Adani Power Q3 Consolidated Net Profit Dips 96%

Adani Power, an Indian power and energy company, part of Adani Group, reported a 96% on-year dip in its consolidated net profit to ₹8.7 crore for the quarter ended 31 December, 2022 (Q3FY23). The company had reported a profit of ₹218.5 crore in the same quarter last year. Revenue from operations rose 44.8% to ₹7,764.4 crore as compared to ₹5,360.9 crore a year ago. The firm’s total expenses surged to ₹8,078.31 crore in the quarter under review from ₹5,389.24 crore. Consolidated operating profit, calculated as EBITDA or earnings before interest, taxes, depreciation, and amortisation came in at ₹1,469.7 crore, down 17% as against ₹1,770.8 cr in the same period a year ago. The proposed Scheme for Amalgamation of Adani Power with six of its operating subsidiaries has received approval of its secured creditors. Anil Sardana, Managing Director at Adani Power Limited said the company is well placed in terms of liquidity to meet its present commitments and growth requirements. During the quarter, the company and its subsidiaries achieved an average Plant Load Factor (PLF or capacity utilisation) of 42.1 per cent and power sale volume of 11.8 Billion Units (BU). The stock of Adani Power was among the top multibagger stocks of 2022, rising more than 200% during the period.