Adani Power reports Q2 net loss of Rs 1,072 cr

Company posted net loss of Rs 261 crore in the July- September quarter of the previous fiscal

Adani Power today reported a sharp widening of net loss at Rs 1,071.91 crore for the second quarter ended September 30, 2013, mainly on account of rupee depreciation and higher cost of coal imports.

It had posted net loss of Rs 260.91 crore in the July- September quarter of the previous fiscal, 2012-13, Adani Power said in a regulatory filing to the stock exchanges

The company attributed the loss to a sharp depreciation of the rupee, especially against the US dollar and higher import of coal due to limited availability of domestic coal.

Its total income in Q2, 2013-14 rose sharply to Rs 3,108 crore as against Rs 1,551 crore in the year-ago period.

Electricity regulator CERC, in April this year, granted compensation package to the company for its Mundra project to cushion against the escalation in cost of imported coal for the plant.

The company had approached CERC last year seeking revision in tariff from its 1,980-MW Mundra project in Gujarat citing increase in imported fuel cost.

On standalone basis, Adani Power posted net loss of Rs 909.75 crore for the second quarter ended September 30, 2013. It had reported net loss of Rs 225.39 crore in year-ago period.

Total income of the company in Q2 rose to Rs 2,169 crore, from Rs 1,568 crore in the year-ago period.

Adani Power scrip was last trading at Rs 33.35, down 5.92% on the BSE.