Earnings Presentation - Q4 FY 2024-25
30th April 2025
APL: Consolidated operating highlights for Q4 and FY 2024-25
O&M Availability (%)
92%
91%
92%
91%
Q4 FY24 Q4 FY25 FY24
FY25
QoQ YoY
Generation Performance (PLF %)
72%
74%
71%
65%
Q4 FY24 Q4 FY25 FY24
FY25
QoQ YoY
Despatch Performance
(BU)
+21%
95.9
79.4
+19%
22.2
26.4
Q4 FY24 Q4 FY25 FY24
FY25
QoQ YoY
Sales Volume Mix (%)
Contracted (PPA) Merchant / Short Term
18%
21%
18%
21%
82%
79%
82%
79%
Q4 FY24 Q4 FY25 FY24
FY25
QoQ YoY
Consistently high performance on dispatch availability resulting in full capacity charge recovery under PPAs.
Stronger dispatch performance following reduction in import fuel prices and growing power demand across markets.
Growth in installed capacity and power demand resulting in higher volumes.
Balanced mix of remunerative long term tie ups and ideally located open capacity to generate superior returns.
Operating excellence coupled with strategic advantages enabling above-par capacity utilization
PPA: Power Purchase Agreement; PLF: Plant Load Factor; BU: Billion Units
2
APL: Consolidated financial highlights for Q4 and FY 2024-25
INR Crores
Continuing Revenue
Q4 FY24
Q4 FY25
13,787
14,522
Continuing EBITDA
Q4 FY24
Q4 FY25
5,098
5,273
Continuing PBT
Q4 FY24
Q4 FY25
3,248
3,464
56,473
50,960
FY24 FY25
21,575
18,789
FY24 FY25
13,926
11,470
FY24 FY25
Revenue growth in line with volumes, tempered by lower average tariff realization on account of lower import fuel price and lower merchant tariff.
Quarterly Continuing EBITDA affected by lower merchant contribution, higher operating cost of acquisitions, and Corporate Social Responsibility expense obligation.
Quarterly Continuing PBT affected by lower Continuing EBITDA and higher depreciation charge following recent acquisitions.
Robust core profitability of operating portfolio and sound capital management
EBITDA: Earnings Before Interest Tax Depreciation and Amortization | PBT: Profit Before Tax | Continuing Revenue and EBITDA excludes One-time / Prior Period income recognitions
3
Disclaimer
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 ventures (combine together "Adani Thermal Power Group" or "The Group") their future outlook and growth prospects, and future developments in their businesses and their competitive and regulatory environment, and statements which contain words or phrases such as 'will', 'expected to', etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in the country the business is. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of The Group's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of The Group.
The Group, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation.
The Group assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Group may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of The Group.
This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it's should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom.
4
Table of Contents
About Adani Portfolio
About Adani Power Limited (APL)
APL Quarterly Performance Highlights
Debt Profile
Progress in Capacity Expansion Projects
ESG Practice at APL
APL: Investment Case
5
01
About Adani PortfolioAdani Portfolio: A World class Infrastructure & Utility portfolio
Flagship
AdaniConneX3
Data Centre
Incubator
Infrastructure & Utility Core Portfolio
Energy & Utility
(73.97%)
AEL
(100%) (50.00%)
ANIL
New Industries
(100%) (100%)
AAHL
Airports
(100%)
Direct to consumer
Emerging B2C
Materials, Metal & Mining
Primary Industry
ARTL
Roads
Transport & Logistics
Copper, Aluminum (100%)
PVC
Specialist Manufacturing5
(100%)
(100%)
ADL
Digital
NDTV
(64.71%)
(60.94%)
AGEL
Renewables
(74.96%)
APL
IPP
Mining Services & Commercial Mining
(100%)
AWL6
Food FMCG
(30.42%)
(69.94%) (37.40%)
(65.89%) (100%)
(67.53%)
AESL
T&D
ATGL2
Gas Discom
APSEZ
Ports & Logistics
Cement4
NQXT1
Listed cos
Direct Consumer
(%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries
A multi-decade story of high growth centered around infrastructure & utility core
1. NQXT: North Queensland Export Terminal. On 17th Apr'25, BOD have approved the acquisition of NQXT by APSEZ. | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, | 4. Cement includes 67.53% (67.57% on Voting Rights basis) stake in Ambuja Cements Ltd. as on 31st Mar'25 which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited. Ambuja Cements Ltd. holds 58.08% stake in Sanghi Industries Ltd. Ambuja Cements Ltd. holds 46.66% stake in Orient Cement Ltd. w.e.f 22nd Apr'25.| 5. Includes the manufacturing of Defense and Aerospace Equipment | 6. AWL Agri Business Ltd. : AEL to exit Wilmar JV, diluted 13.50% through Offer For Sale
7
(13thJan'25), residual stake dilution is pursuant to agreement between Adani & Wilmar Group. | AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; AESL: Adani Energy Solutions Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AAHL: Adani Airport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Labs Pvt. Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride l Promoter's holdings are as on 31st March, 2025.
