The intimation to stock exchanges was made after market hours and Adani Power shares had ended today at Rs 583.05 on the NSE, falling by Rs 5.10 or 0.87% over the Tuesday closing price.
Adani Power is a part of the diversified Adani Group with a power generation capacity of 15,250 MW comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, and a 40 MW solar power project in Gujarat.
Shares of Adani power have delivered 84% returns in the past 12 months, outperforming the Nifty whose returns in the same period are around 26%. In 2024, so far, the stock has yielded 11% returns.
The counter is currently trading below its 50-day and 200-day simple moving averages (SMA) of Rs 650 and 633, according to Trendlyne data.
Adani Power reported a consolidated net profit decline of 55% year-on-year (YoY) to Rs 3,913 crore for the first quarter ended June 2024, down from Rs 8,759 crore in the same quarter last year. Revenue from operations, however, increased by 36% YoY to Rs 14,956 crore during the reporting period, compared to Rs 11,005 crore in the previous year.The company’s continuing profit was up about 95% YoY to Rs 4,483 crore while continuing revenue from operations increased 30% YoY.Consolidated power sale volume stood at 24.1 billion units (BU) in the first quarter, up by about 38% YoY from 17.5 BU in Q1 FY24 due to improved power demand and larger effective operating capacity.
