Adani Power gains as net loss narrows in Q1

Adani Power rose 1.86% to Rs 57.40 at 14:38 IST on BSE after the company reported a consolidated net loss of Rs 303 crore in Q1 June 2014, lower than net loss of Rs 1198 crore in Q1 June 2013.

The Q1 result was announced during market hours today, 6 August 2014.

Meanwhile, the S&P BSE Sensex was down 183.67 points or 0.71% at 25,724.34.

On BSE, so far 15.04 lakh shares were traded in the counter as against average daily volume of 9.16 lakh shares in the past two weeks.

The stock hit a high of Rs 57.85 and a low of Rs 56.45 so far during the day.

Adani Power's consolidated total income rose 104% to Rs 5248 crore in Q1 June 2014 over Q1 June 2013. EBITDA rose 227% to Rs 1645 crore in Q1 June 2014 over Q1 June 2013. EBITDA for the quarter improved due to higher volume of power sold and recognition of compensatory tariff.

Commenting on the financial performance of the company Mr. Gautam Adani, Chairman, Adani Power said, "The outlook of power sector is likely to improve as the new Government has combined the ministry of Coal & Power for speedy policy decision resolution. The recent announcements by the Government to increase fuel availability, commitment for Transmission & Distribution developments and financial restructuring of SEBs will give a renewed boost to the power sector of the country in the near future. With this we see clear indication of the importance attached to this vital sector and shall boost investment in the sector".

Mr. Vineet Jaain, CEO, Adani Power said, "Our overall result reflects improved power generation from our installed capacity of 8,580 MW with improved PLF and lower auxiliary consumption. With increased generation and operational efficiencies coupled with improved domestic coal availability, rail infrastructure and implementation of tariff revision petitions, we are confident of better performance in the ensuing quarters".

Adani Power is the largest private thermal power producer in India.

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