Shares of Adani Power made a remarkable leap, rising over 5% during early trading hours on November 3, fueled by an eight-fold surge in net profit for the September 2023 quarter to Rs 6,594 crore, from the Rs 696 crore recorded in the year-ago period. The substantial profit surge was attributed to a one-time gain of Rs 1,371 crore as a tax credit.

The thermal energy producer witnessed an impressive 84% growth in revenue to Rs 12,991 crore, driven by increased sales volumes, including the contribution of the 1,600 MW Godda power plant and higher merchant sales.

The company’s EBITDA witnessed outstanding growth, surging more than 200% year-on-year to reach Rs 4,336 crore due to lower fuel costs, higher merchant tariffs, and the inclusion of the Godda power plant.

Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 58.3% and a power sales volume of 18.1 billion units, driven by increased power demand and higher operating capacity. This marks a significant improvement over the 39.2% PLF recorded in the same period last year.

The company benefitted from lower import coal prices, leading to a higher offtake of power under import coal-based power purchase agreements (PPAs) for the Mundra and Udupi plants. These tariffs were determined according to approved regulatory processes and tracked international coal prices.

Adani Power shares reached an intraday high of Rs 393, jumping 5.3% higher from the last closing price on the National Stock Exchange (NSE). At 12:45 pm, the scrip was trading 3.13% higher at Rs 384.70.