Adani Power tanks over 6% as Q4 net skids

Shares of Adani Power today tumbled over 6% after the company reported 71.72% plunge in consolidated net profit for the quarter ended March 2015.

The stock fell 6.22% to Rs 40.70 on BSE.

On NSE, it slumped 6.22% to Rs 40.70.

Adani Power yesterday reported 71.72% plunge in consolidated net profit for the quarter under review to Rs 715.05 crore due to a decline in sales.

The net profit stood at Rs 2,528.55 crore in the previous fiscal.

Total revenues for the January-March quarter came in at Rs 4,667.56 crore as against Rs 5,996.49 crore in the year-ago period, the company had said in a statement.

During the quarter, the company reported an exceptional income of Rs 657.56 crore, mainly due to gains arising out of the demerger of transmission business and subsequent stake sale to Adani Transmission.

For 2014-15, the company's consolidated net loss widened to Rs 815.63 crore, from Rs 290.55 crore in 2013-14.

Total revenues rose 24 per cent to Rs 19,544.94 crore in 2014-15 compared with Rs 15,768.08 crore in 2013-14.