Ahmedabad: Adani Power, led by Gautam Adani, witnessed a 47.8 percent drop in its consolidated net profit to Rs 2,737 crore for the quarter ending March 2024 (Q4FY24).
This contrasts with a net profit of Rs 5,242 crore recorded in the corresponding period of the previous year (Q4FY23), as stated in the company's stock exchange filing.
In comparison to the previous December quarter, the net profit for the quarter remained steady at Rs 2,737 crore.
Throughout the fourth quarter, the company's total income stood at Rs 13,881.52 crore, a notable increase from Rs 10,795.32 crore recorded a year earlier.
For the fiscal year 2023-24, the company's consolidated profit before tax surged to Rs 20,792 crore, a significant leap from Rs 7,675 crore in the previous fiscal year, attributed to higher reported EBITDA and reduced leverage.
Revenue from operations also saw a substantial growth of 30 percent, reaching Rs 13,363.69 crore compared to Rs 10,242.06 crore in the corresponding quarter of the previous fiscal year.
The revenue reported for the fiscal year 2023-24 stands at Rs 60,281 crore, marking an increase of nearly 40 percent compared to the Rs 43,041 crore revenue reported in the fiscal year 2022-23.
According to the statement filed in the stock exchange on the outcome of the board meeting, the company also appointed Sangeeta Singh as an Additional Director (Non-Executive, Independent) for an initial term of 3 years. Singh has worked in various capacities as Member of Central Board of Direct Taxes (CBDT), Principal Chief Commissioner of Income Tax amongst others.
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