Adani Power Limited recorded a multiple jump in consolidated net profit on Wednesday to Rs 4,779.86 crore in the quarter ended June 2022, due to income growth.
The company’s consolidated net profit in the period from a year ago was 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.
The cost was Rs 9642.80 crore during the quarter under review, compared to Rs 6,763.50 crore in the previous fiscal year.
“We have been able to effectively capitalize on the opportunities presented by the market situation, leveraging our diversified fleet and operational excellence to meet rising power demand. Regulatory issues that have long been unresolved have been almost completely resolved, increasing visibility is enhanced and we are provided with liquidity to propel our drive to deliver on our long-term strategies and meet our stakeholder value ambitions…” said Anil Sardana, Managing Director of Adani Power Limited, in a separate declaration.
As part of the diversified Adani Group, APL is the largest private producer of thermal energy in India.
The company has an installed thermal capacity of 13,610 MW across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh and Madhya Pradesh, excluding a 40 MW solar power plant in Gujarat.
During the first quarter of FY23, APL and its subsidiaries’ power plants achieved an average utilization rate of 58.6 percent and total sales volume of 16.3 billion units (BU) on an installed basis of 13,650 MW.
Commenting on the company’s quarterly results, Mr. Sardana said: “As the world goes through a period of heightened uncertainty and hyperinflation in commodity prices due to geopolitical conflicts, the Indian energy sector has also faced price challenges. However, pragmatic policy decisions and abundant natural resources have protected the economy from the worst impacts.”
“Adani Power Ltd has been able to effectively capitalize on the opportunities presented by the market situation by leveraging its diversified fleet and business excellence to meet the rising demand for power. Regulatory issues that have long been unresolved have been almost completely resolved, leaving the improving visibility and providing liquidity to fuel our drive to deliver on our long-term strategies and meet our stakeholder value ambitions, while maintaining our utmost commitment to ESG aspects,” said Mr. Sardana.
(This story was not edited by DailyExpertNews staff and was generated automatically from a syndicated feed.)