Adani Power announces Q4 & FY25 results : Achieves 102 Billion Units power generation in FY25
Ahmedabad (Gujrat) : Adani Power Ltd. [“APL”], a part of Adani portfolio of companies, today announced the financial results for the fourth quarter ended 31st March 2025.
Commenting on the results, Mr. S B Khyalia, CEO, Adani Power Limited, said, “Adani Power has posted ever higher operating and financial performance for FY 2024-25, aptly demonstrating the strength and resilience of the Adani Portfolio companies. As we progress quickly in the next phase of capacity expansion, we are prioritising capital and cost efficiencies to sharpen our competitive edge and extend our sectoral leadership across key parameters. We are employing our deep, cross-domain expertise to make the business future ready to continue delivering superior returns over the long term. Our unrelenting commitment to sustainability, which has seen us rank among the best thermal power producers in the world on several counts, will continue to guide us on our growth journey.”
Consolidated Operating capacity grew from 15,250 MW in FY24 to 17,550 MW in FY25 on account of acquisition of the 1,200 MW Moxie Power Generation Ltd. [“MPGL”], 600 MW Korba Power Limited [“KPL”], and 500 MW Adani Dahanu Thermal Power Station [“ADTPS”].
Power generation of 102.2 BU achieved in FY25, which is 19.5% higher than 85.5 BU power generated in FY24.
Power sales under Power Purchase Agreements [“PPAs”] increased by 15.1% to 75.3 BU in FY25 as compared to FY24, and by 14.8% to 20.8 BU in Q4 FY25 as compared to Q4 FY24, on account of newly acquired capacity under PPAs as well as higher offtake driven by power demand and lower import coal prices.
Power sales under short-term contracts and in the merchant market increased by 46.7% to 20.6 BU in FY25 as compared to FY24, and by 37.2% to 5.6 BU in Q4 FY25 as compared to Q4 FY24, on account of growing peak demand.
All-India power demand grew by 3.5% to 415 BU in Q4 FY25 as compared to Q4 FY24. The full year power demand for FY25 grew by 4.2% to 1,695 BU as compared to FY24. The marginal slowdown in demand growth was primarily due to cold weather. However, demand picked up in the month of March 2025, which registered a growth of 6.6% over March 2024.
As a result of the cold weather and an increase in supply of electricity, average market clearing price on the Indian Energy Exchange declined by 15% year-on-year to Rs. 4.47/kWh in FY25 from Rs. 5.24/kWh in FY24. However, merchant prices have regained strength with the early onset of summer in 2025.
On 25th April 2025, Adani Power (Jharkhand) Limited [“APJL”] was amalgamated with APL, its holding company, effective from 1st April 2024 following the approval of the Scheme of Amalgamation by the Hon’ble National Company Law Tribunal, Ahmedabad bench [“NCLT”]. The erstwhile APJL operates the 1,600 MW Godda Ultra-supercritical Thermal Power Plant [“USCTPP”] in Godda District of Jharkhand, which supplies power to the Bangladesh Power Development Board under a 1,496 MW (net) cross-border PPA. As a result of this amalgamation, the power generation capacity of the Godda plant will form part of the standalone entity of APL.
The Committee of Creditors of Vidarbha Industries Power Ltd. [“VIPL”], a company operating a 2×300 MW (600 MW) thermal power plant at Butibori in Nagpur District of Maharashtra, 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 on 24th February 2025. Subsequent to this development, approval of the Hon’ble NCLT, Mumbai bench has been sought for implementation of APL’s resolution plan.
APL is now rated AA; Stable by four rating agencies: CRISIL, India Ratings, CARE Ratings, and ICRA for its bank loan facilities and the proposed issuance of Rs. 11,000 Crore Non-Convertible Debentures [“NCDs”].
India Ratings has also assigned AA; Stable ratings to the debt facilities of APL combined with the debt facilities of the erstwhile APJL following the amalgamation.
