Multibagger Adani Group stock surges to record high as Q1 net profit manifolds
Premium- Adani Power shares have outperformed by giving multibagger return of over 242% in 2022 so far
Shares of Adani Power rallied to record high level of ₹354 apiece on the BSE in Thursday's early deals after reporting a strong set of first quarter earnings for the quarter ended June 30, 2022. Adani Power posted a manifold jump in consolidated net profit to ₹4,779.8 crore in the quarter ended June 2022, on account of growth in income, as compared to ₹278 crore in the year ago quarter.
The company's total income rose to ₹15,509 crore in the June quarter. It was at ₹7,213 crore in the same period last year. Expenses stood at ₹9,642.8 crore during the quarter under review compared to ₹6,763.5 crore in the preceding fiscal.
Adani Power's EBITDA jumped 227% from the last year. A nation-wide heatwave and broadening of the recovery in economic activity continued to drive electricity demand growth in the first quarter of FY23, the firm stated in the release.
During the first quarter of FY23, the Adani Group firm and power plants of its subsidiaries achieved an average plant load factor of 58.6% and aggregate sales volumes of 16.3 billion units (BU) on an installed base of 13,650 MW.
"We have been able to utilise the opportunities presented by the market situation effectively, leveraging our diversified fleet and operations-excellence to meet rising power demand. Regulatory issues that were outstanding since long are nearing full resolution, improving visibility and providing us liquidity to propel our drive to realise our long-term strategies and meet our stakeholder value aspirations..," Anil Sardana, Managing Director of Adani Power Limited, said in a separate statement.
Adani Power shares have outperformed by giving multibagger return of over 242% in 2022 (year-to-date or YTD) so far, whereas the multibagger stock has jumped about 285% in a year's period.
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Part of the Indian conglomerate Adani Group, Adani Power Ltd is the largest private thermal power producer in India. The company has an installed thermal power capacity of 13,610 MW spread across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh, apart from a 40 MW solar power plant in Gujarat.
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