Adani Power sinks over 7% on disappointing Q4 results

Shares of Adani Power today tumbled over 7 per cent after the company reported a 71.72 per cent plunge in its consolidated net profit for the quarter ended March 31, 2015.
After falling 7.48 per cent to Rs 40.15 in intra-day trade on the BSE, shares of the company finally ended 6.91 per cent lower at Rs 40.40.
On the NSE, it dipped 7.14 per cent settle at Rs 40.30.
The market valuation of the company fell by Rs 861.43 crore to Rs 11,602.57 crore.
In terms of volume, 15.17 lakh shares of the company traded on the BSE and over 58 lakh shares on the NSE during the day.

Adani Power yesterday reported a 71.72 per cent plunge in consolidated net profit for the quarter under review to Rs 715.05 crore due to a decline in sales.

The net profit stood at Rs 2,528.55 crore in the previous fiscal.
Total revenues for the January-March quarter declined to Rs 4,667.56 crore as against Rs 5,996.49 crore in the year-ago period, the company had said in a statement.
During the quarter, the company reported an exceptional income of Rs 657.56 crore, mainly due to gains arising out of the demerger of transmission business and subsequent stake sale to Adani Transmission.
For 2014-15, the company's consolidated net loss widened to Rs 815.63 crore, from Rs 290.55 crore in 2013-14.

Total revenues rose 24 per cent to Rs 19,544.94 crore in 2014-15 compared with Rs 15,768.08 crore in 2013-14.
In the broader market, the BSE benchmark Sensex fell by 629.82 points or 2.29 per cent to end at 26,877.48.