On Thursday, Adani Power's scrip on BSE closed trading 4.4% higher at Rs 542.5
Adani Power reported a multi-fold increase in net profit to Rs 2,738 crore for the December quarter of 2023-24 on Thursday. This improvement was primarily driven by better sales volumes and a decrease in cost increases. Year-over-year (Y-o-Y), the revenue from operations increased by 67% in Q3FY24 to reach Rs 12,991.44.
The firm reported that, as a result of higher revenues and reduced import fuel prices, its consolidated continuing EBITDA (earnings before interest, taxes, depreciation, and amortization) for the quarter over quadrupled to Rs 5,059 crore on a year-over-year (Y-o-Y) basis. Due to increased installed capacity and better power demand, the company reported that power sale volumes in the reviewed quarter were 21.5 billion units, up 82% year over year.
The business also sent out a second statement to the exchanges announcing Dilip Kumar Jha's appointment as the organization's new chief financial officer (CFO), effective April 1.The business also disclosed that it has signed a preliminary agreement to sell AdaniConnex 100% of the equity in its two divisions, Aviceda Infra Park and Innovant Buildwell, for a sum of Rs 540 crore.