Adani Power, arm of Indian business conglomerate Adani Group, on Thursday, said its consolidated net profit jumped manifold to Rs 22,280.5 million for the quarter ended Sep.30, 2020, mainly on account of improved income.

The company has earned Rs 22,280.5 million in the quarter, compared with Rs 38.8 million for the same period last year. Total income during the quarter grew 29% to Rs 87,922.8 million from Rs 68,152.2 million in the previous year period.

Total expenses reduced to Rs 58,983.5 million from Rs 66,584.4 million in the year-ago period.

Commenting on the quarterly results, Gautam Adani, Chairman, Adani Group said, "The Indian economy has started to demonstrate its resilience and diehard spirit, as the impact of COVID-19 wanes and the nation moves towards normalcy. Energy in all forms, and power from all sources will act as a key enabler to achieve the dream of economic prosperity for India’s vast population. The Adani Group remains committed to sustainable growth of the energy infrastructure, and becoming a key contributor to the nation’s economic progress."

Anil Sardana, Managing Director, Adani Power, said, "India’s power demand has started to show strong improvement with revival of its economic growth engine, after the slump brought by the pandemic. 

Adani Power, with its modern and efficient portfolio, strong expansion pipeline, and unmatched fuel management as well as deep operational expertise, will be at the forefront to meet the future power needs of the nation with reliable and cost-effective supply. We have a strong belief in the essentiality of conventional power and its compatibility with the renewable growth imperative.  With our complementarity with the Adani Group’s energy mix portfolio and partnerships in natural gas and solar energy, we will continue to seize value accretive opportunities and pursue our long-term growth strategies."

During the second quarter of FY 2020-21, APL and its subsidiaries  achieved an Average Plant Load Factor (PLF) of 49.9% and sales volume of 12.6 Billion Units (BU), as compared to a PLF of 59.2% and sales volume of 14.5 BU recorded in the second quarter of FY 2019-20.

This lower performance was primarily a result of customer back-downs in Maharashtra and a subdued merchant market, partially offset by higher grid demand and improved coal availability in Rajasthan, as well as full quarter utilization of the recently acquired power plants in Chhattisgarh.

"The Supreme Court, vide its order dated Aug. 31, 2020, partially allowed claims of Adani Power Rajasthan, APL's wholly- owned subsidiary, to recover compensatory tariff from Rajasthan DISCOMs as per the order of the Appellate Tribunal Of Electricity (APTEL) dated Sept. 14, 2019.However, Rajasthan DISCOMs have filed a review petition in the Supreme Court."

Further, APTEL has also allowed, vide its order dated Oct.05, 2020, appeal by Adani Power Maharashtra (APML), APL's wholly-owned subsidiary, against an order of the Maharashtra Electricity Regulatory Commission (MERC) regarding coal shortfall compensation due to de-allocation of the Lohara coal block, along with carrying cost," the company said.

Shares of the company gained Rs 1.3, or 3.57%, to settle  at  Rs 37.70.  The total volume of shares traded  was  1,623,150 at  the BSE (Friday).