In the second quarter, Adani Power’s profit surges by 201.6% to 696 cr
- ByStartupStory | November 12, 2022
Adani Power Ltd., a subsidiary of the diversified Adani Group, stated Friday that gross profit after tax (PAT) increased by 201.6 percent to Rs. 695.53 crore for the quarter ended September 30, 2022, from Rs. 230.6 crore in the same quarter last year.
Total revenue for Q2 FY 2022–23 was Rs. 8,445.99 crore, up 51.5% from Rs. 5571.76 crore in Q2 FY 22 due to stronger pricing adjustments and greater one-time income of Rs. 771 crore, according to the business.
Total EBITDA for Q2 FY23 is up 51% to 2,350 crore compared to 1,551 crore in Q2 FY22, owing to increased one-time income.
“Plain power continues to serve as the foundation of India’s stable grid.” This allows it to invest in renewable energy to meet the country’s ambitious goal of reducing carbon concentrations. Even when the world is fighting the effects of political uncertainty in the energy sector, India’s natural resources, such as solar, wind, and coal, have helped to protect its economy despite its dependence on fossil fuel imports. Adani Power is perfectly positioned to support India’s growing energy demand and provide stability. Providing a reliable and affordable power supply while ensuring the betterment of the community around us, we will continue to seize value-added opportunities and execute our long-term growth strategy to enhance our portfolio. Adani Group’s Energy Folio and Natural Gas and Solar Collaboration,” Adani Power Limited’s Managing Director, Anil Sardana, stated.
Minutes before the market close, Adani Power announced its quarterly earnings, and its share price is currently trading at 361.20 on the NSE, down under 2.75 percent.
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