Updated January 25th, 2024 at 18:32 IST
Adani Power Q3 profit surges to Rs 2,738 crore; revenue up 67% YoY
The company's revenue has surged 67% year over year at Rs 12,991 crore.
Adani Power Q3: Billionaire Gautam Adani-led Adani Power has reported a consolidated net profit of Rs 2,738 crore for the quarter ended December 2023, as against Rs 9 crore in the year-ago period. The company's revenue has surged 67 per cent year over year at Rs 12,991 crore.
Adani Power shares ended 4.63 per cent higher at Rs 544 apiece on the NSE on Thursday, January 25, 2024.
Adani Power's profit had tanked 96% to Rs crore in the year-ago quarter on surging fuel costs. The company has since been reporting higher quarterly profit. Electricity generation in India rose 8.7 per cent from a year earlier in the December quarter, which analysts attribute to festive activities and strong industrial demand.
Earlier this week, rival JSW Energy reported a 28 per cent jump in quarterly profit. India's industrial output grew at its fastest pace in 16 months in October, with a 20.4 per cent increase in electricity generation, data from the Ministry of Statistics showed. Industrial output rose 2.4 per cent in November, and data for December is due next month.
The increase in industrial power consumption bolstered Adani Power's revenue, which increased 67 per cent to Rs 12,991 crore. The results come as shares of Adani Group companies inch to levels seen prior to a scathing report from US short-seller Hindenburg Research in January last year, alleging improper use of tax havens and stock manipulation. The conglomerate has denied all allegations.
While the group lost $150 billion in market value in the initial months following the report, it has since pared losses to about $47 billion. Adani Power is one of the two main Adani Group companies that have exceeded their pre-Hindenburg levels, the other being Adani Ports.
(With Reuters inputs.)
Published January 25th, 2024 at 17:46 IST