Adani Portfolio: Decades long track record of industry best growth with national footprint
Growth
EBITDA
3x 6
92% 1,3,4
AEL APSEZ AGEL ATGL AESL APL
Adani Cement
Adani's Core Infra.
Platform -
350 MnUserbase
Secular growth with world leading efficiency National footprint with deep coverage
Growth
EBITDA
3x 6
72% 1,2,3
Growth
EBITDA
3x 6
38% 1,3
Growth
EBITDA
4x 6
92% 1,2,3,5
8
Note: 1. Provisional data for FY25 ; 2. Margin for Indian ports business only l Excludes forex gains/losses; 3. EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business l 6. Growth pertains to expansion and development aligned with market growth. Growth of respective Adani portfolio company vs. Industry growth is as follows: APSEZ's cargo volume surged from 113 MMT to 430.6 MMT (13%) between 2014 and 2025, outpacing the industry's growth from 972 MMT to 1,593 MMT (5%). AGEL's operational capacity expanded from 0.3 GW to 14.2 GW (54%) between 2016 and 2025, surpassing the industry's growth from 46 GW to 172.4 GW (16%). AESL's transmission length increased from 6,950 ckm to 26,696 ckm (16%) between 2016 and 2025, surpassing the industry's growth from 3,41,551 ckm to 4,94,424 ckm (4%). APL's operational capacity expanded from 10.5 GW to 17.6 GW (6%) between 2016 and 2025, outperforming the industry's growth from 185.2 GW to 221.8 GW (2%). PBT: Profit before tax l ATGL: Adani Total Gas Limited l AEL: Adani Enterprises Limited l APSEZ: Adani Ports and Special Economic Zone Limited l AESL: Adani Energy Solutions Limited l APL: Adani Power Limited l AGEL: Adani Green Energy Limited l Growth represents the comparison with respective industry segment. Industry source: APSEZ (domestic cargo volume): https://shipmin.gov.in/ l Renewable (operational capacity): https://cea.nic.in/installed-capacity-report/?lang=en l AESL (ckms): https://npp.gov.in/dashBoard/trans-map-dashboard l APL (operational capacity): https://cea.nic.in/wp-content/uploads/installed/2025/03/IC_March_2025_allocation_wise.pdf | ckms: circuit kilometers |
Adani Portfolio: Repeatable, robust & proven transformative model of investment
DEVELOPMENT1
Adani Infra (India) Limited (AIIL) | ITD Cementation Ltd. | PSP Projects Ltd.
OPERATIONS
2
Operations (AIMSL)
CONSUMERS
New C.E.O.
Consumer I Employees I Other Stakeholders
ACTIVITY
Origination
Analysis & market intelligence
Viability analysis
Site Development
Site acquisition
Concessions & regulatory agreements
Construction
Engineering & design
Sourcing & quality
Project Management Consultancy (PMC)
Operation
Life cycle O&M planning
Asset Management plan
Inspired Purpose & Value Creation
Delivering exceptional products & services for elevated engagement
Differentiated and many P&Ls
PERFORMANCE
India's Largest Commercial Port (at Mundra)
Longest Private HVDC Line in Asia
(Mundra - Mohindergarh)
World's largest Renewable Cluster (at Khavda)
Energy Network Operation Center (ENOC)
Adani's Core Infra. Platform -
350 MnUserbase
CAPITAL MANAGEMENT
Strategic value Mapping
Policy, Strategy &
Investment Case Development
Duration Risk Matching
Growth Capital - Platform Infrastructure Financing Framework
31%
14%
March 2016
55%
23%
2%
6%
March 2025
18%
Long Term Debt
PSU Banks Pvt. Banks
USD Bonds
Risk Framework
Risk Management - Rate & Currency
Governance & Assurance Diversified Source of Capital
26%
25%
1%
NBFCs & FIs
DII
Global Int. Banks Capex LC
Continued Focus & Investment
ENABLER
AI enabled Digital Transformation
Power Utility Business - ENOC
City Gas Distribution - SOUL
Transportation Business - AOCC
9
Note : 1 ITD Cementation Ltd. : Acquired 20.83% shares from public through open offer. In process of complying with conditions for acquisition of 46.64% shares from existing promoters. PSP Projects Ltd. : Adani Infra (India) Limited has agreed to acquire shares from the existing promoter group of PSP Projects such that pursuant to the acquisition of shares from the public under open offer, AIIL and existing promoters shall hold equal shareholding. Transaction is pending for regulatory approvals. | 2 Adani Environmental Resource Management Services Ltd. (additional company is being proposed) | O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt Services Pvt Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Ltd. | AOCC : Airport Operations Control Center
Human Capital Development
Leadership Development Initiatives
Investment in Human Capital
02
About Adani Power Limited (APL)Adani Power Limited ("APL"): Overview
Adani Power's Asset Portfolio
Key Operating Metrics
Kawai
1320 MW + 1600
MW
Bitta
40 MWp
Mundra
4620 MW
Tiroda
3300 MW
Dahanu
Butibori
600 MW
Vidarbha Industries Power Ltd. (100%)
Under acquisition
500 MW
Mirzapur
1600 MW
Mirzapur Thermal Energh (UP) Pvt.
Ltd. (100%)
74 MMT
Fuel logistics capability
80%+
PPAs Tied up
Operating Assets
17,550 MW
12 Assets
Operating Capacity
13,120 MW
9 Assets
Upcoming Capacity
Godda (1)
1600 MW
Mahan
1200 MW + 3200 MW
Mahan Energen Ltd. (94.43%)
Key Financial Metrics
Raigarh
Korba
600 MW + 2920 MW
Korba Power Ltd. (100%)
600 MW + 1600 MW
Udupi
Raipur
₹21,575 Cr
EBITDA (Continuing)
+ 15 % YoY
₹56,473 Cr
Revenue (Continuing)
+ 11 % YoY
1370 MW + 1600 MW
1.44x
Net Debt to Continuing EBITDA (Mar '25)
₹113,215 Cr
Gross Assets (Mar '25)
1200 MW Mutiara (2)
1200 MW
Legend
Operating Capacity + Locked-in Growth
Total
Moxie Power Generation Ltd. (49%)
17.55 GW 13.12 GW 30.67 GW
Including 600 MW under acquisition
(1) Adani Power (Jharkhand) Ltd. was amalgamated with APL on 25th April 2025 pursuant to a Scheme of Amalgamation
11 m: million | Cr: Crores | k: Thousand | MMT: Million Tonnes | EBITDA: Earning before Interest, Tax, Depreciation & Amortization | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | O&M: Operations & Maintenance | regulatory Distribution Company
APL: Delivering base load power needs of India through strong asset portfolio
Operating Capacity
Upcoming Capacity
Target Capacity
17,550
MW
121,2
Assets
13,120
MW
9
Assets
30,670
MW
21
Assets
+ =
