Adani Power Ltd has declared strong financial results for the fiscal quarter ending December 31, 2023, including a spectacular multi-fold increase in consolidated net profit to Rs 2,738 crore. This amazing rebound from the previous year’s earnings drop of Rs 9 crore is due to robust industrial demand and intelligent business decisions.
The company’s revenue increased by 67% in the third quarter of FY24, hitting Rs 12,991 crore from Rs 7,764 crore in the same period last year. S B Khyalia, Adani Power’s CEO, emphasized the company’s dedication to excellence, noting, “Adani Power continues to demonstrate its leadership across domains.”
Khyalia attributed the accomplishment to strategically positioned power plants, excellent capacity allocation, strong fuel management and logistics, and exceptional power plant operations and maintenance. The company’s capacity to fulfill rising electricity demand while maintaining strong profitability has resulted in increased liquidity, which has facilitated debt reduction.
He further highlighted on ongoing developments, adding that the brownfield capacity expansion of 1,600 MW at Mahan is on track. Adani Power intends to expand its leadership inorganically, contributing to nation-building initiatives by supplying dependable electricity while promoting sustainability.
On the stock market front, Adani Power’s BSE share price closed 4.4% higher at Rs 542.5 on Thursday. The improved trajectory is consistent with a broader revival of Adani Group firms, which is progressively returning to levels seen prior to the Hindenburg Research study from January of last year. The investigation accused inappropriate use of tax havens and stock manipulation, which the group categorically denied.
Despite initial difficulties and a $150 billion drop in market value, the Adani Group has successfully reduced losses to around $47 billion. The strong Q3 results highlight the group’s tenacity and recovery in the face of adversity.
Analysts credit the 8.7% increase in India’s energy generation during the December quarter to festive activities and robust industrial demand. This increase in industrial power usage greatly boosted Adani Power’s total revenue growth.
As the company works to rebuild market confidence, these favorable results represent a huge step forward for Adani Power in the energy industry.
This article contains material from Reuters.