Adani Power‘s share price crashed on Wednesday after the company posted its earnings for the quarter ended June.

What Happened: The Adani Group company reported a 55% year-on-year decline in consolidated net profit to ₹3,913 crore, down from ₹8,759 crore reported in the same quarter last year. Revenue from operations increased 36% to ₹14,956 crore, compared with ₹11,005 crore in the previous year.

Consolidated continuing EBITDA for the quarter grew by 53% to ₹6,290 crore. The company attributed the surge to higher revenues and lower import fuel prices.

See Also: Micro Cap Stock Soars 12% After Bagging Order From Tata Motors

Adani Power highlighted that it has transitioned to an era of greater regulatory certainty after satisfactorily resolving all major regulatory matters and recovering regulatory dues during FY24, leading to a significant reduction in prior period revenue recognition from regulatory orders.

Consolidated power sale volume reached 24.1 billion units (BU) in the first quarter, a 38% increase from 17.5 billion units in Q1 FY24, driven by improved power demand and increased effective operating capacity.

Price Action: Adani Power’s share price was down 0.71% to close at ₹734.45 on Wednesday.

Read Next: Maruti Q1 Net Profit Soars 47% To ₹3,650 Cr, Shares Hit All-Time High