Adani Power Limited on Wednesday posted a manifold jump in consolidated net profit to Rs 4,779.86 crore in the quarter ended June 2022, on account of growth in income.
The consolidated net profit of the company in the year-ago period was at Rs 278.22 crore, according to a regulatory filing.
The company’s total income rose to Rs 15,509 crore in the June quarter. It was at Rs 7,213.21 crore in the same period last year.
Expenses stood at Rs 9,642.80 crore during the quarter under review compared to Rs 6,763.50 crore in the preceding fiscal.
“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 since 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.
Part of the diversified Adani Group, APL is the largest private thermal power producer in India.
The company has an installed thermal power capacity of 13,610 MW spread across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh, apart from a 40 MW solar power plant in Gujarat.
During the first quarter of FY23, APL and power plants of its subsidiaries achieved an average plant load factor of 58.6 per cent and aggregate sales volumes of 16.3 billion units (BU) on an installed base of 13,650 MW.
Commenting on the quarterly results of the company, 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 since 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,” Mr Sardana said.
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