Adani Power Q2 Results: Adani Power reported a sharp jump of 848% in its consolidated net profit at ₹6,594.17 crore for the second quarter of FY24. The company’s net profit was ₹695.33 crore in the year-ago quarter.
The Adani Group firm’s consolidated revenue from operations in Q2FY24 rose 84% to ₹12,990 crore from ₹7,044 crore, YoY.
On the operational front, EBITDA during the quarter ended September 2023 increased to ₹5,170 crore from ₹948 crore, while EBITDA margin improved to 39.8% from 13.5% in the corresponding quarter of last fiscal.
Also Read: Adani Wilmar Q2 Results: Adani group firm posts net loss of ₹131 crore; revenue down 13% YoY; stock falls
The company earned tax credit at ₹1,371 crore during the quarter under review as against tax expense of ₹139 crore, YoY.
During Q2FY24, Adani Power and its subsidiaries achieved an average Plant Load Factor (PLF) of 58.3% as compared to PLF of 39.2% in the same quarter last year.
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Consolidated power sales volume increased to 18.1 Billion Units (BU) as compared to 11 BU in Q2FY23, due to improved power demand and higher operating capacity.
Consolidated continuing total revenue for the quarter was higher by 61% at ₹12,155 crore from ₹7,534 crore, YoY, mainly due to greater sales volumes.
“Adani Power has now cemented its position as India’s most reliable and competitive power generator with stable cash flows and high creditworthiness flowing from a secure revenue stream and a strategically located and reliable fleet with lowest emissions per unit of generation,” said S B Khyalia, CEO, Adani Power.
Also Read: Ambuja Cements Q2 Results: Net profit jumps over four times to ₹643.9 crore; revenue up 8% YoY
The operating performance for Q2FY24 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,” Adani Power said in a statement.
Adani Power share price surged over 7% after the announcement of Q2 results. At 2:25 pm, Adani Power shares were trading 2.81% higher at ₹375.25 apiece on the BSE.
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