Adani Power share price rises over 3% after strong Q1 net profit growth | Mint – Mint

Adani Power share price gained over 3% in the early trade on Friday after the company reported a sharp jump in its net profit for the quarter ended June 2023. Adani power shares rose as much as 3.65% at the opening to 284.95 apiece on the BSE.
Adani Power, the Adani group company, on Thursday, had posted a net profit of 8,759 crore for the first quarter of FY24, registering a robust growth of 83% from 4,780 crore in the same quarter last year.
The company’s revenue in Q1FY24, however, declined 19.8% to 11,006 crore from 13,723 crore in the corresponding quarter of last fiscal.
Consolidated EBITDA during the quarter under review fell 35% to 3,514 crore from 5,412 crore, while EBITDA margin declined to 32% from 39%, YoY.
Read here: Adani Power Q1 results: Profit surges 83% on smaller tax bill
Adani Power’s installed capacity grew to 15,250 MW as of June 30, 2023, from 13,650 MW as of June 30, 2022, after commissioning of the 1,600 MW Godda Ultra-supercritical Power Plant, which supplies cross-border power to Bangladesh.
The company achieved an average consolidated Plant Load Factor (PLF) of 60.1% and sales of 17.5 Billion Units (BU) on an installed capacity of 15,250 MW, as compared to consolidated PLF of 58.6% and sales volume of 16.3 BU on an installed capacity of 13,650 MW in the quarter ended 30th June 2022.
At 9:45 am, Adani Power share price was trading 0.75% higher at 276.95 apiece on the BSE. 
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