 "Adani, Adani Group")
Riding on higher income, Adani Power’s profit after tax (PAT) for the quarter ended September 2023 (Q2FY24) rose about 9.5 times to Rs 6,594 crore from Rs 696 crore a year ago.
The company reported tax credit for the quarter.
Net sales for the quarter were at Rs 12,991 crore, up 84.4 per cent from the Rs 7,044 crore reported in the corresponding quarter in the previous year.
Sequentially, PAT was down 24.7 per cent.
In its result statement, Adani Power said consolidated continuing earnings before interest, tax, depreciation, and amortisation for Q2FY24 were higher by 202 per cent at Rs 4,336 crore due to greater sales volumes, lower fuel costs, and higher merchant tariffs.
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Other income for the company was up 38.7 per cent year-on-year at Rs 1,945 crore. The company said during the quarter it had accounted for a late/delayed payment surcharge of Rs 266.68 crore from MSEDCL, disclosed as other income.
In its results notes, Adani Power said, the current tax and deferred tax expenses in relation to the company’s profits for the quarter under review were nil on account of the utilisation of past unused tax credits.
The company said it had recognised deferred tax assets of Rs 1,359.32 crore on its unused tax credits since it had become probable that taxable profits would be available in the future, against which such tax credits can be utilised.
