Adani Power profit surges 142% on strong demand amid weak rains – Delhi News Daily

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.

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Higher 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. It had a similar income of ₹668.5 crore a year earlier.

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For the first half of the fiscal year, net profit rose more than 91% to ₹11,885.9 crore from ₹6,211.6 crore.

The company said it is progressing rapidly on its capacity expansion programme to add 23,720 MW of new thermal power capacity.