Adani Power drops as Q2 net loss widens

Adani Power lost 4.51% to Rs 33.85 at 14:47 IST on BSE after the company reported consolidated net loss of Rs 1071.91 crore in Q2 September 2013, higher than net loss of Rs 260.91 crore in Q2 September 2012.

The Q2 result was announced during trading hours today, 25 October 2013.

Meanwhile, the S&P BSE Sensex was up 18.22 points or 0.09% at 20,743.65.

On BSE, 10.91 lakh shares were traded in the counter as against average daily volume of 5.90 lakh shares in the past one quarter.

The stock hit a high of Rs 35.30 and a low of Rs 33.50 so far during the day. The stock hit a record low of Rs 29.45 on 5 August 2013. The stock hit a 52-week high of Rs 70 on 20 December 2012.

The stock had underperformed the market over the past one month till 24 October 2013, surging 3.96% compared with Sensex's 4.04% gain. The scrip had also underperformed the market over the past one quarter, declining 8.87% as against Sensex's 3.16% rise.

The large-cap company has equity capital of Rs 2871.92 crore. Face value per share is Rs 10.

Adani Power's consolidated total income rose 100% to Rs 3108 crore in Q2 September 2013 over Q2 September 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) surged 78% to Rs 672 crore in Q2 September 2013 over Q2 September 2012.

The net loss in Q2 September 2013 was due to MTM provision for rupee depreciation, non-cash items like depreciation, provision for deferred tax and higher import of coal due to limited availability of domestic coal.

Commenting on the company's Q2 performance, Mr. Gautam Adani, Chairman, Adani Power said, "With 7,260 MW of operational capacity which would reach 9,240 MW shortly, Adani Power has implemented the largest thermal based power projects in 3 states on most competitive terms. Pursuant to implementation of various initiatives for reviving the power sector, we are confident of effective utilization of these capacities to meet the increased power requirements".

The company sold 9.1 billion units of power in Q2 September 2013 as against 4.1 billion units in Q2 September 2012.

Adani Power said it expects to achieve thermal power generation capacity of 9,240 megawatts (MW) by FY 2014.

Adani Power is the largest private thermal power producer in India. It is currently developing six power projects across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.

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