Adani Power records over 800% jump in Q2 net profit to Rs 6,594 crore

MUMBAI: Adani Power on Thursday reported a consolidated net profit of Rs 6,594 crore for the July-September quarter of the current financial year, which represents a whopping 848 per cent jump over the corresponding figure of Rs 696 crore in the same period last year.

The figure includes a one-time gain of Rs 1,371 crore as tax credit.

The company’s revenue from operations was Rs 12,990.58 crore, up 84.42 per cent from Rs 7,043.77 crore in the same quarter of the previous year mainly due to higher sales volumes.

"This increase in revenue was a result of greater sales volumes including the contribution of the Godda power plant and higher merchant sales. Lower import coal prices helped in higher offtake of power under import coal-based Power Purchase Agreements (PPAs) of Mundra and Udupi plants. Tariffs under these PPAs are determined according to approved regulatory processes and track international coal prices," according to an Adani Power statement.