Adani Power Q4 net plunges 71.72% to Rs 715.05 crore

MUMBAI: Gautam Adani-led power generator Adani Power on Monday reported a 71.7% plunge in consolidated net profit in the quarter to March. The Ahmedabad-based company's consolidated net profit fell to Rs 715.05 crore from Rs 2,528.55 crore in the year-ago quarter, despite an exceptional gain made on the sale of its transmission business to a group company. A derivative loss of Rs 122 crore dented the profit.

Shares in Adani Power rose 4.08% to close at Rs 43.40 on the Bombay Stock Exchange on Monday, a day when the exchange’s benchmark index, the Sensex, gained 1.48%.

The company said consolidated net total income fell to Rs 4,667.56 crore in the quarter to March from Rs 5,996.49 crore a year ago. Adani Power made an exceptional gain of Rs 657.56 crore due to a gain arising from the demerger of transmission business and subsequent sale of the business to group company, Adani Transmission, the company said.

"We became India’s largest private power producer, and now, with the completion of acquisition of Udupi Power Plant, our installed capacity has increased to 10,440 MW," chairman Gautam Adani said in a statement. "We remain committed to continue expanding towards the goal of achieving a generation capacity of 20,000 MW by 2020 to bridge the power deficit in the country."