Adani Power on Wednesday reported consolidated net profit of Rs 634.64 crore for the fourth quarter ended March 31, 2019, mainly on the back of higher revenues.
It had posted a consolidated net loss of Rs 653.25 crore in the same period previous fiscal, the company said in a BSE filing.
According to the filing, total income of the firm rose to Rs 8,077.89 crore in March quarter, from Rs 4,161.19 crore a year ago.
The company's consolidated net loss for 2018-19 narrowed to Rs 984.40 crore from Rs 2,102.95 crore in the previous fiscal. Total income rose to Rs 26,361.63 crore compared to Rs 21,093.43 crore in 2017-18.
The Board has also recommended enabling resolutions for seeking approval of the shareholders at the ensuing annual general meeting to raise funds by issue of equity shares or convertible bonds or other convertible securities etc through qualified institutional placement (QIP) or GDR or ADR or FCCBs or FCEBs etc for an aggregate amount up to Rs 7,000 crore.
It has also approved the appointment of Suresh Jain as the Chief Financial Officer of the company from May 30, 2019.
Adani Power also said Rajat Kumar Singh, the existing Chief Financial Officer of the company has resigned from the post.
Power sold in FY19 was 15 per cent higher at 55.2 BUs (billion units) as compared to 48.0 BUs in FY18. The power sold during March quarter last fiscal was up 110 per cent at 16.6 BUs as against 7.9 BUs a year ago.
The average plant load factor (PLF) achieved during FY19 was 64 per cent, against 55 per cent achieved in the previous fiscal. Average PLF or capacity utilisation achieved during March quarter was 79 per cent, as compared to 37 per cent in the year-ago period.
"Recent months have seen a veritable transformation in India's electricity sector regulation, which will go a long way in restoring the financial robustness of private sector power plants, and supporting economic growth through reliable and affordable power supply to the end consumers.
"The Adani Group, with its established Pit-to-Plug presence, is confident of leveraging its strengths to achieve its long term goals, and contributing significantly to nation building," its Chairman Gautam Adani said in a statement.
Adani Power (APL), a part of the diversified Adani Group, is a private thermal power producer. It has a thermal power generation installed capacity of 10,440 MW spread across four power plants in Gujarat, Maharashtra, Karnataka and Rajasthan, apart from a 40 MW solar power plant in Gujarat.