New Delhi: Adani Power announced that its net profit has increased by 16 times to Rs 4,779.86 crore in the June 2016 quarter.
According to a regulatory filing, the consolidated net profit of the company was Rs 278.22 crore in the year-ago period. The company's total income has now risen from Rs 7,213.21 crore to Rs 15,509 crore. It further noted that expenses stood at Rs 9,642.80 crore in the quarter under review compared to ₹ 6,763.50 crores in the preceding fiscal.
Anil Sardana, Managing Director of Adani Power Limited, said the company has been able to utilise the opportunities presented by the market situation effectively. It leveraged the diversified fleet and operations to meet the rising power demand.
APL is the largest private thermal power producer in India. It has installed a thermal power capacity of 13,610 MW spread across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh. It also has a 40 MW solar power plant in Gujarat. In the first quarter of FY23, APL and its subsidiaries achieved an average plant load factor of 58.6% and aggregate sales volumes of 16.3 billion units on an installed base of 13,650 MW.
"Regulatory issues that were outstanding since long are nearing full resolution, improving visibility and providing us liquidity to propel our drive to realise our long-term strategies and meet our stakeholder value aspirations," he said in a statement.
He added that the world is going through a period of increased uncertainty and hyperinflation in commodity prices caused by geopolitical conflict. "India's energy sector has also faced price-adversity." The Adani Group executive claimed pragmatic policy decisions and abundant natural resources have shielded the economy from its worst impact.