 2,599.23 | 2,737.24 | (5.04%) |
(1), (2): Continuing Operating Revenues and Continuing Other Income exclude prior period income recognition on account of coal shortfall claims and late payment surcharge.
* n.m.: not meaningful
Key financial highlights
- As MPGL, KPL, and ADTPS were acquired during Q2 FY25, their respective operating or financial performance is not included in the figures for FY24, i.e. the previous year.
- Slower growth in Continuing Operating Revenue FY25 and Q4 FY25, as compared to growth in volumes, was mainly on account of lower prices of imported coal as well as lower merchant tariffs, as compared to the corresponding periods of FY24.
- Robust Continuing EBITDA growth of 14.8% at Rs. 21,575 Crore in FY25 as compared to Rs. 18,789 Crore FY24 was on account of higher recurring revenues, supported by moderation in fuel costs.
- Continuing EBITDA for Q4 FY25 was similar at Rs. 5,098 Crore to the EBITDA of Rs. 5,273 Crore in Q4 FY24, mainly on account of lower merchant tariffs, higher operating costs of newly acquired plants, and expenditure on Corporate Social Responsibility obligation.
- Higher depreciation is on account of the newly acquired power plants.
- Control on Finance Costs in FY25 as compared to FY24 despite increased scale of operations led to a 21.4% increase in Continuing Profit Before Tax to Rs. 13,926 Crore in FY24 as compared to FY24.
- Continuing Profit Before Tax for Q4 FY25 at Rs. 3,248 Crore, comparable to Rs. 3,464 Crore in Q4 FY24 on account of a higher depreciation charge.
- Lower one-time revenue recognition of prior period items of Rs. 2,433 Crore in FY25 as compared to Rs. 9,322 Crore in FY24, following resolution of all major regulatory matters and realisation of outstanding dues from DISCOMs in the previous year. Similarly, one-time revenue recognition was lower at Rs. 13 Crore in Q4 FY25 as compared to Rs. 94 Crore in Q4 FY24.
- Tax charge for FY25 was higher at Rs. 3,610 Crore as compared to tax credit of Rs. (-) 37 Crore due to higher deferred tax liability. Tax charge for Q4 FY25 was lower at Rs. 662 Crore as compared to Rs. 821 Crore for Q4 FY24 on account of reversal of current tax following the amalgamation of APJL with APL.
- Profit After Tax for FY25 was lower at Rs. 12,750 Crore as compared to Rs. 20,829 Crore in FY24 on account of lower one-time revenue recognition and higher tax charge.
- The Profit After Tax for Q4 FY25 was similar at Rs. 2,599 Crore to the PAT for Q4 FY24, affected by lower recognition of one-time items.
- APL 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.
- During the year FY25, APL redeemed Unsecured Perpetual Securities [“UPS”] of principal amount of Rs. 4,258 Crore out of its operating surplus. The amount of UPS principal outstanding as of Rs. 31st March 2025 is Rs. 3,057 Crore.
- 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 continues to be a low-debt power generator, with the net debt per MW of Rs. 1.77 Crore as of 31st March 2025.
Project Updates
APL has undertaken expansion of its existing capacities from 17,550 MW to 30,670 MW by 2030 through a mix of brownfield and greenfield projects. It is currently constructing three brownfield projects of 1,600 MW each at its existing power plant locations at Singrauli (Mahan) in Madhya Pradesh, and Raipur and Raigarh in Chhattisgarh. Apart from this, it is also reviving the stalled 1,320 MW expansion project of Korba Power Ltd. (erstwhile Lanco Amarkantak Power Ltd.) at Korba in Chhattisgarh.
APL already possesses land for expansion of its capacities by 12,520 MW (excluding 600 MW capacity of VIPL), which mitigates one of the major execution risks for projects of this kind. Furthermore, it has taken effective measures to derisk the project supply chain, by giving advance orders for 11,200 MW of main plant equipment comprising 14 sets of 800 MW Ultra-supercritical boilers, steam turbines, and generators to a leading domestic manufacturer. Other major and minor contracts for project supply and execution are also being awarded in a stage-wise manner.
APL is confident of executing these expansion projects within the target timelines and costs by leveraging its project, supply chain, and contract management capabilities in addition to employing its substantial financial resources and highly visible and stable cash flows.
ESG Performance
- APL’s water intensity performance for FY24-25 is 2.21 m3/MWh, which is significantly lower than the statutory limit for hinterland plants. This parameter was recorded at 2.35 m3/MWh in FY 2023-24.
- Adani Power has been recognized for its Exemplary Commitment to Sustainability at the Times Now Sustainable Organisation 2024 summit.
- APL scored 67/100 in Corporate Sustainability Assessment (CSA) by S&P Global in November 2024, marking a strong improvement from earlier score of 48/100, and placing it in the 86th This score is better than World Electric Utilities’ average score of 42/100.
- APL scored 88% in CSR HUB ESG Rating in January 2024, which is better than the global industry average.
- For FY 2024-25, APL has achieved Fly Ash utilization rate of 102%, demonstrating its commitment to environmental regulations and sustainable practices.