Adani Power Limited has informed the Exchange about Investor Presentation
ADANIPOWER · price
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Adani Power Limited (APL) filed its Credit Update presentation for FY25, highlighting strong credit metrics even as headline earnings dipped on lower one-time regulatory income. FY25 EBITDA was INR 23,917 cr (down 14.9% YoY from INR 28,108 cr) and PAT was INR 12,750 cr (down 38.8% from INR 20,829 cr), with revenue broadly flat at INR 58,906 cr. The decline was driven by far lower past-period regulatory income (INR 2,433 cr vs INR 9,322 cr in FY24). Underlying volumes were healthy – power sales rose 21% to 95.9 BU and plant load factor improved to 71% from 65%. Net Debt/EBITDA sharply improved to 1.28x from 2.27x, and APL's domestic rating was upgraded to AA/Stable across CARE, CRISIL, ICRA and India Ratings, with 100% of run-rate EBITDA now rated AA- or above. APL consolidated its SPV term loans into a single Rs. 19,700 cr facility with ~8-year average maturity, received a letter of intent to acquire Vidarbha Industries Power Ltd (VIPL), and signed a 1,496 MW long-term power supply agreement with MSEDCL tied to a 1,600 MW brownfield expansion.
The credit story is clearly strengthening – leverage has fallen to a multi-year low, ratings are at AA, and debt has been refinanced into a longer-tenor single facility, which should ease refinancing risk. However, the sharp drop in one-time regulatory income will weigh on near-term reported earnings, while new power supply pacts and the VIPL acquisition add medium-term growth visibility.