95%
24%
76%
38%
62%
Asset Type
Asset Type 5%
Asset Type
Technology
Technology 5%
Technology
9%
53%
38%
85%
10%
42%
35%
24%
40+ GW
Market Opportunity
PPA Tie-ups3 PPA Tie-ups Till Date
13%
87%
78%
22%
Strong portfolio of operating assets, locked-in capacity and further growth opportunities
Notes: 1. Includes 40 MWp solar power plant at Bitta, Kutch, Gujarat as part of inorganic capacity; 2. Includes 1200 MW power plant of Moxie Power Generation Ltd., in which 49% stake is held by Adani Power Ltd.; 3. PPAs for 7% capacity yet to be operationalized | PPA: Power Purchase Agreement
12
Indian Power Sector: Growing power demand will require greater base load and peaking capacity
2,474
1,626
500 GW
India's Renewable Energy Target by 2030
Base Load power critical for additional Renewable Capacity
Power Demand Growth Projections
80 GW
Additional Coal based capacity required by FY
2031-32
12.5 GW
c. 15%+ of India's requirement
of which
Adani Power's current Project Pipeline
(with further growth potential)
186
243
282
388
2023-24 2031-32
4.5 GW
2.9 GW
24 GW(1)
PPAs already awarded by State Discoms with coal linkages pre-indicated under SHAKTI Policy clause B(iv)
Strong Pipeline of New PPA's by State Discoms
Generation Capacity Mix (28th Feb 2025: 470 GW)
47% | 5% | 36% | 12% |
218 GW 27 GW 144 GW 53 GW
Of which
PPAs awarded to APL
Generation Capacity Mix (31st March 2032: 962 GW*)
30%
3%
59%
9%
Coal allocations to State DISCOMs for fresh PPA bids under SHAKTI Policy clause B(iv)
290 GW 25 GW 534 GW 81 GW
*After adjusting 35.6 GW Pumped Storage Project capacity from FY32 targets (Source: 20th EPS, NPP, CEA, CEA Optimal mix and NEP-II Transmission) |(1) As of April '25 | BU: Billion Units | GW: Giga Watts | MTPA: Million Tonnes Per Annum) | SHAKTI: Scheme for Harnessing and Allocating Koyala (Coal) Transparently in India | DISCOM: Distribution Company
13
03
APL Quarterly Performance HighlightsAPL: Key Highlights for Q4 FY 24-25
Business Updates
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 Plan under the Insolvency and Bankruptcy Code, following which APL has received a Letter of Intent from VIPL's Resolution Professional. VIPL operates a 600 MW thermal power plant in Butibori, Nagpur, Maharashtra.
CRISIL Ratings has upgraded credit ratings assigned to Rs. 38,000 Crore Bank Loan facilities of APL to AA/Stable and assigned AA/Stable rating to its proposed Rs. 11,000 Crore NCD issue.
ICRA has assigned AA (Stable) / ICRA A1+ credit rating to APL's Bank Loan facilities ICRA AA (Stable) rating to the proposed NCDs.
CARE Ratings and India Ratings have assigned AA; Stable credit rating to the proposed NCDs.
India Ratings has assigned AA/Stable rating to the combined facilities of APL and the erstwhile APJL post-amalgamation, thereby upgrading the rating of APJL's facilities from BBB/Stable to AA/Stable.
Operational and ESG Updates
The Water Intensity performance of APL for FY 2024-25 is 2.21 m³/MWh, which is 45% below the statutory limit for hinterland plants. It was 2.35 m3/MWh in FY 2023-24.
Udupi plant achieved 100% O&M availability in Q4 FY2024-25.
Raigarh plant achieved 99% O&M availability for Q4 FY 2024-25.
15 MW: Mega Watt; PPA: Power Purchase Agreement; NCD: Non-Convertible Debentures
92%
O&M Availability
92%
PLF
Generation (BU)
Sales (BU)
72%
74%
65%
71%
85.5
79.3
23.8 22.1
Q4 FY24
FY24
Q4 FY24
FY24
FY25
Q4 FY25
102.2 95.9
28.1 26.4
FY25
Q4 FY25
91%
91%
APL: Growth potential from rising power demand fully realised
207.1
Power Demand in key States (BU)*
202.9
145.8 152.2
107.4 113.8
94.1
92.6
99.3
104.4
126.2 130.2
64.0
70.1
Gujarat Haryana Maharashtra Rajasthan Karnataka Madhya Pradesh Tamil Nadu
All India power demand increased by 4.2% during FY25 as compared to FY24.
