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.
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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.
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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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