Adani Power Reports 848% Jump in Q2 Profit, Shares Surge Over 7%

2 Nov 2023 , 02:31 PM

Adani Power reported a substantial 848% increase in consolidated net profit, reaching Rs 6,594.17 crore for the second quarter of FY24, compared to Rs 695.33 crore in the same quarter the previous year.

Consolidated revenue from operations in Q2FY24 surged by 84% to Rs 12,990 crore from Rs 7,044 crore in the previous year.

EBITDA for the quarter ending in September 2023 increased to Rs 5,170 crore from Rs 948 crore, and the EBITDA margin improved from 13.5% to 39.8% year-on-year.

The company experienced a tax credit of Rs 1,371 crore in the quarter, in contrast to a tax expense of Rs 139 crore in the previous year.

Adani Power and its subsidiaries achieved an average Plant Load Factor (PLF) of 58.3% during Q2FY24, compared to 39.2% in the same quarter the previous year.

Consolidated power sales volume reached 18.1 Billion Units (BU) in Q2FY24, up from 11 BU in Q2FY23, driven by increased power demand and higher operating capacity.

The company’s continuing total revenue for the quarter increased by 61% to Rs 12,155 crore from Rs 7,534 crore year-on-year, primarily due to higher sales volumes.

The Q2FY24 operating performance includes the 1,600 MW Godda Ultra-supercritical thermal power plant of Adani Power’s subsidiary, Adani Power (Jharkhand) Limited (APJL), which was commissioned in Q1 FY 2023-24.

Adani Power attributed the improved performance in the quarter to higher power offtake in various plants, including Mundra, Udupi, Raipur, and Mahan, along with the positive contribution of the recently commissioned Godda plant. Following the Q2 results announcement, Adani Power’s share price surged over 7% and was trading 2.81% higher at Rs 375.25 apiece on the BSE.

For feedback and suggestions, write to us at [e-mail]