Merchant power demand continues to be high, but tariffs were affected due to cold weather in H2 FY25.
Growth in dispatch volumes due to higher operating capacity in FY25 in addition to higher demand of power.
16 PLF: Plant Load Factor; BU: Billion Units * Source: CEA
APL: All-round improvement reflected in sustained strong profitability
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% | 54,503 | 49,668 | 9.7% |
Continuing Other Income | 377 | 499 | (24.4%) | 1,970 | 1,292 | 52.5% |
Total Continuing Revenue | 14,522 | 13,787 | 5.3% | 56,473 | 50,960 | 10.8% |
Fuel cost (Includes purchase of traded goods and alternate power) | 8,074 | 7,480 | 7.9% | 30,630 | 28,675 | 6.8% |
Other Operating expenses | 1,351 | 1,034 | 30.7% | 4,267 | 3,496 | 22.1% |
Continuing EBITDA (Adjusted for one- time income) | 5,098 | 5,273 | (3.3%) | 21,575 | 18,789 | 14.8% |
Reported EBITDA Depreciation | 5,111 1,085 | 5,368 990 | (4.8%) 9.6% | 24,008 4,309 | 28,111 3,931 | (14.6%) 9.6% |
Finance cost | 765 | 820 | (6.7%) | 3,340 | 3,388 | (1.4%) |
Continuing Profit Before Tax | 3,248 | 3,464 | (6.2%) | 13,926 | 11,470 | 21.4% |
One-time income (Net) | 13 | 94 | (86.0%) | 2,433 | 9,322 | (73.9%) |
Profit Before Tax | 3,261 | 3,558 | (8.3%) | 16,360 | 20,792 | (21.3%) |
Profit After Tax | 2,599 | 2,737 | (5.0%) | 12,750 | 20,829 | (38.8%) |
Growth in volumes offset by lower tariff realization during Q4 FY25 due to lower import coal prices and impact of cold weather on merchant market.
Operating expense during Q4 FY25 increased due to addition of acquired assets and expenditure of Corporate Social Responsibility obligation.
Increase in depreciation due to capacity addition.
Reduction in finance cost during Q4 FY25 due to favourable forex movement.
Lower one-time prior period revenue recognition during Q4 FY25 and FY25 as compared to the corresponding periods of FY24 due to majority of regulatory claims already being recovered.
17
APL: Revenue Bridge
Growth in Revenues Q4 FY24 to Q4 FY25 INR Crores
14,522
14,536
13,882
13,787
735
13
94
Q4 FY24 Reported Revenue
One-time income (Q4 FY24)
Q4 FY24 Continuing Revenue
Change in volumes and tariffs
Q4 FY25 Continuing Revenue
One-time income (Q4 FY25)
Q4 FY25 Reported Revenue
Growth in Revenues FY24 to FY25
60,281
58,906
56,473
50,960
9,322
2,433
5,513
FY24 Reported Revenue | One-time income (FY24) | FY24 Continuing | Change in volumes and | FY25 Continuing | One-time income (FY25) | FY25 Reported Revenue |
Revenue | tariffs | Revenue |
Core continuing revenue growth tracking growth in volumes, tempered by lower tariff realisation
18
APL: EBITDA Bridge
Growth in EBITDA Q4 FY24 to Q4 FY25 INR Crores
735
94
594
317
5,368
5,273
13
5,098
5,111
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 EBITDA
volumes and tariffs
cost
operating expenses
Continuing EBITDA
(Q4 FY25)
EBITDA
5,513
1,955
2,433
772
28,111
18,789
21,575
24,008
Growth in EBITDA FY24 to FY25
9,322
FY24 Reported | One-time income | FY24 Continuing | Change in | Change in fuel | Change in other | FY25 Continuing | One-time income | FY25 Reported |
EBITDA | (FY24) | EBITDA | Continuing | cost | operating | EBITDA | (FY25) | EBITDA |
revenue | expenses |
Robust Q4 FY25 Continuing EBITDA performance despite lower tariff realisation
19
APL: Deleveraged Balance Sheet
Summary Balance Sheet (Rs. In Crore) | Mar-25 | Mar-24 |
Equity & Reserves (incl. Unsecured Perpetual Securities) | 57,674 | 43,145 |
Long Term Borrowings incl. Current Maturities | 29,248 | 28,060 |
Other Non-current Liabilities | 11,156 | 6,796 |
Short Term Borrowings | 9,087 | 6,397 |
Trade Payables | 2,978 | 3,609 |
Other Current Liabilities | 2,775 | 4,318 |
