Adani Power Shares Jump 7% As Profit Skyrockets In Q2

Adani Power’s share price shot up on Thursday afternoon after the company posted its results for the quarter ended September.

What Happened: The Adani Group company’s net profit for the September quarter grew multifold to ₹6,594.17 core from the ₹695.53 crore booked in the same quarter last year. The profit includes a boost from a tax credit of around ₹1,370.60 crore.

Revenue from operations saw a similar bump, going up over 84% to ₹12,990 crore from ₹7,044 crore in the same quarter last year.

See Also: This Large Cap Pharma Stock Has Gained 14% This Year, Analysts See Another 22% Upside

EBITDA for the quarter came in at ₹5,170 with an EBITDA margin of 39.8%. Earnings per share for the quarter was at ₹16.48.

The shares of the power giant received a massive boost as soon as the results came out, going up over 7% to hit an intraday high of ₹393.40.

Price Action: Adani Power’s share price simmered down after the initial bump to trade 3.45% higher at ₹377.80 on Thursday afternoon.

Read Next: Why This Sachin Bansal-Backed Stock Is Gaining 10% Today

Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EarningsEquitiesNewsMarketsMoversTrading IdeasAdani GroupAdani Power