Adani Power Q4 Results: Q4 FY24 Continuing Revenue Grows 29% YoY, PAT Down 48%

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The Adani Group, one of the most renowned global conglomerates, based in India, announced one of its company’s, Adani Power Q4 results of FY2023-24 on 1 May 2024. Among the group’s relevant companies, Adani Power has come out on top in Q4, citing a Continuing Revenue growth of 29% YoY and a doubling of YoY EBITDA, reaching  ₹5,273 Crore. To add to these extraordinary results, the Company continues to shine as it records Consolidated Power Sale Volume at a whopping 22.1 Billion Units (BU) in Q4 FY24, up by 55% relative to 14.3 BU in Q4 FY23, the rise attributed to improved power demand, larger installed capacity, and lower import coal prices.


Adani Power’s quarterly results never cease to amaze as it continually comes out shining. The Company, for Q4, has recorded yet another quarter of proficient financial and operational performance with expansion and increased demand for its units. With a larger installed capacity and lower fuel costs, the Company has managed to post excellent profitability figures. Such enduring figures are shown in its Profit Before Tax, sharply surging to ₹3,558 Crore for the quarter, as against ₹898 Crore for Q4 FY 2022-23. With high Continuing Revenue for Q4 and the doubling of its EBITDA YoY, positions the Company in a sweet spot as it has achieved the post-satisfactory resolution of all its major regulatory matters with tariffs under PPAs now having sufficient fuel cost recovery. Adani Power is set to embark on the new fiscal year with all the strength and more of the previous fiscal year. 

Explore: Adani Power Ltd Share Price

5 Key Financial Highlights

A crown jewel in the Adani Group of Companies, Adani Power is a single company that is propelling the conglomerate to success and prosperity. The Adani Power Q4 results have risen to the occasion once again, portraying solid growth financial figures, and the 5 key financial highlights are mentioned below:

  • Consolidated Continuing Total Revenue for Q4 FY24 was higher by 29% at ₹13,787 Crore relative to ₹10,664 Crore in Q4 FY23, led by higher sales volumes.
  • Consolidated Continuing EBITDA for Q4 FY24 more than doubled to ₹5,273 Crore relative to ₹2,329 Crore for Q4 FY23, backed by greater revenues and lower import fuel prices.
  • Consolidated Profit Before Tax for Q4 FY24 rose nearly four times and reached ₹3,558 Crore as against ₹898 Crore for Q4 FY23 driven by higher reported EBITDA and lower leverage.
  • Depreciation Charge for the quarter rose to ₹990 Crore, as a result of the commissioning of the Godda plant.  
  • Finance Costs for Q4 went up to ₹820 Crore, also due to the commissioning of the Godda project. Nonetheless, the rise in Finance Costs was chiefly moderated due to reduced borrowings and a drop in interest rates after upgrades in credit ratings. 

Additional Read129 Indian Companies to Release Q4 Results

A Forerunner in Operational Excellence

Adani Power, with its mission to provide sustainable and affordable power to all of India, is one step closer to achieving its goals with each successive quarter. While maintaining operational excellence and power grid expansion, the Company’s profitable operations in business have seen it through another profitable year and a prospective quarter. Here are some other important aspects of the Company’s Q4 results: 

  • In Q4, the Installed Capacity of the Company stood at 15,250 MW against 13,650 MW recorded in Q4 FY23 (MW = Mega Watts)
  • The Plant Load Factor was up in Q4, at 71.5% as against 52.0% in Q4 FY23.
  • In Q4, in terms of Units Sold, there were 22.1 BU sold relative to Q4 FY23 when 14.3 BU were sold (BU = Billion Units)
  • The Operating Performance for Q4 FY 2023-24 includes the 1600 MW Godda Ultrasupercritical Thermal Power Plant of Adani Power’s subsidiary, Adani Power (Jharkhand) Limited (APJL), which was commissioned in Q1 FY 2023-24. 
  • In Q4 and FY2023-24, higher volumes were largely contributed by almost all plants, with the Mundra plant leading the pack. 
  • Sales Volumes of Domestic power sales continued to be backed by rising power demand all over India, and the falling prices of coal and alternate fuel. 

Additional Read: Quarterly Results

Key Financial Metrics - Consolidated Q4 (FY2023-24) Financial Results (Income Statement) of Adani Power (in ₹ Crore)


Q4 FY24

Q4 FY23

Change % (+/-)

Continuing Revenue from Operations




Total Continuing Income




Total Reported Income




Continuing EBITDA




Reported EBITDA




Profit Before Tax




Profit After Tax




Adani Power - Onward and Forward

The results of the fourth quarter of Adani Power have just shown that the Company is forging ahead with expansion plans for its power plants to raise its unit capacity even further. According to its management, Adani Power’s Q4 results have portrayed its unwavering attempts to optimise its operations and adopt technology for the same. The Company’s aims for the fiscal year to come include cost-effective power generation and meeting the need for more sustainable power sources. With this vision in mind, the Company is looking forward to extending its thermal power footprint by the addition of 1600 MW in one of its plants as well as exploring other inorganic acquisition opportunities. 

Additional Read: Annual Results


Adani Power Q4 results have delivered positive numbers as well as confirming the Company’s operational excellence in terms of cutting costs and surcharges and expanding its portfolio. With the acquisition of new projects, the Company is on the anvil of being an indispensable power source for India in the future.

Results for the Fourth Quarter and Full Year Ended March 31, 2024

Source: Press Release on BSE

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Frequently Asked Questions

What is the future of Adani Power going into FY25, based on the Q4 results of Adani Power?

Answer Field

Adani Power already has a solid position in the Power sector in India. With its growth and expansion plans to extend thermal power plants and make power more affordable to remote parts of India, the Company is set to see more successful quarters ahead.

Were there any significant results in the Q4 results of the Adani Power Company?

Answer Field

Yes, the Q4 EBITDA more than doubled compared to that of the EBITDA in Q4 FY2023.

Were the Q4 results of Adani Power profitable?

Answer Field

Yes, the Adani Power Q4 results were promising with continuing Revenues and EBITDA rising compared to the same figures of the same quarter of the previous fiscal year. Continuing Revenue was higher by 29% YoY. The EBITDA more than doubled compared to the same quarter of the previous fiscal year.

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