Sources of Funds | 112,918 | 92,325 |
Fixed Assets | 81,402 | 63,941 |
Bank Balance held as margin money and Fixed Deposits (Non-current) | 154 | 327 |
Other Non-current Assets | 5,033 | 2,470 |
Inventories | 3,317 | 4,142 |
Trade Receivables | 13,022 | 11,677 |
Cash & Bank | 6,120 | 7,212 |
Current Investments | 1,038 | 374 |
Other Current Assets | 2,832 | 2,182 |
Application of Funds | 112,918 | 92,325 |
Consistent strong profitability adding to Net Worth
Increase in long term borrowings on account of acquisition debt
Increase in short term borrowings in line with operations
Higher non-current liabilities mainly due to higher Deferred Tax Liabilities.
Fixed Assets growth due to new acquisitions and project execution progress at Mahan (Phase-II 1,600 MW), Raipur (Phase-II 1,600 MW), and Raigarh (Phase-II 1,600 MW).
Prudent utilisation of surplus to fund capacity
expansion.
20 UPS: Unsecured Perpetual Securities; CWIP: Capital Work In Progress
APL: Robust Cashflow Generation
Summary Cash Flow Statement (Rs. In Crore) | FY25 | FY24 |
Profit after tax | 12,750 | 20,829 |
Non-cash items (incl. deferred tax) | 7,373 | 3,600 |
Non-operating items | 1,799 | -5,809 |
(Increase) / Decrease in working capital | -239 | -4,450 |
Net cash from operations | 21,682 | 14,170 |
Net investment in fixed assets | (12,540) | (2,602) |
Proceeds from / (Payment towards) Current investments (Net) | -626 | 281 |
Bank / Margin Money Deposits (placed) / withdrawn (Net) | 512 | (4,545) |
Interest received | 90``4 | 9,316 |
Other items | (189) | 909 |
Net cash from investing activities | (11,939) | 3,360 |
Net Borrowings (repaid) / raised | (4,252) | (6,030) |
Net Proceeds / (Repayment / Distribution) for UPS | (4,948) | (7,278) |
Interest paid | (3,428) | (3,431) |
Net cash from financing activities | (12,628) | (16,739) |
Addition / (Reduction) on acquisition / forex Impact | 2,068 | -4 |
Net Increase / (Decrease) in Cash | (816) | 787 |
320 | 1,136 |
INR Crores
Strong and growing cash flow generation from
operations
profitability
on
back of stable operating
Cash flows deployed in capacity expansion as part of prudent capital management
Favourable resolution of regulatory matters resulted in higher one-time receipts including carrying costs in previous years.
Unsecured Perpetual Securities redeemed from residual surplus cash flows.
Cash inflows from acquisitions utilized in part payment of resolution amounts.
Closing Cash and Cash Equivalents
21 UPS: Unsecured Perpetual Securities
04
Debt profileAPL: Consolidated Debt Profile
INR Crores
Particulars
Senior Secured Loans
As on 31st March 2025
As on 31st March 2024
As on 31st March 2023
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
29,621
Working Capital Loans
9,087
6,397
5,672
Inter-Corporate Deposits and other unsecured loans (incl. CRPS) | 518 | 184 | 6,959 | ||
Total Gross Debt | 38,335 | 34,457 | 42,252 | ||
Net Total Debt | 31,023 | 26,545 | 39,434 | ||
Net Debt / MW | 1.77 | 1.74 | 2.89 | ||
Net Fixed Assets | 81,402 | 63,941 | 64,331 | ||
Net Fixed Assets / Net Total Debt (times) | 2.62x | 2.41x | 1.63x | ||
Continuing EBITDA | 21,575 | 18,789 | 8,540 | ||
Net Total Debt / Continuing EBITDA (times) | 1.44x | 1.41x | 4.62x | ||
Strong credit profile with high liquidity paving the way for superior growth without excess leverage
* Continuing EBITDA include EBITDA of 1,600 MW Godda power plant for partial period of FY24, while entire project debt pertaining to the plant is included in Senior and Total Debt as of 31st March 2023 and 31st March 2024. The Godda
23 project was commissioned during Q1 FY24. CRPS: Compulsory Redeemable Preference Shares.
