 "Adani Power Q3 loss narrows to Rs 429 cr, revenue up 31%")
According to the Adani Group firm, it was able to do so on the back of improved operational efficiencies, among others. Consolidated total income increased 30 per cent from Rs 4,241 crore in the December 2013 quarter to Rs 5,535 crore in the third quarter of FY15.
“Our result reflects higher volume of power generation, improved PLF (plant load factor) at all plants, relatively lower coal cost and improved operational efficiencies, partially offset by the PPA prices being non-remunerative, coupled with limited availability of domestic coal,” said Vneet Jaain, chief executive officer, Adani Power. With implementation of policy measures, implementation of rate orders and likelihood of improved domestic coal availability, the company would perform well in the coming quarters, he added.
On a stand-alone basis, the firm posted a net profit of Rs 53.8 crore for the quarter ended December 31, 2014 against a net loss of Rs 426 crore in the year-ago quarter. APL's standalone total income grew by 15.86% to stand at Rs 3,150.18 crore for the quarter ended December 31, 2014 as against Rs 2718.91 crore for the quarter ended December 31, 2013.
Commenting on the third quarter results of the company Gautam Adani, Chairman, Adani Power said: "With the policy initiatives of the government and positive macro-economic environment, the outlook of the power sector is likely to improve significantly. The revival of the power sector gives Adani Power an opportunity to participate in the consolidation of the power industry and also with thrust being given by the government towards the renewable energy power generation, provides immense opportunities and potential for growth to the company."
It needs to be mentioned here that during the quarter ended 31st December, 2014, APL received the necessary approvals for the de-merger of the transmission business and transfer of the same to Adani Transmission (India) Limited, a wholly owned subsidiary of the company with effect from the close of business on 31st March, 2014 (appointed date), the company stated in its BSE filing.
"Pursuant to the above, the figures for the quarter and nine month ended 31st December, 2014 exclude the operations of the transmission business. The figures for the quarter ended 30th September, 2014 are as previously published by the Company and do not consider the effect of the aforesaid de-merger and hence are not comparable with the figures for the current quarter ended 31st December, 2014," the company further stated.