Adani Power Q3 results: Net profit soars multi-fold to Rs 2,738 cr, revenue up 67%
On Thursday, Adani Power's scrip on BSE closed trading 4.4% higher at Rs 542.5
- Jan 25, 2024,
- Updated Jan 25, 2024 7:06 PM IST
Adani Power Ltd on Thursday reported multi-fold jump in consolidated net profit at Rs 2,738 crore for the quarter ending December 31, 2023, as strong industrial demand drove a recovery from a massive slump in profit the previous year. It reported consolidated net profit of Rs 9 crore in the year-ago period.
The Adani Group firm's revenue rose 67% to Rs 12,991 crore in Q3FY24 as against Rs 7,764 crore in Q3FY23.
S B Khyalia, CEO, Adani Power Limited, said: "Adani Power continues to demonstrate its leadership across domains by achieving everhigher standards of excellence, as evidenced by the financial results for the third quarter of FY 2023-24. The Company’s strategically located power plants and optimal capacity allocation between PPAs and merchant capacities, coupled with its strength in fuel management & logistics and excellence in power plant O&M, have allowed it to address growing power demand and generate robust profitability.
"This has resulted in improved liquidity, which has in turn been utilized to reduce debt. The ongoing brownfield capacity expansion of 1,600 MW at Mahan is on track, while we are moving ahead to extend our leadership further inorganically. We are excited to be a part of nation-building efforts through provision of reliable electricity supply from our highly efficient power plants while keeping sustainability goals at the forefront of our agenda.”
On Thursday, Adani Power's scrip on BSE closed trading 4.4% higher at Rs 542.5.
Electricity generation in India rose 8.7% from a year earlier in the December quarter, which analysts attribute to festive activities and strong industrial demand.
The increase in industrial power consumption bolstered Adani Power's revenue, which increased 67% to Rs 12,991 crore.
The results come as shares of Adani Group companies inch to levels seen prior to a scathing report from US short-seller Hindenburg Research in January last year, alleging improper use of tax havens and stock manipulation. The conglomerate has denied all allegations.
While the group lost $150 billion in market value in the initial months following the report, it has since pared losses to about $47 billion.
With inputs from Reuters
Adani Power Ltd on Thursday reported multi-fold jump in consolidated net profit at Rs 2,738 crore for the quarter ending December 31, 2023, as strong industrial demand drove a recovery from a massive slump in profit the previous year. It reported consolidated net profit of Rs 9 crore in the year-ago period.
The Adani Group firm's revenue rose 67% to Rs 12,991 crore in Q3FY24 as against Rs 7,764 crore in Q3FY23.
S B Khyalia, CEO, Adani Power Limited, said: "Adani Power continues to demonstrate its leadership across domains by achieving everhigher standards of excellence, as evidenced by the financial results for the third quarter of FY 2023-24. The Company’s strategically located power plants and optimal capacity allocation between PPAs and merchant capacities, coupled with its strength in fuel management & logistics and excellence in power plant O&M, have allowed it to address growing power demand and generate robust profitability.
"This has resulted in improved liquidity, which has in turn been utilized to reduce debt. The ongoing brownfield capacity expansion of 1,600 MW at Mahan is on track, while we are moving ahead to extend our leadership further inorganically. We are excited to be a part of nation-building efforts through provision of reliable electricity supply from our highly efficient power plants while keeping sustainability goals at the forefront of our agenda.”
On Thursday, Adani Power's scrip on BSE closed trading 4.4% higher at Rs 542.5.
Electricity generation in India rose 8.7% from a year earlier in the December quarter, which analysts attribute to festive activities and strong industrial demand.
The increase in industrial power consumption bolstered Adani Power's revenue, which increased 67% to Rs 12,991 crore.
The results come as shares of Adani Group companies inch to levels seen prior to a scathing report from US short-seller Hindenburg Research in January last year, alleging improper use of tax havens and stock manipulation. The conglomerate has denied all allegations.
While the group lost $150 billion in market value in the initial months following the report, it has since pared losses to about $47 billion.
With inputs from Reuters