Lower merchant realizations
Merchant realization fell to INR 4.54/unit from INR 6.86/unit last year due to lower demand and seasonality, impacting profitability.
ADANIPOWER / Q3-FY25 / risks
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Adani Power · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Demand growth slowdown
Analyst raised concern that if power demand growth slows to 5%, incremental thermal capacity requirement may be lower than expected.
Competition from solar plus storage
Analyst questioned whether solar plus battery at INR 3-3.50/kWh could reduce need for new coal PPAs; management argued thermal remains essential for base load.
Bangladesh payment reconciliation
Outstanding from Bangladesh is ~INR 800 crore, with ~INR 100 crore pending reconciliation due to formula interpretation issues.