Adani Power share price climbed 4% post Q2 profit came at Rs 2,228 crore

Adani Power Ltd (APL) in a regulatory filing, said that the company had gained a net profit of Rs 3.88 crore in the year-ago period.

The power sector of Adani Group, Adani Power’s share prices rallied 4 percent on November 6, just a day after the company declared its Q2 results on November 5 stating that its consolidated net profit jumped multiple times to Rs 2,228.05 crore due to improved income in the second quarter. Adani Power Ltd (APL) in a regulatory filing, said that the company had gained a net profit of Rs 3.88 crore in the year-ago period.

The company’s total income in the second quarter also rose to Rs 8,792.28 crore from Rs 6,815.22 crore a year ago and the overall expenses reduced to Rs 5,898.35 crore from Rs 6,658.44 crore in the year-ago period.

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The stock was trading at Rs 37.80, rallying up by Rs 1.40 i.e. 3.85 percent at 11:07 hours IST and had touched an intraday high of Rs 39.90 and an intraday low of Rs 37.60.

The legal tender also witnessed a surge in the share count more than 8.09 times and was trading with the count of 1,095,009 shares, compared to its five day average of 172,605 shares which indicated a surge by 534.40 percent.

“Energy in all forms and power from all sources will act as a key enabler to achieve the dream of economic prosperity for India’s vast population. The Adani Group remains committed to the sustainable growth of the energy infrastructure, and becoming a key contributor to the nation’s economic progress,” Gautam Adani, Adani Group Chairman, said in a statement.

The company emphasised that during the September quarter, APL and its subsidiaries achieved an average plant load factor (PLF) of 49.9 per cent and sales volume of 12.6 Billion Units (BU), as compared to a PLF of 59.2 per cent and sales volume of 14.5 BU recorded in the year-ago period.