Adani Power reports Q1 net loss of Rs 682 cr

Adani Power reported a consolidated net loss of Rs 682.46 crore in Q1 June 2020 as against net loss of Rs 263.39 crore in Q1 June 2019.

Revenue from operations during the quarter fell 33.3% on a year-on-year (YoY) basis to Rs 5203.83 crore. The company reported a pre-tax loss of Rs 633.62 crore in Q1 FY21 as against pre-tax loss of Rs 121.75 crore in Q1 FY20. Current tax expense declined 75.9% to Rs 22.18 crore in Q1 June 2020 over Q1 June 2019.

Average Plant Load Factor (PLF) achieved during the first quarter of FY21 is 51%, as compared to 78% achieved in Q1 FY20. The PLF is lower due to the decline in power demand following the nationwide lockdown. Consolidated units sold for the quarter are 12.7 BU, as compared to the Q1 FY20 sales volume of 16.5 BU.

All power plants were able to achieve or exceed normative availability under long term PPAs through diligent efforts, despite restrictions imposed during the lockdown, in fulfillment of their role as providers of the essential service of electricity generation.

Anil Sardana, managing director, Adani Power, said, "Having combated and overcome the challenge posed by the COVID-19 pandemic, our resolve is to excel in all spheres of our activity and to meet aspiration of millions of Indian who don't have access to affordable power, has only become firmer. As we continue to seize opportunities of value creation in a challenging market and a fast-changing competitive landscape, we are focusing on operational excellence and sustainability, while taking long term decisions to enhance our strategic capability and resource flexibility."

Adani Power is engaged in providing electric power generation by coal-based thermal power plants and coal trading.

The scrip fell 0.14% to Rs 35.20. It traded in the range of 35.20 and 35.75 so far during the day.

Powered by Capital Market - Live News