Adani Power Limited — Q3 FY25
Adani Power's Q3 FY25 results showed stable revenue of INR 13,434 crore, but continuing EBITDA declined 5% YoY to INR 4,786 crore due to lower merchant realizations (INR 4.54/un...
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Timelines for 1.4 GW PPA with MSEDCL
Asked by Mohit Kumar, ICICI Securities
Management provided specific timelines (42 months, 60 months, internal plan of 4 years).
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Question
My question was, what are the timelines for 1.4-gigawatt PPA, which is signed with MSEDCL? What is the timeline which you have to start supplying?
Shersingh B. Khyalia, CEO
As per the PPA, there is a time period of 42 months for the commissioning of the unit, and before that, there is a period of 18 months available for financial closure, so let us say total 60 months are available, but we are planning to commission this within a period of four years.
Answered
High priority
Timeline and CapEx for Lanco acquisition
Asked by Mohit Kumar, ICICI Securities
Management gave specific timeline (30 months) and CapEx estimate (INR 10,000 crores).
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Question
And on the Lanco, I think you've acquired in this quarter. Is that right understanding? And secondly, what is the, when do you expect this 1.3 gigawatt to be operational, in your opinion? And how much will be the CapEx which we need to incur?
Shersingh B. Khyalia, CEO
Commissioning of the balance work will be around 30 months. It will take around 30 months from, let us say, today. And as regards to CapEx is concerned, I think it should be around INR 10,000 crores.
Answered
High priority
Nature of one-time booking of INR 14 billion
Asked by Mohit Kumar, ICICI Securities
Management broke down the components of the one-time income with specific amounts.
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Question
And sir, can you please explain the one-time booking of this INR 14 billion and the nature of it?
Dilip Jha, CFO
So this is pertaining to one-time income we booked related to coal shortfall for Haryana DISCOM. This is more than INR 750 crore. Tiroda DSM, more than—so this is around INR 420 crore. And the LPS charges in the rest of the DISCOMs.
Answered
Medium priority
Recognition of Haryana compensation and future expectations
Asked by Puneet Gulati, HSBC Mutual Fund
Confirmed the recognition was new and explained the rationale.
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Question
So INR 916 was not accounted as income earlier in our P&L at all. Is that understanding correct?
Dilip Jha, CFO
Yeah. This is the understanding is correct. Because what we do, we first ensure about the consistency of this income in quarter one we had received. Then we waited to make it consistent in quarter two also we received. And finally, we saw that we are continuously receiving 50% payment.
Evasive
Medium priority
Future expectations from Haryana compensation
Asked by Puneet Gulati, HSBC Mutual Fund
Did not quantify future expectations, only stated current status.
no forward guidancevague
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Question
How much more should we expect from this going into the next few quarters?
Dilip Jha, CFO
We have received a bill of INR 1,908 crore, and we have received half of the amount, and let's see.
Answered
High priority
Status of Bangladesh power plant and payments
Asked by Puneet Gulati, HSBC Mutual Fund
Provided operational status and payment trend.
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Question
And lastly, the status of Bangladesh power plant? What's happening there?
Shersingh B. Khyalia, CEO
Bangladesh power plant is running as per the PPA. As per us, there is absolutely no issue, and we have not received any communication from other sides which has any issue related to PPA. The payment position is concerned, we are getting from last three, four months slightly more than the regular bill.
Partial answer
High priority
Contradiction between robust commentary and declining financials
Asked by Bharat Shah, ASK Investment Managers
CEO reframed robustness as volume growth; CFO cited reported EBITDA including one-time items, not continuing EBITDA.
reframed the questionused different metric
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Question
I'm a little confused about your initial comments about third-quarter numbers being strong and robust, but barring the volumes having gone up 8% in the third quarter compared to the last year's third quarter, our operating revenues have declined 3%, continuing EBITDA has declined 5%, and profit before tax from the continuing activity has declined 18%.
Shersingh B. Khyalia, CEO and Dilip Jha, CFO
The robustness is with reference to the total supply which we have done. ... the prices in the market have gone down this year because of various reasons... For quarter three, yeah, my reported EBITDA was INR 6,185 crore. As against that, last time, the quarter three, same period, this was INR 5,009 crore.
Answered
High priority
Bangladesh outstanding dues
Asked by Bharat Shah, ASK Investment Managers
Provided specific outstanding and overdue amounts.
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Question
Or Bangladesh, what are the outstanding deals as of the moment?
Shersingh B. Khyalia, CEO
It is around INR 800 million, Bharatbhai, as of now is outstanding, and overdue is something around INR 700. And something around INR 100 million, there is a difference between they and us because of reconciliation.
Answered
Medium priority
Impact of reducing technical minimum from 55% to 40%
Asked by Vinod Chari, PhillipCapital
Explained the regulatory trajectory and company's compliance plan.
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Question
So just wanted to understand your view that there is a thought of bringing down the coal-fired technical minimum from 55% - 40%. So what do you think will happen in such a scenario?
Shersingh B. Khyalia, CEO
So the government has already given a trajectory whereby the various units of the power stations of the entire country are divided, and they have to reach, let us say, those targets by 2025, 2026, 2027, 2028, 2029. So our two units are there in the next year to achieve the 40%.
Partial answer
High priority
PPA visibility and financial closure for 12.5 GW pipeline
Asked by Nikhil Nigania, AllianceBernstein
No concrete PPAs beyond Maharashtra; financial closure not detailed.
no specific PPA visibilityvague on financial closure
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Question
So am I correct to understand the BTG orders have been placed for the entire quantum? And then accordingly, but do we have PPA visibility? ... And B, have we achieved financial closure for this entire quantum?
Shersingh B. Khyalia, CEO and Dilip Jha, CFO
For the entire 11.2 gigawatts, we have obviously placed the orders of BTG. ... we hope that the states will come out with the bids, and we should be in a position. We are very confident that we should be in a position to tie up this entire capacity under the long-term PPA. ... we are not going for any project-to-project financial closure.
Answered
Medium priority
Impact of lower demand growth on thermal capacity requirement
Asked by Anish Bhayani, Avendus Spark Institutional Equity
Addressed the scenario and explained that even lower growth supports their capacity.
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Question
If the growth is subdued, then wouldn't the incremental capacity requirement on the thermal side not be there? Your views on that.
Shersingh B. Khyalia, CEO
This is sort of a sensitivity analysis which you are asking. ... even at 60,000 megawatts, we are perfectly okay because in that 60,000 bucket, also, our capacity expansion of 11,000 is not going to, let us say, make more power available.
Evasive
Medium priority
Use of surplus cash flow given strong earnings
Asked by Bharat Shah, ASK Investment Managers
No concrete allocation or strategy provided; only generic promise.
no specific planvague assurance
Read the exchange
Question
how do you propose to utilize the cash which will be excess rather than whether you will have cash flow need to be funded through borrowing?
Dilip Jha, CFO
I can assure you that this surplus cash flow will be utilized in a manner that it will give the best of the industry return across we can have in the future.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Reported EBITDA Q3 FY25 INR 6,185 crore | ₹6,185 cr | ₹4,786 cr | Overstated vs filing |
| Continuing EBITDA Q3 FY25 INR 4,786 crore | ₹4,786 cr | ₹4,786 cr | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.