Adani Power Ltd. reported a strong June-quarter performance, with net profit rising 42% year-on-year, while the company's board approved a higher borrowing limit and plans to raise fresh capital through a qualified institutional placement (QIP) and other routes.
The company reported a consolidated net profit of Rs 4,806 crore, up 42% from Rs 3,385 crore a year earlier. Revenue increased 34% to Rs 18,902 crore, while EBITDA rose nearly 40% to Rs 7,948 crore. EBITDA margin improved to 42% from 40.3% in the corresponding quarter last year.
Alongside the earnings, Adani Power's board approved an increase in its borrowing limit to Rs 1 lakh crore from Rs 75,000 crore. It also cleared plans to raise up to Rs 15,000 crore through a Qualified Institutional Placement (QIP) and other permissible fundraising instruments, providing the company with additional financial flexibility to support future expansion and capital expenditure.
The earnings growth, coupled with the proposed capital raise, is likely to keep Adani Power shares in focus as investors assess the company's growth and funding plans.
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