Adani Power receives NCLT nod for amalgamation of 6 subsidiaries with company share down 5 percent – Business News India

Adani Group: After the Hindenburg controversy, there is big news related to Adani Group’s power company. Its 6 subsidiary companies are going to be merged in Adani Power. For this, the National Company Law Tribunal (NCLT) has approved. NCLT on Thursday approved the merger of Adani Power Maharashtra, Adani Power Rajasthan, Udupi Power Corporation, Raipur Energen, Raigarh Energy Generation and Adani Power (Mundra) with Adani Power.

Adani Power gave information
Adani Power informed the stock exchange on Thursday that, “We wish to inform that the NCLT has approved the Scheme of Amalgamation of six wholly owned subsidiaries of Adani Power Limited (APL). 1. Adani Power Maharashtra Limited, 2. Adani Power Rajasthan Limited, 3. Udupi Power Corporation Limited, 4. Raipur Energen Limited, 5. Raigarh Energy Generation Limited, 6. Adani Power (Mundra) Limited with APL will be merged with Adani Power.

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Adani Power shares fall
Adani Power shares had a lower circuit of 5% today. The shares of the company have been in the lower circuit continuously after the Hindenburg report. Its share price has come down to Rs 172.80. Adani Power shares gave multibagger returns last year. But this year it has broken 42.04% in YTD. At the same time, this share has fallen by about 40% in a month. On January 24, after the American forensic financial company Hindenburg accused the Adani group of accounting fraud and manipulation of valuation of shares, the shares of its companies have been registering a steady decline.

Yogi government had canceled the tender
Let us tell you that after the Hindenburg report, Madhyanchal Vidyut Vitran Nigam, a unit of the UP government, has canceled the tender for installation of smart prepaid meters on behalf of Adani Group company Adani Power. This tender was worth about 5,400 crores. Due to the rate of the tender being about 48 to 65 percent more than the estimated cost, it was being opposed from the beginning.

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Adani Power’s profit decreased, revenue increased
This company of Adani Group has suffered a huge loss of 96% in the December quarter. The company on Wednesday said its consolidated net profit declined 96% year-on-year to Rs 8.7 crore in the quarter ended December 31, 2022 (Q3FY23). The company had posted a profit of ₹218.5 crore in the same quarter last year. In the September quarter of this financial year, Adani Power reported a 401.6% jump in consolidated profit after tax (PAT) at Rs 695.53. Earlier in September 2021 it was ₹ 230.6 crore. At the same time, Adani Power’s revenue increased by 45% in the December quarter to Rs 7,764.4 crore. A year ago, the company’s revenue was Rs 5,360.9 crore. Ebitda declined by 17% to ₹1,469.7 crore as against ₹1,770.8 crore in the same period a year ago.