Adani Power’s Q3 FY24 Profits Soar to ₹2,738 Crore; Shares Jump 4.63% to ₹544 on NSE

Adani Power Ltd. reported a significant rise in its Q3 net profit for FY24 to ₹2,738 crore, up from ₹8.77 crore in the previous year. Revenue increased to ₹12,991.44 crore. Following the announcement, the company's shares surged 4.63%, closing at ₹544.00 on the NSE.
Adani Power Q3 Skyrockets to ₹2,738Cr, Shares Up 4.63%

Today, Adani Power Ltd. announced its financial outcomes for the quarter and first nine months ending December 31, 2023. The company observed a substantial increase in its consolidated net profit, reaching ₹2,738 crore in the third quarter of the 2023-24 fiscal year, up from ₹8.77 crore in the corresponding quarter of the previous year. The revenue from operations for the third quarter of the fiscal year 2023-24 rose to ₹12,991.44 crore, an increase from ₹7,764.41 crore in the same period last year.

The total income for the quarter ending in December escalated to ₹13,355 crore, compared to ₹8,290 crore in the same quarter the previous year.

The surge in volumes during the third quarter and the nine months of the fiscal year 2023-24 was driven by the contributions from the Mundra, Udupi, Raipur, and Mahan plants, along with the new addition of the Godda power plant. This new plant has swiftly become crucial to Bangladesh’s power supply network.

Over the nine months from April to December 2023, Adani Power’s net profit soared to ₹18,092 crore, marking a 230 percent increase from ₹5,484 crore in the fiscal year 2022-23.

Following these announcements, Adani Power’s shares experienced a 4.63 percent rise, closing at ₹544.00 on Thursday’s National Stock Exchange (NSE).

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