On the back of higher revenues, Adani Power’s profit after tax (PAT) for the quarter ended September 23 (Q2FY24) rose multiple to Rs 6,594 crore. The company also reported a tax credit for the quarter under review.
For Q2FY24, Adani Power’s PAT stood at Rs 6,594 crore, up from Rs 696 crore a year ago. Net sales for the quarter under review stood at Rs 12,991 crore, up 84.4 percent from Rs 7,044 crore reported in the corresponding quarter of the previous year.
Sequentially, Adani Power PAT for Q2FY24 declined by 24.7 percent.
In its results statement, Adani Power said consolidated sustained Ebitda for Q2 FY24 was higher by 202 per cent at Rs 4,336 crore due to higher sales volumes, lower fuel costs and higher trading rates. Ebitda is earnings before interest, taxes, depreciation and amortization.
Other revenues for the company rose 38.7 percent year-on-year (year-on-year) to Rs 1,945 crore. The company said it also took into account late/delayed charges of Rs 266.68 crore from MSEDCL during the quarter, listed as other income.
In its earnings notes, Adani Power said the current tax and deferred tax expense in respect of the company’s profit for the current quarter is zero due to the use of historically unutilized tax credits.
Further, the company said it has recognized deferred tax assets of Rs 1,359.32 crore on its unutilized tax credits as it has become probable that future taxable profits will be available against which such tax credits can be utilised.