Adani Power Q1 net loss narrows to Rs 135 cr

The company registered a 2% rise in its net income from operations during the period to Rs 3,190 cr

Gujarat-based power firm Adani Power Limited (APL) has posted a net loss of Rs 135.1 crore for the quarter ended June 30, 2015 on a standalone basis, improving from the net loss of Rs 179.7 crore in the corresponding period last year, on the back of a marginal increase net income during the quarter under review.

The company registered a 2 per cent rise in net income from operations during the period to Rs 3,190.5 crore from Rs 3,109.3 crore in the corresponding period last year.

On a consolidated basis, however, the group's net loss after taxes and minority interest widened to Rs 417.5 crore for the quarter ended June 30, 2015 from a net loss of Rs 303.2 crore in Q1FY15 despite the total income increasing by 13 per cent to Rs 5,950.9 crore during the quarter.

APL said in a statement to the Bombay Stock Exchange (BSE): "Pursuant to the demerger of the transmission business of the company effective in the previous year and also due to the merger of Solar Power Undertaking of AEL with the Company during the quarter, the figures for the current quarter are not comparable with the figures of corresponding quarter of previous year, and the immediately preceding quarter, to that extent."

The company informed that during the quarter it has completed acquisition of Udupi Power Corporation Limited (UPCL) and consequently UPCL has become the wholly own subsidiary of Adani Power from April 2015.

The company's shares were down by 2.29 per cent to Rs 27.75 a share in day's trade at the BSE.