Adani Power Q2 net loss shrinks to Rs 184.44 crore

Gujarat-based Adani Power Ltd's standalone net loss has shrunk to of Rs 184.44 crore for the quarter ended September 30, 2015 as against the net loss of Rs 431.49 crore for the corresponding quarter last fiscal.

During the quarter, the company's net income increased 122.60% to Rs 3,078.37 crore as against Rs 2510.83 crore in same quarter last year.

On a consolidated basis, the company has reported consolidated net loss after taxes and minority interest of Rs 369.08 crore in the second quarter of current fiscal compared with Rs 798.71 crore a year ago. The consolidated total income for the quarter rose 39% to Rs 5,784 crore as against Rs 4,175 crore in the year-ago period due to a higher number of power units sold.

Chairman Gautam Adani said, "Adani Power remains committed to continuing expanding towards the goal of achieving a power generation capacity of 20,000 Mw by 2020 to bridge the power deficit in the country."

Adani Power share price declined by 2.69% to Rs 30.75 per share on Bombay Stock Exchange (BSE) in day's trade.

The company said in a statement to BSE that pursuant to the demerger of the transmission business of the company effective in the previous year and merger of solar power undertaking of AEL with the Company w.e.f. April 1, 2015, the figures for the current quarter and half year are not fully comparable with the figures of corresponding quarter and half year of the previous year.