Adani Power Q1 FY21results

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Adani Power Ltd, a part of Adani Group, today announced the
financial results 1 for the first quarter of FY 2020-21.
Operating performance
Average Plant Load Factor (PLF) achieved during the first quarter of FY21 is 51%, as
compared to 78% achieved in Q1 FY 20. The PLF is lower due to the decline in power
demand following the announcement of a nationwide lockdown to combat COVID-
19.Consolidated Units sold for the quarter are 12.7 BU, as compared to theQ1 FY20 sales
volume of 16.5 BU.
Despite the lockdown, the 3,300 MW Tiroda plant saw good demand for power for major part
of the quarter, due to its advantageous position in the Maharashtra merit order. The 1,320
MW Kawai plant also saw improving PLF in the month of June 2020, after the lockdown was
relaxed and power demand started to normalize.
However, the Udupi plant witnessed a sharp fall in PLF due to a slump in power demand. The
Mundra plant’sPLF was also affected by lower power demand and subdued short term market
tariffs.
On the other hand, all power plants were able to achieve or exceed normative availability
under long term PPAs through diligent efforts, despite restrictions imposed during the
lockdown, in fulfilment of their role as providers of the essential service of electricity
generation.

1 Operating and financial performance for Q1 FY 2020-21 includes the performance of the 600 MW
thermal power plant of Raigarh Energy Generation Ltd., which was acquired in July 2019, and the 1,370
MW Supercritical thermal power plant of Raipur Energen Ltd., which was acquired in August 2019.

Financial performance
Consolidated total revenue for Q1 FY21 stood atRs. 5,356 crore as compared to Rs. 8,015
crore in Q1 F20. Adjusted for one-time revenue recognition and prior period items, the
normalized revenue for the quarter was Rs. 5,353 crore, as compared to Rs. 6,892 crore for
the corresponding previous quarter.
Consolidated EBITDA for Q1 FY21 declined to Rs. 1,541 crore as compared to Rs. 2,894
crore for Q1 FY20. EBITDA for the quarter was lower mainly due to higher one-time income
recognized in the corresponding quarter of the previous year,lower EBITDA of Mundra due to
lower PLF, and incorporation of operating expenses of REL and REGL post-acquisition.
Depreciation and interest charge during the quarter were higher mainly due to the
incorporation of the consolidation of REL and REGL.
The results of the corresponding previous quarter included exceptional item of Rs. 1,004
Crore, pertaining to the write off of certain receivables and advances, owing to the acceptance
of resolution plan submitted by the company for acquisition of REGL (previously Korba West
Power Co. Ltd.). In comparison, Q1 FY21 has not recorded any exceptional items.
The loss after tax and exceptional items for Q1 FY21 was Rs. (-) 682 Crore, as compared to
loss after tax and exceptional items of Rs. (-) 263 Crore for Q1 FY20. The Total
Comprehensive Loss after Tax was Rs. (-) 705 Crore for Q1 FY21, as compared to a Total
Comprehensive Loss of Rs. (-) 266 Crore for the corresponding quarter of the previous year.
Other developments
The Madhya Pradesh Electricity Regulatory Commission has approved a 25 year, 1,230 MW
Power Supply Agreement (PSA) entered into by the Company’s wholly owned subsidiary,
Pench Thermal Energy (MP) Ltd. with MP Power Management Company Ltd. The power to be
supplied under this PSA will be supplied by a greenfield, 1,320 MW Supercritical power plant
to be set up in Madhya Pradesh under a Design, Build, Finance, Own, and Operate basis.
Adani Power Ltd. has also signed a definitive agreement to acquire a 49% stake in Odisha
Power Generation Corporation Ltd. (OPGC) from the affiliates of AES Corporation, a US-
based energy company, for the INR equivalent of USD 135 million. OPGC operates a 1,740
MW thermal power plant in Odisha, which includes a recently commissioned Supercritical
capacity of 1,320 MW. It has a 25 year PPA with the Odisha Grid Corporation, and a
dedicated captive mine in the State. Balance 51% stake in OPGC is held by the Odisha State
Government.
Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman,
Adani Group said, “Adani Power continues to march ahead towards achievement of its vision
to play an important rolein fulfilling India’sgrowing demand for electricity. The Adani Group has
a strong belief in India’s economic fundamentals and potential, and the role of the

infrastructure sector in attaining long term growth. Achieving the Government’s ambitious
targets for the infrastructure sector will call for a confluence of enabling policy actions,
procedural reforms, and support from the financial sector, in order to reinvigorate investments
by the private sector. We remain committed to sustainable growth and being an active
contributor to nation building.”
Mr. Anil Sardana, Managing Director, Adani Power Limited, said, "Having combated and
overcome the challenge posed by the COVID-19 pandemic, our resolve is to excel in all
spheres of our activity and to meet aspiration of millions of Indian who don’t have access to
affordable power, has only become firmer. As we continue to seize opportunities of value
creation in a challenging market and a fast-changing competitive landscape, we are focusing
on operational excellence and sustainability, while taking long term decisions to enhance our
strategic capability and resource flexibility. We are committed to fulfilling our promise to all
stakeholders and creating lasting value for the nation and society.”

About Adani Power
Adani Power (APL), a part of the diversified Adani Group, is the largest private thermal power
producer in India. The company has an installed thermal power capacity of 12,410 MW spread across
six power plants in Gujarat, Maharashtra, Karnataka, Rajasthan and Chhattisgarh, apart from a 40 MW
solar power plant in Gujarat. With the help of a world-class team of experts in every field of power,
Adani Power is on course to achieve its growth potential. The company is harnessing technology and
innovation to transform India into a power-surplus nation, and provide quality and affordable
electricity for all.

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