Adani Power profit surges 142% on strong demand amid weak rains
Adani Power has reported a 142% increase in net profit for the July-September quarter. This profit was driven by strong electricity demand and exceptional prior-period income. Operating revenue for the company saw a nearly 30% increase compared to the previous year. The company also recognized significant revenue due to adjustments in historic energy charges under its power purchase agreements.
Mumbai: Adani Power on Friday reported a 142% increase in its net profit in the July-September quarter, boosted by strong demand for electricity amid a weak monsoon season and an exceptional income. Profit after tax rose to ₹7,019.3 crore for second quarter from ₹2,906.5 crore a year earlier, the company said in a statement. Operating revenue increased nearly 30% to ₹17,014.1 crore from ₹13,106.3 crore.Read more: Jio IPO breaks 12 records: Rs 4.5 lakh crore bids, highest applications and moreHigher power production, an increase in tariffs under its power purchase agreements (PPAs) following a sharp rise in the price of imported coal, and improved realisation from selling electricity in the open market boosted revenue, Adani Power said.Additionally, there was a prior-period revenue recognition of ₹2,422.2 crore the past quarter, primarily due to a revision in historic energy charges under certain PPAs, the company said.
