NEW DELHI, NOV 2 : Adani Power Ltd (APL) on Thursday reported over nine-fold jump in its consolidated net profit at Rs 6,594 crore for July-September quarter (Q2) of current financial year 2023-24.

The company had posted Rs 696 crore consolidated net profit in Q2 of 2022-23.

The surge in net profit was on account of higher one-time income and recognition of deferred tax asset.

The Adani group firm’s consolidated revenue from operations in September quarter of FY24 rose 84% year-on-year to Rs 12,990 crore from Rs 7,044 crore in the corresponding period of preceding year.

Consolidated power sale volume of the company stood at 18.1 billion units (BU) in Q2 FY24, up by 65% from 11 BU in Q2 FY23 due to improved power demand and higher operating capacity.

During Q2 FY 2023-24, APL and its subsidiaries achieved an average Plant Load Factor (PLF) of 58.3%.

Commenting on the quarterly results, Adani Power CEO SB Khyalia said that the company has now cemented its position as India’s most reliable and competitive power generator with stable cash flows and high creditworthiness flowing from a secure revenue stream and a strategically located and reliable fleet with lowest emissions per unit of generation.

“The company’s proven capabilities are being supplemented with the deployment of digitalization, analytics, and cutting-edge technologies to provide stable, reliable, and affordable power supply in a sustainable manner. As opportunities in the Indian power market grow, we stand geared to enhance our contribution as the leading private power producer and to meet the nation’s growing energy needs,” he said.(UNI)