Adani Power Q2 results: Profit after tax rises multi-fold to Rs 6,594 crore

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Riding on higher income, Adani Power’s profit after tax (PAT) for the quarter ended September-23 (Q2FY24) rose multi-fold to Rs 6,594 crore. The company also reported a tax credit for the quarter under review.


For Q2FY24, Adani Power’s PAT was at Rs 6,594 crore, higher from Rs 696 crore a year ago. Net sales for the quarter under review were at Rs 12,991 crore, up 84.4 per cent from Rs 7,044 crore reported in the corresponding quarter in the previous year.


Sequentially, Adani Power PAT for Q2FY24 was down 24.7 per cent.


In its result statement, Adani Power said consolidated continuing Ebitda for Q2 FY24 higher by 202 per cent at Rs 4,336 crore due to greater sales volumes, lower fuel cost, and higher merchant tariffs. Ebitda is earnings before interest, taxation, depreciation, and amortisation.


Other income for the company was up 38.7 per cent year-on-year (YoY) at Rs 1,945 crore. The company said during the quarter, it has also accounted for a late/delayed payment surcharge of Rs 266.68 crore from MSEDCL, disclosed as other income.


In its results notes, Adani Power said, the current tax and deferred tax expenses in relation to the company’s profits for the current quarter under review are nil on account of utilization of past unused tax credits.


Further, the company said it has recognised deferred tax assets of Rs 1,359.32 crore on its unused tax credits since it has become probable that taxable profit will be available in the future against which such tax credits can be utilised.