APL: Consistent improvement in EBITDA delivering free cashflow for growth
60,281
43,041
27,842
28,150
31,686
FY20
FY21
FY22
FY23
FY24
FY25
58,906
+16% CAGR
Reported Total Revenues (₹ Crore)
Reported PAT (₹ Crore)
20,829
10,727 | 12,750 | |||||
4,912 | ||||||
1,270 | ||||||
-2,275 FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
28,111
Reported EBITDA (₹ Crore)
Continuing EBITDA
24,008
2,433
2.57
1.86
0.99
0.65
0.50
5.32
Senior Term Debt / Equity Ratio (times)
7,059
10,597
CAGR of 30%
13,789
14,312
9,322
1,285 3,745
5,800 5,772
18,789
21,575
5,774 6,852 7,989 8,540
FY20 FY21 FY22 FY23 FY24
FY25
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
APJL: Adani Power Jharkhand Limitred; MEL: Mahan Energen Limited; EBITDA: Earnings before Interest, Tax, Depreciation and Amortization; PAT: Profit After Tax; TTM: Trailing Twelve Months
24
APL: Self Funded Growth - Conservative Leverage supports high cashflow generation
Rating Agency | April 2019 | March 2023 | March 2025 | |
BB+/Stable | - | AA/Stable | ||
- | A/Positive | AA/Stable | ||
- | A/Stable | AA/Stable | ||
- | - | AA/Stable |
8 notches upgrade in last 6 years with increased coverage from one rating agency to four rating agencies
Rating Track Record
6
years
8 notches ▲
Net Debt to Continuing EBITDA (x)
45,957
45,822
39,434
9.7
9.2
26,545
31,023 3
21,575
7.4
7,989
8,540
18,789
4,715
5.7
1.4
1.4
4.6
5,774
6,852
52,987 50,626
Key Rating highlights:
Significant cash inflow of long due regulatory receivables due to favorable resolution of regulatory issues
Resulting into strengthening of balance-sheet and improved credit profile
80%+ of 17.55 GW capacity is tied up under
long term PPA
60% of fuel capacity (91% of domestic capacity) is tied up under long term FSA
₹ 31,023
Crore
Mar '25 Net Debt
₹ 21,575
Crore
Mar '25 Continuing EBITDA
₹ 45,957
Crore
FY19 Net Debt
₹ 4,715
Crore
FY19 Continuing EBITDA
1.44 times
Mar'25 Net Debt / Continuing EBITDA
9.7 times
FY19 Net Debt / Continuing EBITDA
FY19 FY20 FY21 FY22 FY23 FY24 FY25
m: million | Cr: Crores | k: Thousand | MMT: Million Tonnes | MMTPA: Million Metric Tonnes Per Annum | EBITDA: Earning before Interest, Tax, Depreciation & Amortization | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | FSA: Fuel Supply
25 Agreement | O&M: Operations & Maintenance | kWh: kilo Watt hours | TTM: Trailing Twelve Months
05
Progress in Capacity Expansion ProjectsAPL: Attractive Portfolio of Locked In Assets - Derisked execution with competitive advantages
Projects under progress
Locked-in Organic Growth projects in advanced stages of development
Mahan Ph-II
1,600 MW
Raipur Ph-II
1,600 MW
Raigarh Ph-II
1,600 MW
Mirzapur
1,600 MW
Mahan Ph-III
1,600 MW
11.2 GW
100% BTG
equipment ordered
4.8 GW
Projects in construction phase
1.32 GW
Acquired project being revived
2.92 GW
PPAs already
signed
Derisked execution
Project MW Land
Equipment Ordering
Environmental Clearance
1,320 MW
1,600 MW
Bids ongoing
Bid submitted
Bids ongoing
PPA
Korba Ph-II
1,320 MW
In progress
Bids ongoing
Brownfield development model:
No delay on account of land acquisition
Faster clearances and permissions
In progress
In progress
Kawai Ph-II
1,600 MW
Bids ongoing
Korba Ph-III
1,600 MW
In progress
Bids ongoing
Organic Total
