Adani Power stock hits lower circuit of 5%, recovers in afternoon trade

Shares of Adani Power ended lower for the third consecutive session today amid weak broader market sentiment. The stock hit lower circuit of 5 per cent for the second consecutive session in afternoon trade today amid the ongoing market correction but pared losses around 2: 00 pm. Adani Power stock ended 4.60 per cent lower to Rs 255.20 against the previous close of Rs 267.60 on BSE.

On Tuesday, the stock closed 5 per cent lower against the previous close of Rs 281.65 on BSE. The share has fallen 12.19 per cent in the last three sessions. The stock opened with a loss of 3.49 percent at Rs 258.25 today

Market cap of the firm fell to Rs 98,467 crore. Total of 30.30 lakh shares of the firm changed hands amounting to a turnover of Rs 98,062 crore on BSE. In a month, the stock has risen 10 per cent.

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The large cap stock trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. The stock hit a 52-week high of Rs 312.30 on April 28, 2022 and a 52-week low of Rs 69.95 on August 24, 2021.

Meanwhile, the Adani Group firm has reported standalone quarterly earnings for Q4. Net sales came at Rs 444.04 crore in March 2022 quarter, up 28.21 per cent from Rs. 346.33 crore in March 2021. Quarterly net loss widened to Rs 31.74 crore in March 2022vfrom Rs 351.03 crore in March 2021. EBITDA for Q4 came at Rs 153.17 crore in March 2022 against Rs. 173.04 crore in March 2021.

For the quarter ended March 2022, the Adani Group firm reported a multi-fold rise in consolidated profit after tax (PAT) at Rs 4,645 crore for the quarter ended March 31, 2022 against a net profit of Rs 13 crore in the year-ago period.

Consolidated revenue zoomed 93 per cent year-on-year (YoY) to Rs 13,308 crore as against Rs 6,902 crore in the same quarter of last fiscal. The consolidated EBITDA, or earnings before interest, taxes, depreciation, and amortization rose 271 per cent to Rs 7,942 crore from Rs 2,143 crore in the same quarter last year.