ADANIPOWER · Power
Adani Power Ltd. reported revenue of ₹13,671 cr for October to December 2024, +5.2% on the year and +2.5% on the quarter.
Operating profit (EBITDA) was ₹5,023 cr, a margin of 36.7%, +99 bps on the year and −281 bps on the quarter. Over the last 7 quarters the margin has ranged from 31.9% to 41.4%, averaging 37.4%. Operating costs grew +3.6% against revenue growth of +5.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹2,940 cr, +7.4% on the year and −10.9% on the quarter, with earnings per share of ₹1.59. Profit before other income, one-offs and tax grew 1.8%, so 6 points of the headline growth came from outside the core business. The tax rate was 28% against an average of 20% over the previous 4 quarters, which weighed on profit this quarter.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹6.77 over the last four quarters, the stock at ₹206.00 trades at 30.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹12,991 cr | ₹13,364 cr | ₹14,956 cr | ₹13,339 cr | ₹13,671 cr | ₹14,237 cr | ₹14,109 cr | ₹13,457 cr | ₹12,451 cr | ₹14,223 cr | ₹18,902 cr | ₹19,439 cr |
| YoY | — | — | +36% | +3% | +5% | +7% | −6% | +1% | −9% | −0% | +34% | +44% |
| EBITDA margin | 35.8% | 36.3% | 41.4% | 39.6% | 36.7% | 33.8% | 40.3% | 38.3% | 34.0% | 33.3% | 42.1% | 42.3% |
| Other income, % of PBT | 11% | 15% | 11% | 18% | 29% | 9% | 11% | 21% | 18% | 40% | 8% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 15% | 23% | 20% | 20% | 28% | 20% | 21% | 27% | 16% | 3% | 24% | −3% |
| Net profit | ₹2,738 cr | ₹2,737 cr | ₹3,913 cr | ₹3,298 cr | ₹2,940 cr | ₹2,599 cr | ₹3,305 cr | ₹2,906 cr | ₹2,488 cr | ₹4,271 cr | ₹4,867 cr | ₹7,019 cr |
| YoY | — | — | −55% | −50% | +7% | −5% | −16% | −12% | −15% | +64% | +47% | +142% |
| Core profit YoY | — | — | +159% | +4% | +2% | −3% | −15% | −9% | −17% | −12% | +57% | +102% |
| EPS | ₹1.42 | ₹1.42 | ₹2.03 | ₹1.73 | ₹1.59 | ₹1.37 | ₹1.76 | ₹1.53 | ₹1.29 | ₹2.08 | ₹2.49 | ₹3.59 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 3 | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Adani Power Ltd. reported revenue of ₹13,671 cr (+5.2% on the year) and net profit of ₹2,940 cr (+7.4% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +1.8% on the year, against +7.4% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.