12,520 MW
100%
100%
50%
2,920 MW
VIPL
(under acquisition)
600 MW
Commissioned
Bids ongoing
Total
13,120 MW
53%
2,920 MW
Project execution control:
Greater flexibility in scheduling and direct assurances from vendors and suppliers
Project supply chain assurance:
Assured availability of most critical parts of the power projects, through advance ordering of 11.2 GW of BTG sets
100%
100%
m: million | Cr: Crores | k: Thousand | MMT: Million Tonnes | EBITDA: Earning before Interest, Tax, Depreciation & Amortization | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | O&M: Operations & Maintenance | BTG: Boilers, Turbines, and Generators | ESP: Electrostatic Precipitator | HRSCC: High-Rate Solid Contact Clarifier | (1) Expected on basis of submitted bid (2) APL holds 49% in Moxie Power Generation Ltd., the Special Purpose Vehicle of the acquiring Consortium; (3) The National Company
27 Law Tribunal has approved the Scheme of Amalgamation of Adani Power (Jharkhand) Ltd. with APL on 4th April 2025
Unit #3 - Boiler
Unit #3 - Turbine Generator Deck
Unit #3 - Electrostatic Precipitator
Unit #3 - Turbine Generator Deck
BTG Area Aerial View
APL Project Gallery: Project execution expertise being demonstrated capably across large & complex 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)
Unit #3 Electrostatic Precipitator Hopper erection work progress
Main Power House and Central Control Room Structure
High-Rate Solid Contact Clarifier
MW: Mega Watts | BTG: Boiler, Turbine and Generator
28
06
ESG Practice at APLAPL: ESG Highlights
Material Topic
Targets
Key ESG Initiatives/Achievements
UN SDGs
Climate Change Adaptation
and Mitigation
Reduction in GHG emission intensity to 0.84 tCO2e/MWh by FY 25
Climate Change Adaptation and mitigation
Average Emission intensity - 0.85 tCO2e/MWh.
Water Management
Water Intensity is 2.21 m3/MWh for FY 25 which is 36% lower than Statuary limit for Hinterland plants (3.50 m3/MWh).
APL achieved ash utilization of 102% for FY 25.
Waste Management
07 out of 09 APL operating locations certified with SUP Free certification
Waste
Management
Single-use-Plastic-Free (SuPF) Certified Company for 100% of operating
locations by FY 25
Health, Safety and Well-being
All Plants and Offices assessed on working conditions and health and safety
Zero health and safety related injuries
ESG Rating Highlights
APL maintained B Score For Fulfilling Climate Change and Water Security Commitments from CDP for 2024.
Health and Safety
0
Zero health & safety related injuries
APL's score of 67 in Corporate Sustainability Assessment (CSA) by S&P Global, is above the world electric utility average score of 42.
APL's score 88% in CSR HUB ESG Rating Jan'24 is better than the global industry average.
Scored 3.5/5.0 in FTSE ESG rating - better than world utilities average score of 2.7/5.0.
APL is a constituent company in the FTSE4Good Index Series.
SUP: Single Use Plastics l MWp: Mega Watt Peak l O&M: Operation & Maintenance l GHG : Green House Gas l APJL: Adani Power Jharkhand Limited l MEL: Mahan Energen Limited
30 UNSDG: United Nations Sustainability Development Goals l ESG : Environment Social Governance l APL: Adani Power Limited | tCO2e: Tonnes of Carbon Dioxide Equivalent