Adani Power Q1 pre-tax loss at Rs 634 cr on drop in electricity demand

Firm's PLF dips to 51% from 78% a year ago; net loss at Rs 682 cr

Private power producer Adani Power reported a pre-tax loss of Rs 633. 62 crore for the June quarter, as the pandemic widened losses for the company.

For the April to June period, Adani Power registered a net loss of Rs 682.46 crore, higher from a Rs 263.39 crore net loss reported in the same period a year ago. Adani Power had reported a profit before tax and exceptional item of Rs 882.44 crore in the June 2019 ended quarter, which has now slipped into the red.

As power demand took a hit during the lockdown period, Adani Power’s plant load factor (PLF) also dipped to 51 per cent, as compared to 78 per cent a year ago. “The PLF is lower due to the decline in power demand following the announcement of a nationwide lockdown to combat Covid-19,” the company said in its statement.

 

Adani Power’s revenue from operations for the quarter under review also fell in tandem to Rs 5203.83 crore, 33 per cent lower from last year.  

Part of other developments reported for the quarter, the company in its statement also said Adani Power has signed a definitive agreement to acquire a 49 per cent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of AES Corporation, a US-based energy company, for the rupee equivalent of $ 135 million.