Adani Power Limited · NSE:ADANIPOWER
Adani Power — Q4 FY2024-25 Earnings Presentation
35 slides from Adani Power's earnings presentation, Apr 30, 2025
Slide 1: Exchange cover letter for results presentation
adani Power April 30, 2025 To, BSE Limited National Stock Exchange of India Limited P J Towers, Exchange Plaza, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sir(s), Sub.: Results Presentation for Post Results Confer
Slide 2: Earnings Presentation – Q4 FY 2024-25
Growth adani With Goodness Adani Power Limited Earnings Presentation – Q4 FY 2024-25 30th April 2025
Slide 3: Consolidated operating highlights for Q4 and FY 2024-25
APL: Consolidated operating highlights for Q4 and FY 2024-25 adani Power O&M Availability (%) Generation Performance Despatch Performance Sales Volume Mix (%) (PLF %) (BU) 92% 91% 92% 91% +21% •Contracted (PPA) • Merchant / Short Term 74% 72% 71% 18% 21% 18% 21% 65% 95.9 79.4 +19% 82% 79% 82% 79% 26
Slide 4: Consolidated financial highlights for Q4 and FY 2024-25
APL: Consolidated financial highlights for Q4 and FY 2024-25 adani Power INR Crores Continuing Revenue Continuing EBITDA Continuing PBT 14,522 5,273 5,098 3,464 13,787 3,248 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 56,473 21,575 13,926 50,960 11,470 18,789 FY24 FY25 FY24 FY25 FY24 FY25 Revenu
Slide 5: Disclaimer
adani Disclaimer Power Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Power Limited (“APL”) and its subsidiaries , associates, and joint
Slide 6: Table of Contents
adani Table of Contents Power 1 About Adani Portfolio 2 About Adani Power Limited (APL) 3 APL Quarterly Performance Highlights 4 Debt Profile 5 Progress in Capacity Expansion Projects 6 ESG Practice at APL 7 APL: Investment Case 5
Slide 7: About Adani Portfolio
adani Power 01 About Adani Portfolio STRICTLY CONFIDENTIAL
Slide 8: Adani Portfolio: A World class Infrastructure & Utility portfolio
Adani Portfolio: A World class Infrastructure & Utility portfolio adani adani Flagship << Infrastructure & Utility Core Portfolio >> Primary Industry Emerging B2C Materials, Metal Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (73.97%) (100%) (50.00%) (100
Slide 9: Adani Portfolio: Decades long track record of industry best growth
Adani Portfolio: Decades long track record of industry best growth with national footprint adani Secular growth with world leading efficiency National footprint with deep coverage adani adani Growth 3x 6 Growth 3x 6 .............................................. •····•·······························
Slide 10: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment adani DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited (AIIL) | ITD Cementation Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development
Slide 11: About Adani Power Limited (APL)
adani Power 02 About Adani Power Limited (APL) STRICTLY CONFIDENTIAL
Slide 12: Adani Power Limited (APL): Overview
adani Adani Power Limited (“APL”): Overview Power Adani Power’s Asset Portfolio Key Operating Metrics 17,550 MW 13,120 MW 12 Assets 9 Assets Kawai Mirzapur 1320 MW + 1600 1600 MW Operating Capacity Upcoming Capacity MW Mirzapur Thermal Energh (UP) Pvt. Ltd. (100%) Bitta Godda (1) 40 MWp 1600 MW 80%+
Slide 13: Delivering base load power needs of India through strong asset portfolio
adani APL: Delivering base load power needs of India through strong asset portfolio Power adani I Power Operating Capacity Upcoming Capacity Target Capacity 121,2 17,550 + 9 13,120 = 21 30,670 Assets MW Assets MW Assets MW Asset Type Asset Type 5% Asset Type 62% 38% 95% 76% 24% ■ Organic ■ Inorganic
Slide 14: Indian Power Sector: Growing power demand will require greater base load capacity
adani Indian Power Sector: Growing power demand will require greater base load and peaking capacity Power Power Demand Growth Projections 500 3,000 450 Base Load power critical for additional Renewable Capacity 2,474 2,500 400 350 India’s Renewable Energy Target by 2030 500 GW 2,000 300 1,626 250 1,
Slide 15: APL Quarterly Performance Highlights
adani Power 03 APL Quarterly Performance Highlights STRICTLY CONFIDENTIAL
Slide 16: Key Highlights for Q4 FY 24-25
adani APL: Key Highlights for Q4 FY 24-25 Power ▪ Adani Power (Jharkhand) Ltd. has been amalgamated with APL on 25th April 2025 pursuant to a Scheme of Amalgamation with effect from 1st April 2024. ▪ The Committee of Creditors of Vidarbha Industries Power Ltd. (VIPL) has approved APL's Resolution Pl
Slide 17: Growth potential from rising power demand fully realised
adani APL: Growth potential from rising power demand fully realised Power ■ O&M Availability ■ PLF ■ Generation (BU) ■ Sales (BU) ~---------------------- r----------------------- r----------------------- 92% 91% 92% 91% 102.2 95.9 72% 74% 71% 85.5 65% 79.3 23.8 22.1 28.1 26.4 Q4 FY24 Q4 FY25 FY24 FY
Slide 18: All-round improvement reflected in sustained strong profitability
