Adani Power net up 357x in Q4 on prior period income

Mumbai: Adani Power’s profit rocketed 357 times to Rs 4,646 crore in the January-March (Q4FY22) quarter from Rs 13 crore in the year-ago period, mainly on account of higher revenue. Total revenue zoomed 93% to Rs 13,308 crore during the quarter under review. This figure included a prior period income of Rs 4,928 crore, the company said.
For the full fiscal of 2022, Adani Power’s profit rose 287% to Rs 4,912 crore, while revenue grew 13% to Rs 31,686 crore. In Q4FY22, operating profit surged 271% to Rs 7,942 crore, aided by a prior period income recognition, greater shortfall claims due to high import coal prices, and higher merchant & short-term tariffs and volumes, as compared to Q4FY21.
Operating performance during Q4FY22 was affected due to high import coal prices and plant overhaul, partially offset by improved volumes due to high demand for power, Adani Power said. It further said that electricity demand continues to grow strongly in India, driven by economic growth and the heatwave in the north and western parts of the country.