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Power 20:20 | August 2015

Generation company with the highest installed capacity (private sector) - APL

The power business of Adani Group has witnessed several achievements and faced many challenges since its inception. Their power sector team has established benchmarks in various areas and is continually in pursuit of excellence. Adani´s Mundra Thermal Power Project was conceived to provide power for captive consumption of APSEZ in Mundra. Thereafter, their vision and capabilities have made the Mundra project one of the largest single location coal-based thermal power stations in India and one of the top five in the world. All the nine units of the plant commissioned other in the shortest possible time of 33 months.

Key success factors:

  • Generation capacity
    Adani Power is India´s largest private sector generation company with operational capacity of 9,240 MW, comprising of 4,620 MW at Mundra in Gujarat, 3,300 MW at Tiroda in Maharashtra and 1,320 MW at Kawai in Rajasthan. With the acquisition of 1,200 MW Udupi plant, which is due for completion shortly with KWPCL now, APL´s installed capacity will increase to 11,040 MW, getting them closer to their goal of achieving 20,000 MW of capacity by 2020.

  • Acquisition of power assets
    On April 20, 2015, APL successfully completed the acquisition of Udupi power project for an EV of Rs 6,300 crore. Equity of this project was arranged by the company from borrowing at the holdco level. With this acquisition the debt-equity of the company will increase over 10 times. The company has also stated that it will complete the acquisition of Korba West power project in two months. Total debt of the company now stands at Rs 44,000 crore. The company has also clarified that they have successfully restructured the long-term borrowings at Tiroda and Kawai as per the 5/25rule of the RBI and they would be doing the same for the Mundra power plant during the quarter. This would enable it to repay the debt over a longer period of time.

  • CERC order
    Though recent compensatory tariff orders have been positive for Adani, earlier CERC orders have been challenged in APTEL creating uncertainty over the final outcome. Further, even in case of a favourable outcome, losses will continue.

  • Sales & PLF
    The company sold 50.7 billion units during FY15 Vs 40.1 billion units in FY14.

  • Financial performance
    The company´s consolidated total income for the year increased by 24 per cent to Rs 19,545 crore, compared to Rs 15,768 crore in the same period last year. Revenue increased because of higher effective operational capacity of 8,891 MW as compared to 7,182 MW in the corresponding previous year.

  • Consolidated total income for FY15 increased by 24 per cent to Rs.19,545 crore Vs Rs.15,768 crore in FY14.
  • Consolidated EBIDTA for FY15 increased by 17 per cent to Rs.6,083 crore Vs Rs.5,211 crore in FY14.
  • Consolidated total income for Q4FY15 Rs.4,668 crore, EBIDTA Rs.1,360 crore and Net Profit of Rs.715 crore.

Parameter Details
Company Adani Power Ltd.
Ownership Public Limited Company
Industry Energy
Founded 1996
Headquarters Ahmedabad
Products Electricity Generation, Transmission and Energy Trading
Revenue Rs. 10,624.61 cr
Net Income NA
Employees NA

Key financial parameters FY 2014-15
Income Rs. 10,614.15 cr
Expenditure Rs. 8162.57 cr
Operating profit NA
Interest Rs. 2,497.62 cr
Depreciation Rs. 881.37 cr
PAT Rs. -68.63 cr
EPS Rs. -0.24
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