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NEW DELHI – Shares of Adani Power tacked on 4.5 per cent in early trade Friday as the company posted a Rs 218.49 crore consolidated net profit for the December quarter in 2021-22.

The company incurred a loss of Rs 288.74 crore in the year-ago period.

Shares of the Gautam Adani-led firm rose to a high of Rs 112.40 against Rs 107.60 at the previous close on the National Stock Exchange.

Total income stood at Rs 5,593.58 crore in the quarter. It was Rs 7,099.20 crore in the same period a year ago.

Total expense was at Rs 5,389.24 crore in the quarter under review. In the year-ago period, it was Rs 7,304.95 crore.

The company said capacity utilization was impacted in the quarter due to a shortage of domestic coal and high prices of imported coal.

The Tiroda plant was the only plant to report an increase in capacity utilization, whereas the Udupi plant was shut down for the entire quarter due to “backdown” by Karnataka power distribution companies on account of high import coal prices.

As a result, during the quarter, Adani Power achieved a consolidated average Plant Load Factor (PLF) of 40.9 per cent and sales volume of 10.5 billion units compared to a PLF of 75.1 per cent and sales volume of 19.1 billion units.

“We are confident that the actions being taken by the government to enhance fuel security and reform fuel availability will help reduce the cost of electricity, providing our industrial sector the competitive advantage necessary to grow and expand, and our underserved masses the means necessary for upliftment,” Managing Director Anil Sardana was quoted as saying in reports.

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