Adani Power

Adani Power Limited. Adani Power Limited is a holding company. The Company is engaged in providing electric power generation by coal-based thermal power plants and coal trading. Its business activity is undertaken at Mundra Thermal Power Plant of the Company in Gujarat and Thermal Power Plant of its subsidiaries at Tiroda (Maharashtra), at Kawai (Rajasthan) and at Udupi (Karnataka). It has approximately five power projects. The Company operates an aggregate of approximately 10,480 megawatts generation capacity comprising of over 4,620 megawatts at Mundra; approximately 3,300 megawatts at Tiroda; over 1,320 megawatts at Kawai; approximately 1,200 megawatts at Udupi, and over 40 megawatts (solar) at Kutch, Gujarat. It focuses to sell the power generated from these projects under a combination of long term Power Purchase Agreements and on merchant basis. Its subsidiaries include Adani Power Maharashtra Limited, Adani Power Rajasthan Limited, Udupi Power Corporation Limited and Adani Power Resources Limited.
  • TickerADANIPOWER
  • ISININE814H01011
  • ExchangeNational Stock Exchange of India
  • SectorElectricity
  • CountryIndia

An increasingly favourable environment allows ADANI POWER LTD. to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of ADANI POWER LTD. (IN), a company active in the Conventional Electricity industry. As regards its fundamental valuation, the title confirms its rating of 2 out of 4 stars while its market behaviour remains as moderately risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date May 29, 2020, the closing price was INR 36.40 and its expected value was estimated at INR 32.57.

Shirish Rane

Adani Power's Q3FY20 results (Underperformer) - Merchant power portfolio increases to 3.7GW

Q3FY20 results highlights: APL acquired Raikheda and Korba power plants in July 2019 and August 2019. Korba commercial operation has restarted from December 2019 while Raikheda PLF operated at a PLF of 55% in Q3FY20.  Note that Raikheda power plant short term PPA has expired in December 2019. PLF of the key power plants in Q3FY20: a) Mundra PLF was 75% (vs 64%) b) Tiroda TPS PLF was 74% (vs 86%) c) Kawai TPS PLF was 75% (vs 69%) d) Udupi TPS was 21% (vs 63%). Overall, the power plants reported a PLF of 68% (vs 73%) owing to sharp decline in Udupi PLF.  Overall  generation grew by 5% yoy t...

Shirish Rane

Event update: Adani Power (Underperformer) - Liquidation of compensatory tariff in 5-6 quarters

We present key takeaways from Adani Power (APL) analyst day, which we attended at their corporate office in Ahmedabad Key Highlights Approved compensatory tariff to be liquidated over 5-6 quarters: APL has received approval orders for Rs234bn of compensatory tariff from various regulators. Of this, DISCOMs have paid Rs50bn and APL expects to receive the balance Rs184bn over next 5-6 quarters. The total compensatory tarff is ~50% of the total long-term debt. Additional Compensatory tariff of Rs70bn expected in bid 2 PPA of Gujarat:  Supreme Court had directed CERC to determine the compensa...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior

Shirish Rane

Adani Power's Q2FY20 results (Underperformer) - Acquisition of power plants; APTEL allows complete recovery in Kawai

Q2FY20 results PLF of the key power plants has improved considerably : a) Mundra PLF was 73% (vs 71% in Q2FY19)  and PAF of 84%) b) Tiroda TPS PLF was 71% (vs 63% in Q2FY19) and PAF of 78% c) Kawai TPS PLF was 57% (vs 68% in Q2FY19) d) Udupi TPS was 11% (vs 25% in Q2FY19) and PAF was 75%.  However, lower PLF at Kawai and Udipi plant has resulted in generation decline by 5% to 13.8BU. APL reported EBITDA of Rs12bn (vs estimate of Rs18bn), +2.5% yoy led by lower generation and merchant sale of Mundra PPA 2 capacity. As a result, adjusted loss for the quarter was Rs8.6bn (est of loss of Rs85...

Shirish Rane

Adani Power's Q3FY20 results (Underperformer) - Merchant power portfolio increases to 3.7GW

Q3FY20 results highlights: APL acquired Raikheda and Korba power plants in July 2019 and August 2019. Korba commercial operation has restarted from December 2019 while Raikheda PLF operated at a PLF of 55% in Q3FY20.  Note that Raikheda power plant short term PPA has expired in December 2019. PLF of the key power plants in Q3FY20: a) Mundra PLF was 75% (vs 64%) b) Tiroda TPS PLF was 74% (vs 86%) c) Kawai TPS PLF was 75% (vs 69%) d) Udupi TPS was 21% (vs 63%). Overall, the power plants reported a PLF of 68% (vs 73%) owing to sharp decline in Udupi PLF.  Overall  generation grew by 5% yoy t...

Shirish Rane

Event update: Adani Power (Underperformer) - Liquidation of compensatory tariff in 5-6 quarters

We present key takeaways from Adani Power (APL) analyst day, which we attended at their corporate office in Ahmedabad Key Highlights Approved compensatory tariff to be liquidated over 5-6 quarters: APL has received approval orders for Rs234bn of compensatory tariff from various regulators. Of this, DISCOMs have paid Rs50bn and APL expects to receive the balance Rs184bn over next 5-6 quarters. The total compensatory tarff is ~50% of the total long-term debt. Additional Compensatory tariff of Rs70bn expected in bid 2 PPA of Gujarat:  Supreme Court had directed CERC to determine the compensa...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior