- LATEST
- WEBSTORY
- TRENDING
BUSINESS
Gautam Adani's Rs 231000 crore company's net profit declines to 50% due to...
The company had posted a consolidated net profit of Rs 6,594.17 crore in the quarter ended September 2023.
Updated : Oct 28, 2024, 05:44 PM IST
 "Gautam Adani's Rs 231000 crore company's net profit declines to 50% due to...")
TRENDING NOW
)
After Shefali Jariwala's sudden death, her Bigg Boss 13 co-star Rashami Desai makes BIG statement: 'I don't know why...'
)
'9th fail cricketer...': Rinku Singh gets trolled after his appointment as Basic Education Officer by UP govt`
)
Shefali Jariwala's demise: Doctor gives major update in 'Kaanta Laga' girl sudden death, suspects...
)
Elon Musk issues warning to Donald Trump if 'Big Beautiful Bill' passes, says 'PORKY PIG PARTY!! Time for...'
)
Pakistan, China in fear, India to equip Su-30MKI with this Russian missile, it has the ability to..., name is...
)
Meet UPSC topper whose father left him, was raised by mother who worked as loan agent, once wanted to become sanyasi, cleared civil service exam in 5th attempt with AIR..., he is...
)
China's big blow to its friend Pakistan, refuses to give this weapon, Shehbaz Sharif in tension due to...
)
Good news for investors, Mukesh Ambani's Jio Financial Services share price rises after..., stock climbs to...
)
Meet TV's most glamorous villian who got married at 16, became mother at 17, divorced at 18, later became India's top...; her name is...
)
From Kareena Kapoor, Radhika Apte to Shruthi Narayanan: Indian actresses' MMS videos that shook the nation
)
Delhi Metro: DMRC issues fresh advisory for passengers, warns against doing THIS in trains
)
Zerodha's Nikhil Kamath warns about future job market, says 4-yr degree not enough, names one skill to stay relevant, it is...
)
Sarfira box office collection day 1: Akshay Kumar's film registers disastrous opening despite positive reviews, earns...
)
New UPI Rules: limits on balance check..., GPay, PhonePe, Paytm users to see major changes from...
)
Big move by Deepinder Goyal, after food delivery, Zomato co-founder announces entry in this sector, aims to revolutionise...
India's second richest man, Gautam Adani, runs Adani Group as chairman. The group is present in several sectors including energy, power and others. The billion-dollar group continues to expand. However, one of its companies, Adani Power, saw a major decline in its consolidated net profit in the September quarter. It declined 50 per cent to Rs 3,297.52 crore compared to a year ago, mainly due to lower income as well as higher taxes.
The company, whose market cap is Rs 2.31 lakh crore, had posted a consolidated net profit of Rs 6,594.17 crore in the quarter ended September 2023, a BSE filing stated. The company explained that there were lower one-time revenue recognition of prior period items of Rs 1,020 crore in the first half of FY25 (April-September 2024) as compared to Rs 9,278 crore in H1 FY24, following the resolution of all major regulatory matters and realisation of outstanding dues from discoms (power distribution companies) in the previous year.
It also stated that the one-time prior period revenue recognition in Q2 FY25 (July-September 2024) was Rs 598 crore, as compared to Rs 2,781 crore in Q2 FY24. The company had higher tax expenses, including deferred tax charge totalling to Rs 1,829 crore in H1 FY25, whereas H1 FY24 had recognition of deferred tax credit of Rs 1,330 crore.
In the second quarter of the current fiscal, the company had a tax expense of Rs 837 crore as compared to a deferred tax credit of Rs 1,371 crore in the year-ago period. Total income of the company dropped to Rs 14,062.84 crore in the quarter from Rs 14,935.68 crore in the same period a year ago.
S B Khyalia, CEO, Adani Power, said in a statement, "Adani Power has embarked on the next phase of its growth journey, swiftly achieving capacity expansion milestones and securing power supply agreements to ensure long-term revenue stability."
(With inputs from PTI)
