 "Adani Power Q4 result: Net profit down 48% at Rs 2,737 cr, revenue up 30%")
Gautam Adani-led Adani Power on Wednesday reported a 47.8 per cent decline in consolidated net profit to Rs 2,737 crore for the quarter ended March 2024 (Q4FY24). The power company had reported a net profit of Rs 5,242 crore in the year-ago period (Q4FY23), according to its stock exchange filing.
At Rs 2,737 crore, the company's net profit remained unchanged from the previous quarter (October-December).
During Q4, the company's total income was Rs 13,881.52 crore, against Rs 10,795.32 crore in year-ago quarter.
During Q4, the company's total income was Rs 13,881.52 crore, against Rs 10,795.32 crore in year-ago quarter.
However, for the entire FY24, the net profit almost doubled to Rs 20,828.79 crore from Rs 10,726.64 crore registered in FY23.
The expenses stood at Rs 10,323.58 crore in the period under review, compared to Rs 9,897.60 crore in the year-ago period.
Revenue from operations increased 30 per cent to Rs 13,363.69 crore from Rs 10,242.06 crore in the same quarter last financial year.
The revenue reported for FY24 stood at Rs 60,281 crore, almost 40 per cent more than the Rs 43,041 crore in FY23.
Commenting on the quarterly results, Gautam Adani, chairman, Adani Group, said: “As India transitions to a more sustainable energy future, the Adani portfolio of companies will continue to provide innovative, reliable, and scalable solutions to support the nation’s economic growth and help realise the aspirations of its billion plus citizens."
He added: "Adani Power is a key component of our long-term strategy, supplying reliable base load power across a vast part of the country, executing benchmark-setting projects, creating assets of national importance, and balancing supply to enable greater integration of renewables in the grid. We are committed to continuous innovation across businesses and creating sustainable value for all stakeholders.”
He added: "Adani Power is a key component of our long-term strategy, supplying reliable base load power across a vast part of the country, executing benchmark-setting projects, creating assets of national importance, and balancing supply to enable greater integration of renewables in the grid. We are committed to continuous innovation across businesses and creating sustainable value for all stakeholders.”
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According to the statement to stock exchanges on the outcome of the board meeting, the company also appointed Sangeeta Singh as additional director (Non-Executive, Independent) for an initial term of three years. Singh has worked in various capacities as member of Central Board of Direct Taxes (CBDT), principal chief commissioner of income tax, among others.
Shares of Adani Power had on April 30 closed 2.87 per cent higher than their previous close at Rs 612.55 apiece on BSE. The Indian stock market was closed on May 1 on account of Labour Day.
Check Adani Power's complete Q4FY24 result here