Adani Power may post Q1 loss Rs 341 cr, PLF seen flat

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26 Aug, 2025 12:21

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Adani Power is expected to report a loss of Rs 341 crore in April-June quarter against loss of Rs 303 crore in the year-ago period, according to average of estimates of analysts polled by CNBC-TV18.

Revenue is seen rising 6.2 percent year-on-year to Rs 5,550 crore during the quarter. Core operating profit (ex-forex) may fall 3.1 percent on yearly basis to Rs 1,641 crore and margin may decline 280 basis points to 29.6 percent in Q1FY16 but sequentially margin could improve almost 380 basis points.

Reported profitability is not comparable on year-on-year and quarter-on-quarter basis mainly due to the exceptional loss accounted in Q1FY15 (Rs 130 crore as liquidation damage on delay in date of commissioning of the Tiroda plant) and exceptional gain in Q4FY15 (Rs 660 crore on divestment of the transmission business).

Udupi financials will kick in June quarter onwards and transmission assets hive off will be effective; hence normalised net losses may shrink, feel analysts.

During Q1FY16, generation may grow 8.2 percent Y-o-Y to 15.7 billion units on account of the 660 MW capacity commissioning at the Tiroda plant and including additional generation from Udupi. PLF largely may remain flat Y-o-Y at 78 percent.

Moderation in fuel costs (decline in Indonesian coal prices) may help in improving the margin on sequential basis. Higher interest and depreciation after the acquisition of Udupi plant may result in another bottomline loss.

Analysts expect interest expenses to rise 9.1 percent Y-o-Y due to commissioning of 660 MW Unit V of the Tiroda plant.

Key factors to watch out for-Merchant volumes & realisations-Impact of Udupi consolidation especially on the debt levels-Coal Mix – Bunyu, Coal India and imported spot coal-Update on compensatory tariff