Adani Power gains as Q3 net loss narrows to Rs 429 crore

Adani Power has gained over 2.5% at Rs 51 after the company saw its consolidated net loss narrowing to Rs 429 crore

Adani Power has gained over 2.5% at Rs 51 on the BSE after the company saw its consolidated net loss narrowing to Rs 429 crore for the quarter ended December 31 compared to Rs 545 crore in the year-ago period.

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.

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.

The stock opened at Rs 49.80 and touched a high of Rs 52. At 12:15 PM, over 8 million shares were traded on both the stock exchanges.