Adani Power Ltd Q4 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Puneet Gulati - HSBC - Analyst : Congratulations on good numbers. My question is on new capacity. Can you talk about how much existing capacity you already have which is not tied up with PPA? And what is the plan for new capacity commissioning in terms of timeline, which is without a PPA?

Question: Puneet Gulati - HSBC - Analyst : Does it have any PPA for this 1.6? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 02, 2024 / 10:00AM, ADAN.NS - Q4 2024 Adani Power Ltd Earnings Call

Question: Puneet Gulati - HSBC - Analyst :

Question: Puneet Gulati - HSBC - Analyst : Understood. And can you talk about which all DISCOMs have expressed interest in bring -- in signing thermal power PPAs?

Question: Puneet Gulati - HSBC - Analyst : Okay. And just following up on this, if I may. Now NTPC, for example, already has some old signed PPAs, which it will revive. And Coal India also is not talking about new thermal plants. Do you think there is enough demand for a non-Coal India, non-NTPC kind of DISCOMs who will sign PPA? Is there enough demand for thermal sites?

Question: Akhilesh Bhandari - Millennium Capital - Analyst : Sir, firstly, on the fuel cost. So the average fuel cost per unit was 3.33 per unit. Considering the current spot prices as well as the inventory which you already have at the plant, is there a scope for further reduction as compared to this level? Or is it expected to broadly remain the same?

Question: Akhilesh Bhandari - Millennium Capital - Analyst : Yes. I was just trying to understand from a merchant profitability standpoint. Sir, secondly, what about the prior period revenue?

Question: Akhilesh Bhandari - Millennium Capital - Analyst : Sir, from looking at the prior period revenue, so how much of the prior period revenue which we have booked till now, how much of that has already -- the cash is already coming from the DISCOMs? How much is left? And is there any matter which has been referred to the higher authorities? Or everything, you've now done?

Question: Akhilesh Bhandari - Millennium Capital - Analyst : But the cash is already being received, right? That would be a fair assessment?

Question: Akhilesh Bhandari - Millennium Capital - Analyst : And sir, sorry if I missed this if you had mentioned this earlier. But currently, what is the capacity quantum which is not tied up on the long-term PPA? If you can give some color on the -- any short-term contracts which you have -- which are already ongoing for the next maybe couple of quarters or for the summer quarter?

Question: Akhilesh Bhandari - Millennium Capital - Analyst : And sir, last question. When is the --

Question: Akhilesh Bhandari - Millennium Capital - Analyst : Okay. And sir, when is the supply expected to begin under the PPA, which you have tied up with Reliance? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 02, 2024 / 10:00AM, ADAN.NS - Q4 2024 Adani Power Ltd Earnings Call

Question: Akhilesh Bhandari - Millennium Capital - Analyst : Okay. Understood.

Question: Nikhil Abhyankar - ICICI Securities Limited - Analyst : Yes. So sir, we have witnessed a new -- so you just had a new tariff order in FY '24. So are there any benefits in terms of cost savings? And if there are any, then what is the quantum of it?

Question: Nikhil Abhyankar - ICICI Securities Limited - Analyst : Sir, the tariff order, the CERC tariff order.

Question: Nikhil Abhyankar - ICICI Securities Limited - Analyst : Yes. Correct.

Question: Nikhil Abhyankar - ICICI Securities Limited - Analyst : So are there any opportunities for increased cost savings as per the new regulations? And if there are any, what is the quantum of it, if you have any estimate? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 02, 2024 / 10:00AM, ADAN.NS - Q4 2024 Adani Power Ltd Earnings Call

Question: Nikhil Abhyankar - ICICI Securities Limited - Analyst : Okay. And sir, you mentioned about the capacity targets of around 24 gigawatts. So what is the time line for this target?

Question: Nikhil Abhyankar - ICICI Securities Limited - Analyst : Okay. And the Mahan 2, what is the total CapEx for this project?

Question: Nikhil Abhyankar - ICICI Securities Limited - Analyst : INR12,200 crores.

Question: Nikhil Abhyankar - ICICI Securities Limited - Analyst : INR13,500 crores. Okay. And sir, all the ordering for this plant is done? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 02, 2024 / 10:00AM, ADAN.NS - Q4 2024 Adani Power Ltd Earnings Call

Question: Nikhil Abhyankar - ICICI Securities Limited - Analyst : Right. Okay. And sir, you mentioned that the Godda receivables have substantially reduced after the stabilization. So if you can mention the exact actual numbers?

Question: Nikhil Abhyankar - ICICI Securities Limited - Analyst : Against a bidding of $90 million? $33 million we have received against a bidding of $90 million or $19 million?

Question: Puneet Gulati - HSBC - Analyst : My question is on this new PPA tie-up that you've done with Reliance. How should one think about the economics of the same? Is it a fixed ROE kind of project for you? Or is there room to make higher margins in certain circumstances? Can you talk about it, please?

Question: Bhavya Gandhi - iWealth - Analyst : Congrats for a good set of numbers. One data point I was just requiring that. What is our CapEx plan for FGD in the current year?

Question: Bhavya Gandhi - iWealth - Analyst : Okay. And sir, any ballpark CapEx for 1 megawatt? Any ballpark number to it?