New Delhi: Adani Power Wednesday reported consolidated net profit of Rs 634.64 crore for the fourth quarter ended March 31, mainly on the back of higher revenues.
It had posted a consolidated net loss of Rs 653.25 crore in the same period previous fiscal, the company said in a BSE filing.
According to the filing, total income of the firm rose to Rs 8,077.89 crore in March quarter, from Rs 4,161.19 crore a year ago.
The company's consolidated net loss for 2018-19 narrowed to Rs 984.40 crore from Rs 2,102.95 crore in the previous fiscal. Total income rose to Rs 26,361.63 crore compared to Rs 21,093.43 crore in 2017-18.
The Board has also recommended enabling resolutions for seeking approval of the shareholders at the ensuing annual general meeting to raise funds by issue of equity shares or convertible bonds or other convertible securities etc through qualified institutional placement (QIP) or GDR or ADR or FCCBs or FCEBs etc for an aggregate amount up to Rs 7,000 crore.
It has also approved the appointment of Suresh Jain as the Chief Financial Officer of the company from May 30, 2019.
Adani Power also said Rajat Kumar Singh, the existing Chief Financial Officer of the company has resigned from the post.
Power sold in FY19 was 15 per cent higher at 55.2 BUs (billion units) as compared to 48.0 BUs in FY18. The power sold during March quarter last fiscal was up 110 per cent at 16.6 BUs as against 7.9 BUs a year ago.