Adani Power's standalone net loss narrows to Rs 135 cr in Q2FY17

Efficient operations have helped Ahmedabad based Adani Power Limited, the power generation arm of Adani Group to reduce its net loss. The company has registered net loss of Rs 135.49 crore on a standalone basis at the end of quarter ended September 30, 2016 as against Rs 188.51 crore in corresponding period of 2015.

Adani Power informed the BSE that its standalone income for the quarter under review decreased by 3.72 per cent to Rs 2,833.66 crore as compared to Rs 2,943.35 crore in corresponding period of FY 2015-16.

Vneet Jaain, chief executive officer, Adani Power said, "During Q2 of FY 2016-17, our efforts to optimise finance costs, aided by efficient operations, have helped the company reduce net loss significantly during the quarter, as compared to the corresponding quarter of FY 2015-16."

The company has reported consolidated net loss of Rs 114.40 crore in Q2FY17 as against Rs 410.92 crore in Q2FY16. During the period consolidated income from operations have marginally increased to Rs 5,764.29 crore from Rs 5,743.26 crore.

Gautam Adani, chairman, Adani Power said, "Improving power availability is a key factor driving India's economic growth, which is outpacing the global economy steadily. Adani Power is firmly positioned to achieve its future growth plans and is excited to help turn the government's 2022 vision of 24*7 power for all into reality."

The overall plant availability during Q2FY17 was 92 per cent as against 85 per cent during Q2FY16 reflecting improved operating performance at all plants. The company sold 15.04 billion units in Q2FY17 against 15.10 billion units in Q2FY16, said Adani Power.