Adani Power net at Rs 2,893 cr in September quarter, to delist by Mar '21

Efforts on to augment power supply to Mumbai, says MD-CEO Anil Sardana

Adani Power registered a profit before tax of Rs 2893 crore during the second quarter of the current financial year ending September 2020. The company had suffered a loss of Rs 633 crore in the first quarter.

For the half year ending September 2020, the company registered a PBT of Rs 2260 crore, During last year corresponding period, its PBT was Rs 36.23 crore. The company said the jump in profit is mainly on account of improved income.

The total income in the second quarter increased to Rs 8,792.28 crore from Rs 6,815.22 crore a year ago. The total expenses reduced to Rs 5,898.35 crore from Rs 6,658.44 crore in the year-ago period.

Anil Sardana, managing director and CEO, Adani Transmission ltd and MD-thermal at Adani Power in a media call on Thursday said the deslisting process of Adani Power is in process. “We have received approval from close to six lenders. Other lenders would also approve. We are likely to conclude delisting by December or till the end of this financial year,” Sardana said responding to a query.

Adani Power in July this year received the shareholders' nod for its Rs 3,264 crore delisting proposal.

 

Adani Transmission Ltd (ATL), which is the transmission and distribution arm of the Adani Group also declared its Q2 results on Thursday. ATL registered a loss before tax of Rs 3.96 crore during the second quarter of 2020-21, against Rs 9.43 crore loss before tax during corresponding period, last fiscal.

Addressing the media after results, Sardana said the company is looking forward to the power transmission projects which the central government will offer under tariff based competitive bidding.

Commenting on the power outage that Mumbai faced last month, Sardana said efforts are ongoing to boost the power supply capacity in the city. Adani Mumbai Electricity Limited, which is a wholly owned subsidiary of ATL is one of the power distributors in Mumbai.

“Khargar-Vikhroli system which will bring for first time 400 kV supply to the city has been fast forwarded by the authorities. This will add 1,000 Mw. Another is a HVDC system which will add another 1,000 Mw supply to Mumbai. This project has also been fast tracked. This is in addition to the embedded system of 1,800 Mw,” said Sardana.

The country’s financial capital faced a rare power outage on October 12 after a technical issue in the grid system hit power supplies.