Adani Power reports an 848% increase in Q2 net profit
Adani Power revealed a staggering 848% boost in its consolidated net profit for the quarter ending September 30, 2023, reaching Rs. 6,594 crore. This is much higher compared to the Rs. 696 crore during the same period last year. This significant increase includes a one-time gain of Rs. 1,371 crore as a tax credit. Consequently, the company's stock price climbed nearly 7% to Rs. 390.40 on BSE.
Revenue from operations up by 84.42%
The firm's operational revenue experienced an 84.42% growth, amounting to Rs. 12,990.58 crore, compared to Rs. 7,043.77 crore in the corresponding quarter of the previous year. This rise encompasses one-time prior period items of Rs. 1,125 crore due to domestic coal shortages. Adani Power credited the revenue expansion to increased sales volumes, including contributions from the Godda power plant and elevated merchant sales.
Improved power demand and higher operating capacity
In Q2 FY24, Adani Power and its subsidiaries clocked an average Plant Load Factor (PLF) of 58.3% and a power sales volume of 18.1 Billion Units (BU). This is significantly higher than the PLF of 39.2% and a power sales volume of 11 BU in Q2 FY23. This enhancement was a result of higher power demand and increased operating capacity.
EBITDA stands at Rs. 4,336 crore
The ongoing EBITDA for Q2 FY24 reached Rs. 4,336 crore, marking a 202% surge from Rs. 1,438 crore in Q2 FY23. This is primarily due to reduced fuel expenses, higher merchant tariffs, and the addition of the Godda power plant.
