ADANIPOWER / Q1-FY25 / claim-ledger

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Adani Power · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY25 · 2024-07-30Back to quarter ↗

Questions audited

12

Answered directly

88%

Numeric claims

0

Consistency

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Question ledger

What was answered, and how?

Brahat Shah · ASK Investment Managers

partial

Update on acquisition timeline for Lanco Amarkantak, KSK Mahanadi, Coastal Energy.

Both, you know, the inorganic acquisitions of Lanco and, and Coastal, the awards are reserved, and we're expecting that the result will be announced very soon.

Brahat Shah · ASK Investment Managers

direct

Are lower battery costs and SECI tariffs a threat to merchant thermal?

battery is yet not really competitive as compared to the thermal... solar power would be available only for 7-8 hours, and rest of the 16 hours, the base load would be made from the thermal only.

Brahat Shah · ASK Investment Managers

direct

How are we looking at tying up PPAs for organic expansion and which states?

three states are already there with their bids. Maharashtra, 1,600 MW thermal, UP, 1,600 MW thermal, and Rajasthan, 3,200 MW thermal... duration of 25 years.

Brahat Shah · ASK Investment Managers

direct

For acquisition plants, how much capacity is tied up and merchant available?

In case of Coastal... one unit of 600 MW is tied up under the PPA with the Tamil Nadu, and one unit is available under merchant. In case of Lanco Amarkantak, the entire 600 MW is tied up... 1,320 MW... is open.

Brahat Shah · ASK Investment Managers

direct

What was merchant sale in units and spreads compared to last year?

the revenue realization is INR 7.45 on an average for the quarter. The cost was INR 2.89, so there was a contribution of INR 4.56. Last year, the tariff was INR 7.57... coal cost was INR 3.86... contribution was INR 3.71.

Brahat Shah · ASK Investment Managers

direct

Are merchant sales mostly bilateral or exchange?

It is mostly bilateral, less than one year... 70%-80% is tied up for less than a year under the bilateral agreements, and balance is sold through the power exchange.

Puneet · HSBC

direct

Thoughts on keeping merchant capacity open vs tying up with PPAs?

we are keeping around 20% under merchant... we don't want to expose us for market risk more than the 20%.

Puneet · HSBC

direct

Is credit available for merchant capacity or must use internal accruals?

Credit is available nowadays even for merchant also... In case of our Mahan project, we have tied up capacity of 1,320 MW out of 1,600 MW. Partial capacity is already considered by the financial institutions for funding.

Puneet · HSBC

direct

How are you protecting against future carbon taxes? Do PPAs allow pass-through?

any carbon tax would be obviously would be a change in law, and therefore it would be passed through under the PPA.

Puneet · HSBC

evasive

What other acquisition opportunities are you evaluating besides KSK and Lanco?

I cannot give you names of these targets. But we are evaluating the opportunities as they come... we look at certain criteria for selecting...

Brahat Shah · ASK Investment Managers

direct

How do you balance risk and reward between merchant and PPAs?

we want to tie up 80% of the capacity through long-term PPAs, which will give us stable returns. And 20% we are keeping open...

Brahat Shah · ASK Investment Managers

direct

What volume growth rate are you aiming for over 5-6 years?

We have never given in terms of capacity, numbers more than this. So this is our announced and notified capacity... we are going to have capacity about 30 gigawatt, as against today's 15 gigawatt.