Adani Power profit zooms over 9 times to Rs 6,594 crore in September quarter

Billionaire Gautam Adani-backed Adani Power on Thursday reported over 9-fold or 848 per cent surge in net profit for quarter ended September 30, on account of recognition of deferred tax assets.

Adani Power's net profit at the end of second quarter of current financial year came in at Rs 6,594 crore, marking a whopping jump of 848 per cent or 9.5 times from Rs 695 crore during the same period last year. The sharp jump in profit came after the company recognised deferred tax assets of Rs 1,371 crore, as compared to Rs 696 crore in the year ago period.

Consolidated profit for first half of current financial year jumped 180 per cent to Rs 15,354 crore after compared to Rs 5,475 crore in the same period last year.

Its revenue from operations advanced 84 per cent to Rs 12,991 crore compared with Rs 7,044 crore in the year ago period.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) also known as operating profit surged 445 per cent to Rs 5,171 crore from Rs 948 crore and operating profit margin nearly tripled to 40 per cent from 13.46 per cent in the year ago period.

“During Q2 FY 2023-24, APL and its subsidiaries achieved an average Plant Load Factor (“PLF”) of 58.3% and power sales volume of 18.1 Billion Units (“BU”), as compared to PLF of 39.2% and power sales volume of 11 BU in Q2 FY 2022-23. The operating performance for Q2 FY 2023-24 includes the 1,600 MW Godda Ultra-supercritical thermal power plant of APL’s subsidiary Adani Power (Jharkhand) Limited (APJL), which was commissioned in Q1 FY 2023-24. During the quarter, performance improved due to higher power offtake in Mundra, Udupi, Raipur, and Mahan plants apart from the incremental contribution of Godda, which has ramped up its operations satisfactorily in a short time after commissioning,” the company said in an earnings release.

"The Company’s proven capabilities are being supplemented with the deployment of digitalization, analytics, and cutting-edge technologies to provide stable, reliable, and affordable power supply in a sustainable manner. As opportunities in the Indian power market grow, we stand geared to enhance our contribution as the leading private power producer and to meet the nation’s growing energy needs,” said S B Khyalia, CEO, Adani Power.

Adani Power shares climbed as much as 7.7 per cent to hit intraday high of Rs 393 following its stellar performance in September quarter.