Adani Power shares in focus today as Q4 net profit falls 48%

Shares of Adani Power Ltd will be in focus on Thursday after the utilities arm of Adani Group announced its earnings for the quarter and financial year ended March 31, 2024. The Adani Group firm reported its earnings on Wednesday, which was a market holiday on account of Maharashtra Day.

Adani Power reported a 48 per cent year-on-year (YoY) fall in consolidated net profit at Rs 2,737 crore for the March 2024 quarter compared with Rs 5,243 crore in the year ago period. On a sequential basis (QoQ), the bottomcline remained flat.

The Gautam Adani-led company said its revenue from operations stood at Rs 13,363.69 crore for the March 2024 quarter, up 30 per cent YoY over Rs 10,242.06 crore in the year ago quarter. Expenses were up at Rs 10,323.58 crore against Rs 9,897.60 crore in the year-ago quarter.

Shares of Adani Power Ltd settled at Rs 612.55 on Tuesday, up 2.87 per cent on the BSE. The total market capitalisation of the company stood at more than Rs 2.36 lakh crore as of its previous close.

In a statement, Adani Power said the depreciation charge and finance cost for the quarter increased to Rs 990 crore and Rs 820 crore, respectively, due to the commissioning of the Godda project. APL ended 2023-24 with a stronger balance sheet and sound liquidity, it added.

For the entire financial year 2024, the company's net profit almost doubled to Rs 20,828.79 crore from Rs 10,726.64 crore in FY23. In FY24, the company's income rose to Rs 60,281.48 crore against Rs 43,040.52 crore in FY23, its exchange filing with bourses.

The company appointed Sangeeta Singh as an Additional Director (Non-Executive, Independent) for an initial term of 3 years. Singh has worked in various capacities as Member of Central Board of Direct Taxes (CBDT), Principal Chief Commissioner of Income Tax amongst others.