Adani Power Ltd on Monday said its consolidated year-on-year (YoY) net profit almost halved during the second quarter of ongoing financial year 2024-25 (Q2 FY25). During the quarter under review, profit came at Rs 3,317.13 crore, down 49.87 per cent compared to Rs 6,616.43 crore in the year-ago period.
The Adani Group company's revenue from operations, however, rose 2.68 per cent to Rs 13,338.88 crore from Rs 12,990.58 crore in the corresponding period last year.
EBITDA for Q2 FY25 was 24.6 per cent higher at Rs 5,402 crore versus Rs 4,336 crore in Q2 FY24 due to greater sales volumes as well as lower fuel and operating costs.
It said power demand was flat during Q2 FY25 as compared to the corresponding quarter of FY24, primarily due to climatic conditions such as a delayed but prolonged rain spell affecting demand.
"Nevertheless, cumulative demand for FY25 till September 30, 2024 was robust with a growth of 5 per cent over the first half of FY24. Growing peak demand has also improved power offtake from the thermal power sector to ensure uninterrupted power supply during the hours of low renewable energy generation," the company also said.
SB Khyalia, CEO at Adani Power, said, "Adani Power has embarked on the next phase of its growth journey, swiftly achieving capacity expansion milestones and securing power supply agreements to ensure long-term revenue stability. The Company consistently delivers robust operating and financial performance by leveraging its inherent strengths and competitive advantages."
In a separate development, Adani Power said it holds a 49 per cent equity stake in Moxie Power Generation Ltd, a special purpose vehicle (SPV) incorporated on January 30, 2024 under a consortium arrangement. Moxie will be now treated as Adani Power's subsidiary, it added.
On the stock-specific front, shares of Adani Power settled 1.12 per cent higher at Rs 599.