Adani Power Shares Gain Over 3% On 848% Jump In Net Profit, EBITDA Up By 202%

Adani Power shares surged 3.44% at Rs 377.55 per token at 2:47 pm IST on Thursday after the company reported robust results for the quarter ending September 30, 2023. In its Q2FY24 results, the company's net profit grew 848% at Rs 6,594.17 crore compared to Rs 695.33 crore in the year-ago quarter. The Adani Group firm said that during the quarter its consolidated revenue from operations rose 84% to Rs 12,990 crore compared to Rs 7,044 crore, YoY.

The stark rise in the stock's share price following the announcement of the results showed that investors are pleased with the company's Q2 results.

According to the results, the company's consolidated continuing EBITDA for Q2 FY24 rose 202% at Rs. 4,336 Crore against Rs. 1,438 Crore for Q2 FY23; due to greater sales volumes, lower fuel cost, and higher merchant tariffs.

Highlights of Adani Power Q2 Results:

• Consolidated continuing EBITDA for Q2 FY24 higher by 202% at Rs. 4,336 Crore vs Rs. 1,438 Crore for Q2 FY23; due to greater sales volumes, lower fuel cost, and higher merchant tariffs.
• Consolidated continuing total revenue for Q2 FY24 higher by 61% at Rs. 12,155 Crore vs Rs. 7,534 Crore in Q2 FY23; mainly due to greater sales volumes.
• Consolidated Profit After Tax for Q2 FY24 was higher by 848% at Rs. 6,594 Crore vs Rs. 696 Crore for Q2 FY23; due to improved EBITDA, higher one-time income, and recognition of deferred tax asset.
• Consolidated power sale volume at 35.6 BU in H1 FY24, up by 30% from 27.3 BU in H1 FY23 due to improved power demand and higher operating capacity.
• Consolidated continuing total revenues higher by 26% at Rs. 23,767 Crore in H1 FY24 vs Rs. 18,831 Crore in H1 FY23; due to greater sales volumes.
• Consolidated continuing EBITDA for H1 FY24 higher by 79% at Rs. 8,457 Crore vs Rs. 4,732 Crore in H1 FY23; due to greater volumes and lower fuel cost.
• Consolidated Profit After Tax for H1 FY24 higher by 180% at Rs. 15,354 Crore vs Rs. 5,475 Crore in H1 FY23; due to improved EBITDA, higher one-time income, and recognition of deferred tax asset.

Meanwhile, today Adani group's flagship firm Adani Enterprises has also released its results for the second quarter. Adani Enterprises reported a 51% YoY dip in its consolidated net profit for the quarter ending in September 2023.