Adani Power dips 5% as Q3 losses widen

Q3 net loss at Rs 619 crore against Rs 356 crore in year ago mainly due to higher imported coal prices and non-availability of transmission line.

Adani Power has dipped 5% to Rs 60.95 after reporting a consolidated net loss of Rs 619 crore for the third quarter ended December 2012 (Q3) mainly due to higher imported coal prices and non-availability of transmission line.  A subsidiary of Adani Enterprises had a loss of Rs 356 crore in a year ago quarter.

“The company’s profitability was already impacted mainly by high coal cost due to high cost incidence of imported coal and due to change of law in coal exporting countries,” said Prabal Banerji, CFO of Adani Power.

Consolidate total income however, grew 75% year-on-year at Rs 1,884 crore from Rs 1,079 crore during the recently concluded quarter. The company’s finance cost increased by 41% at Rs 531 crore on y-o-y basis.

Meanwhile, the company expects to achieve the expansion of capacity from current 5GW to nearly 10GW by 2013.

The stock opened at Rs 64.55 and hit a low of Rs 60.25 on the NSE. A combined 7.74 million shares have changed hands on the counter so far.