New Delhi, Feb. 8 -- Adani Power, an Indian power and energy company, which is a part of Adani Group, on Wednesday said its consolidated net profit dipped by 96% on-year to Rs.8.7 crore for the quarter ended 31 December, 2022 (Q3FY23). The company had reported a profit of Rs.218.5 crore in the same quarter last year.
The Adani Group firm's revenue from operations rose 44.8% to Rs.7,764.4 crore as compared to Rs.5,360.9 crore a year ago.
Meanwhile, consolidated operating profit, calculated as EBITDA or earnings before interest, taxes, depreciation, and amortisation came in at Rs.1,469.7 crore, down 17% as against Rs.1,770.8 cr in the same period a year ago.
EBIT margin shrunk to 18.9% from 33% reported in December quarter of last financial year.
In the September quarter of this financial year, Adani Power had reported a 401.6% rise in consolidated profit after tax (PAT) at Rs.695.53 crore as against Rs.230.6 crore loss in the corresponding quarter last year.
Anil Sardana, Managing Director at Adani Power Limited said, "Adani Power Limited has consistently demonstrated its superior skills in project execution, excellence in power plant operations, and capabilities in fuel and logistics management, which has helped it turn around stressed power assets acquired under schemes of corporate debt resolution, apart from setting various benchmarks in its greenfield power plants."
"With resolution of most of its regulatory issues now, the Company is well placed in terms of liquidity to meet its present commitments and growth requirements. Adani Power Limited, with its strategically located and efficient power plants, is poised to gain maximum advantage from India's growing power demand and provide stable, reliable and affordable power supply, while ensuring the betterment of communities around it," Sardana added.
Ahead of earnings announcement, shares of Adani Power Ltd were up 4.99% to settle at Rs.181.90 apiece on the NSE today. Adani group stocks have rebound in last two days since the company announced it is working towards paring its debt.
The stock of Adani Power was among the top multibagger stocks of 2022, rising more than 200% during the period. Published by HT Digital Content Services with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at mailto:email@example.com">firstname.lastname@example.org