Adani Group: On Wednesday, Adani Power Limited posted a mammoth increase in consolidated net profit to Rs 4,779.86 crore in the quarter that ended in June 2022 on growth in income account. The net profit of the company for the same period a year ago was Rs 278.22 crore as per the regulatory filing.
The company’s net income rose to ₹ 15,509 crores in the June quarter. It was at ₹ 7,213.21 crores in the same period last year. Expenses stood at ₹ 9,642.80 crores during the quarter under review compared to ₹ 6,763.50 crores in the initial fiscal.
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“We have been able to utilise the opportunities presented by the market situation effectively, leveraging our diversified fleet and operations excellence to meet rising power demand. Regulatory issues that were outstanding for a long are nearing full resolution, improving visibility and providing us liquidity to propel our drive to realise our long-term strategies and meet our stakeholder value aspirations..,” Anil Sardana, Managing Director of Adani Power Limited, said in a separate statement.
The company has established a thermal power capacity of 13,610 MW spread across all seven power plants in Gujarat, Maharashtra, Rajasthan, Chhattisgarh, Karnataka, and Madhya Pradesh apart from a 40 MW solar power plant in Gujrat.
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In the first quarter of FY23, Adani Power Limited and its subsidiaries achieved an average plant load factor of 58.6%, and sales of 16.3 Billion Units (BU) on its already installed base of 13,650 MW.
While commenting on the company’s quarterly result, Mr Sardana said, “as the world goes through a period of increased uncertainty and hyperinflation in commodity prices caused by geopolitical conflict, India’s energy sector has also faced price-adversity. However, pragmatic policy decisions and abundant natural resources have shielded the economy from its worst impact.”
“Adani Power Ltd has been able to utilise the opportunities presented by the market situation effectively, leveraging its diversified fleet and operations excellence to meet rising power demand. Regulatory issues that were outstanding for a long are nearing full resolution, improving visibility and providing us liquidity to propel our drive to realise our long-term strategies and meet our stakeholder value aspirations duly keeping our utmost commitment to ESG aspects,” he further added.
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