Adani Power's Q1 net profit falls 55% despite revenue surge
Adani Power has reported a 55% year-on-year (YoY) drop in its consolidated net profit, for the first quarter ending June 2024. The company's net profit fell to ₹3,913 crore from ₹8,759 crore in the same period last year. However, this financial setback was counterbalanced by a substantial increase in revenue from operations. The revenue saw a YoY rise of 36%, climbing to ₹14,956 crore during this period from ₹11,005 crore in the previous year.
Continuing profit and revenue see growth
Despite the dip in net profit, Adani Power's continuing profit witnessed a significant YoY rise of about 95% to ₹4,483 crore. In tandem with this trend, the company's continuing revenue from operations also saw a substantial increase of 30% YoY. This financial performance comes as the firm transitions into an era of greater regulatory certainty, following the resolution of all major regulatory matters and recovery of regulatory dues during FY24.
Company reports increased power sale volume
Adani Power's consolidated power sale volume for the first quarter stood at 24.1 billion units (BU), marking an increase of around 38% YoY from 17.5 BU in Q1 FY24. This surge was attributed to higher power demand and larger effective operating capacity.
Adani Power's share price falls
Adani Power's share price fell 1.68% to ₹717 on the National Stock Exchange today. This occurred even as the first quarter saw a strong growth in power demand, with aggregate demand growing at 10.6% YoY and peak demand at 12%, reaching a record level of 250GW. Higher volumes during the first quarter were contributed by almost all factories led by Mundra and Mahan, in addition to Godda, the second 800MW unit of which was commissioned on June 26.
