Adani Power shares hit upper circuit post Q4 results; zoom over 180% in one year

Shares of Adani Power rose 5 per cent to hit an upper circuit on BSE after the company reported multi-fold rise in consolidated profit after tax (PAT) at Rs 4,645 crore for the quarter ended 31 March, 2022. The Adani group subsidiary had reported a net profit of Rs 13 crore in year-ago period.

The company's consolidated total revenue zoomed 93 per cent year-on-year (YoY) to Rs 13,308 crore as against Rs 6,902 crore in the same quarter last fiscal.

Also read: Adani Power Q4 results: Net profit zooms to Rs 4,645 cr, EBIDTA rises 271%

Of late, the shares of thermal power producer Adani Power have been on a roll. The stock has delivered multibagger returns to its shareholders. In the past one year, the share price jumped from Rs 97 to Rs 279.50, logging around 188 per cent return in this period.

The scrip has delivered over 500 per cent return in three year. Long-term investors have made big gains by investing in this stock as it has surged around 1,000 per cent in the last four years.

Recently, Adani Power became the sixth Adani Group firm to hit a market capitalisation of Rs 1 lakh crore. One key reason behind the rise in stock is the rise in demand for power which has forced power producers such as Adani Power to manufacture with full capacity.

According to a report by Edelweiss Alternative & Quantitative Research, Adani Power is also expected to be included in the MSCI India index and the announcement is likely to be made on May 13.

Commenting on the quarterly results, Gautam Adani, Chairman, Adani Group said, “Availability of reliable power supply to various sectors across the nation is critical to India’s economic growth. The Adani Group stands committed to fulfilling India’s energy needs in a sustainable, reliable, and affordable manner.

Our diversified presence across the energy value chain helps us ensure that this vital input is always available to power the economy, even during times of global volatility, and helps advance the vision of progress and prosperity for all.”