Adani Power Q4 pre-tax loss widens to Rs 1652.6 cr due to high expenses

Adani Power on Monday reported a loss before tax of Rs 1,652.6 crore for the March 2020 ended quarter. The firm’s losses widened from Rs 84.12 crore seen in the corresponding quarter a year ago, on the back of higher expenses.
 

The company’s total income fell to Rs 6,327.57 crore in the quarter from Rs 8,077.89 crore in the year-ago period. Total expenses for the quarter under review was at Rs 7,980.17 crore as compared to Rs 8,162.01 crore in same period a year ago.

Adani Power’s consolidated net loss for the March quarter was at Rs 1,312.86 crore, mainly due higher operating cost, against a net profit of Rs 634.64 crore reported a year ago. A company executive said the loss was due to rise in operational costs in the quarter and entire financial year.

Annually, the firm reported a consolidated net loss stood at Rs 2,274.77 crore in 2019-20 against Rs 984.40 crore loss in 2018-19.Annual total income was higher at Rs 27,841.81 crore for FY20, from Rs 26,361.63 crore in 2018-19. The loss for the year includes exceptional item of Rs 1,003 crore, pertaining to the write off of certain receivables and advances, owing to the acceptance of resolution plan submitted by the firm for acquisition of Korba West Power.
 

Average plant load factor (PLF) for the company was at 68 per cent for full year FY20, higher from 64 per cent in the previous year. Average PLF achieved during the quarter ended March 31, 2020 was 66 per cent, as compared to 79 per cent achieved during the corresponding period previous year.
 

The company’s board also recommended enabling resolutions for seeking shareholder approval at the AGM to raise funds by issue of equity shares/convertible bonds or other convertible securities of upto Rs 2,500 crore.
 

With inputs from PTI