Adani Power posts standalone Q1 net loss of Rs 5.28 crore

Water scarcity impacts Tiroda plant; company had posted a profit of Rs 99 crore in the year-ago quarter

With the non-availability of water impacting its Tiroda plant, Adani Power Ltd. (APL) registered a standalone net loss of Rs 5.28 crore for the first quarter ended June 30, 2016, the company stated in its BSE filing. Adani Power had posted a standalone net profit of Rs 98.61 crore for the said quarter last year.

However, pursuant to acquisition of 100 per cent stake of Udupi Power plant in April last year, the figures for the current quarter were not fully comparable with the corresponding quarter last year, Adani Power stated.

The company's standalone total income for Q1 of FY'17 stood at Rs 3011.15 crore as against Rs 3190.50 crore for the quarter ended June 30, 2015.

On the consolidated basis, APL's net loss after tax stood at Rs 31.21 crore for Q1 of FY'17 as against a consolidated net loss of Rs 166.14 crore for Q1 of FY 2016. Total consolidated income of APL, however, stood at Rs 5,982.16 crore for the quarter ended June 30, 2016, as against Rs 5,619.24 crore for the quarter ended June 30, 2015.

According to Vneet Jaain, chief executive officer, Adani Power, the average availability at all the plants remained close to 90 per cent.

"However, the revenue was affected due to non-availability of water at Tiroda plant despite improved performance from other plants. Adani Power has achieved improved EBIDTA and reduced net losses as compared to corresponding quarter. Improved domestic coal availability, recently announced special forward e-auction scheme for power sector will further improve the financial performance of the company," Jaain said in an official statement.

Billed availability during Q1 FY'17 for Mundra plant was 93 per cent while that for Tiroda, Kawai and Udupi were at 71 per cent, 97 per cent and 94 per cent, respectively. The shortfall in income from Tiroda was due to non-availability of water which was partially compensated by higher revenue at Kawai where PLF was 86 per cent and at Udupi where PLF was 79 per cent.

EBIDTA during the quarter increased by 21 per cent from Rs. 1,623 crore in Q1 FY'16 to Rs 1,957 crore in Q1 FY'17, due to lower coal cost and improved performance from Kawai and Udupi plant, the company stated.

Commenting on the quarterly results of APL, Gautam Adani, Chairman, Adani Power said, "As the government continues with power sector reforms, Adani Power continues its growth plan. With strong GDP growth forecast,power sector is poised to grow."

Shares of Adani Power Ltd. were 1.43 per cent down on the Bombay Stock Exvhange on Tuesday, to close at Rs 27.65.