adani APL: All-round improvement reflected in sustained strong profitability Power Snapshot of Profit & Loss Account INR Crores Summary Income Statement Q4 FY25 Q4 FY24 +/- FY25 FY24 +/- Effective Capacity (MW) 17,550 15,250 15.1% 16,545 15,051 9.9% Continuing Operating Revenue 14,145 13,288 6.4% 54
Slide 19: Revenue Bridge
adani APL: Revenue Bridge Power INR Crores Growth in Revenues Q4 FY24 to Q4 FY25 13 94 735 14,522 14,536 13,882 13,787 Q4 FY24 Reported One-time income (Q4 Q4 FY24 Continuing Change in volumes and Q4 FY25 Continuing One-time income (Q4 Q4 FY25 Reported Revenue FY24) Revenue tariffs Revenue FY25) Rev
Slide 20: EBITDA Bridge
adani APL: EBITDA Bridge Power INR Crores Growth in EBITDA Q4 FY24 to Q4 FY25 - - 735 13 94 594 317 5,368 5,273 5,111 5,098 Q4 FY24 Reported One-time income Q4 FY24 Change in Change in fuel Change in other Q4 FY25 One-time income Q4 FY25 Reported EBITDA (Q4 FY24) Continuing volumes and cost operatin
Slide 21: Deleveraged Balance Sheet
adani APL: Deleveraged Balance Sheet Power Summary Balance Sheet (Rs. In Crore) Mar-25 Mar-24 Equity & Reserves (incl. Unsecured Perpetual Securities) 57,674 43,145 • Consistent strong profitability adding to Net Worth Long Term Borrowings incl. Current Maturities 29,248 28,060 Other Non-current Lia
Slide 22: Robust Cashflow Generation
adani APL: Robust Cashflow Generation Power Summary Cash Flow Statement (Rs. In Crore) FY25 FY24 INR Crores Profit after tax 12,750 20,829 • Strong and growing cash flow generation from operations on back of stable operating Non-cash items (incl. deferred tax) 7,373 3,600 profitability Non-operating
Slide 23: Debt profile
adani Power 04 Debt profile STRICTLY CONFIDENTIAL
Slide 24: Consolidated Debt Profile
adani APL: Consolidated Debt Profile Power INR Crores Particulars As on 31st March 2025 As on 31st March 2024 As on 31st March 2023 Senior Secured Loans Existing entities 27,780 27,875 21,425 Under-construction project 950 8,196 Total Senior Secured Loans (after Ind-AS adjustment) 28,730 27,875 29,6
Slide 25: Consistent improvement in EBITDA delivering free cashflow for growth
adani APL: Consistent improvement in EBITDA delivering free cashflow for growth Power Reported Total Revenues (₹ Crore) Reported PAT (₹ Crore) 20,829 +16% CAGR ..... l...... . 60,281 58,906 12,750 10,727 43,041 31,686 4,912 27,842 28,150 1,270 -2,275 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23
Slide 26: Self Funded Growth – Conservative Leverage supports high cashflow generation
adani APL: Self Funded Growth – Conservative Leverage supports high cashflow generation Power Key Rating highlights: Rating April 2019 March 2023 March 2025 • Significant cash inflow of long due Agency regulatory receivables due to favorable Rating Track resolution of regulatory issues Record CareEd
Slide 27: Progress in Capacity Expansion Projects
adani Power 05 Progress in Capacity Expansion Projects STRICTLY CONFIDENTIAL
Slide 28: Attractive Portfolio of Locked In Assets - Derisked execution
adani APL: Attractive Portfolio of Locked In Assets - Derisked execution with competitive advantages Power Projects under progress Locked-in Organic Growth projects in advanced stages of development Environ- Equipment 11.2 GW 1.32 GW 2.92 GW Project MW Land mental PPA 4.8 GW Ordering Clearance 100%
Slide 29: APL Project Gallery: Project execution expertise
APL Project Gallery: Project execution expertise being demonstrated capably across large & complex adani Power projects Mahan Phase-II Project (2 x 800 MW) Raipur Phase-II Project (2 x 800 MW) Raigarh Phase-II Project (2 x 800 MW) BTG Area Aerial View Unit #3 - Turbine Generator Deck Unit #3 – Elect
Slide 30: ESG Practice at APL
adani Power 06 ESG Practice at APL STRICTLY CONFIDENTIAL
Slide 31: ESG Highlights
adani APL: ESG Highlights Power Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Adaptation and mitigation Climate Change • Average Emission intensity - 0.85 tCO2e/MWh. Adaptation Reduction in GHG emission Water Management and Mitigation • Water Intensity is 2.21 m3/MWh
Slide 32: Board of Directors and Management overview
adani APL: Board of Directors and Management overview Power 100% Chaired Chaired IDs By IDs By NID Board of Directors Statutory Committees 40% Independent Directors - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 - Stakeholder Relationship 🗹 100% of Statutory…
Slide 33: APL: Investment Case
adani Power 07 APL: Investment Case STRICTLY CONFIDENTIAL
Slide 34: Conclusion
adani APL: Conclusion Power Strong Financials Strong Credit Profile Strong Asset Fundamentals FY25 Continuing EBITDA ₹ 21,575 Crores AA/Stable rating from four rating agencies Acquisition and integration of stressed assets to Predictable and reliable operating performance benchmark operations Benchm
Slide 35: Thank You
adani Power adani Thank You 34