Adani Power on Thursday reported a multifold jump in its consolidated net profit at Rs 2,738 crore for the quarter ended December. The same stood at just Rs 9 crore in the same period last year.

Revenue from operations jumped 67% year-on-year (YoY) to Rs 12,991 crore in the October-December period, compared with Rs 7,764 crore in the corresponding period of last year.

EBITDA for the reporting quarter more than doubled to Rs 5,059 crore against Rs 1,996 crore in the same quarter last year. Continuing EBITDA jumped 242% to Rs 5,059 crore.

Growth in continuing EBITDA was mainly a result of a lower increase in fuel cost compared to growth in revenues, primarily due to lower import fuel prices and alternate fuel costs.

Depreciation charges for the third quarter increased to Rs 1,002 crore from Rs 838 crore in Q3 FY23 due to the addition of the Godda power plant.

Finance costs reduced to Rs 797 crore in the reporting third quarter from Rs 946 crore in Q3FY23, mainly due to a reduction in secured and unsecured debt over the past year, partly offset by higher borrowing costs for the Godda power plant.

Operationally, the installed capacity during the December quarter stood at 14,250 MW with a plant load factor of 68.6%.The operating performance for the quarter includes the 1,600 MW Godda ultrasupercritical thermal power plant of Adani Power’s subsidiary Adani Power (Jharkhand)) (APJL), which was commissioned in the first quarter of this fiscal.

“Adani Power continues to demonstrate its leadership across domains by achieving ever-higher standards of excellence, as evidenced by the financial results for the third quarter of FY24,” said S B Khyalia, CEO, Adani Power.

During the third quarter as well as the nine months of FY24, the company said higher volumes were contributed by the Mundra, Udupi, Raipur, and Mahan plants apart from the incremental contribution of the Godda power plant, which has quickly become an important part of the power supply ecosystem of Bangladesh.

Domestic power sales volumes were driven by growing power demand across India, and offtake under power purchase agreements (PPAs) was further supported by falling prices of imported coal and alternate fuel.

On Thursday, Adani Power shares closed 4.63% higher at Rs 544 on NSE.

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