Adani Power, a leading power generation company, reported a 55% drop in net profit for the first quarter, coming in at Rs 3,900 crore compared to Rs 8,759 crore in the same quarter last year. Despite the fall in profit, the company’s revenue saw a significant increase of 36%, reaching Rs 14,717 crore from Rs 11,005 crore year-on-year.
The rise in revenue is attributed to the growing power demand across India. In the first quarter, aggregate power demand grew by 10.6%, while peak demand rose by 12% to a record level of 250 GW. Adani Power noted that this positive environment for the power sector led to higher offtake from both contracted and open capacities at its power plants.
Adani Power is a major private thermal power producer, boasting a thermal power capacity of 15.25 gigawatts (GW). The company also operates a large solar plant with a capacity of 40 MW in Naliya, Bitta, Kutch, Gujarat.
As of 3:26 pm, Adani Power’s stock was trading slightly lower at Rs 726.15 on the National Stock Exchange (NSE). Currently, no analysts have provided ratings on the stock, which has a market capitalization of Rs 2.8 lakh crore.
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Source: Moneycontrol
News Desk
