Adani Power (ADANIPOWER) Q3 24/25 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q3 FY2025, supported by higher operating capacity, robust demand, and major acquisitions.

• Power sales volume grew 22% year-over-year to 69.5 BU in 9M FY25, with recurring revenue up 13% to ₹41,951 crore.

• Significant ESG improvements, with S&P Global CSA score rising to 68/100 and 100% fly ash utilization.

• Major regulatory matters resolved, including Supreme Court orders, successful amalgamation of subsidiaries, and compensation claims.

• Expansion projects progressing, with major equipment orders placed for 11.2 GW and ongoing construction at key sites.

Financial highlights

• 9M FY25 consolidated revenue: ₹44,370 crore; recurring EBITDA up 22% to ₹16,478 crore; PAT at ₹10,150 crore.

• Q3 FY25 revenue: ₹14,833 crore; EBITDA: ₹6,185 crore; PAT: ₹2,940 crore.

• Profit before tax for 9M FY25 grew 33% year-over-year to ₹10,679 crore.

• One-time prior period income of ₹1,400 crore recognized in Q3 FY25, mainly from regulatory claims.

• Basic & Diluted EPS for Q3 FY25: ₹7.67; 9M FY25: ₹25.70.

Outlook and guidance

• Targeting over 30 GW operating capacity by 2030, with 17.55 GW operating and 13.12 GW in the pipeline.

• Sectoral demand growth, easing fuel constraints, and new long-term PPAs expected to support further expansion.

• Management expects to benefit from rising Indian power demand and is focused on operational excellence and digitalization.