Adani Power slips after Q4 net loss widens

Adani Power fell 0.21% to Rs 48.55 at 14:15IST on BSE after the company reported a net loss of Rs 586 crore in Q4 March 2013, higher than net loss of Rs 292 crore in Q4 March 2012.

The result was announced during trading hours today, 6 May 2013.

Meanwhile, the BSE Sensex was up 82.16 points, or 0.42%, to 19,657.80.

On BSE, 10.65 lakh shares were traded in the counter as against an average daily volume of 11.01 lakh shares in the past one quarter.

The stock hit a high of Rs 50 and a low of Rs 47.25 so far during the day. The stock had hit a 52-week high of Rs 70 on 20 December 2012. The stock had hit a record low of Rs 36.80 on 30 August 2012.

The stock had underperformed the market over the past one month till 3 May 2013, rising 2.10% compared with the Sensex's 4.12% rise. The scrip had also underperformed the market in past one quarter, sliding 19.19% as against Sensex's 1.04% fall.

The large-cap company has an equity capital of Rs 2393.27 crore. Face value per share is Rs 10.

Net loss widened in Q4 March 2013 over Q4 March 2012 mainly on account of higher prices of imported coal and transmission constraints.

Consolidated total income surged 79% to Rs 1889 crore in Q4 March 2013 over Q4 March 2012.

The consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 109% to Rs 455 crore in Q4 March 2013 over Q4 March 2012.

On a consolidated basis, Adani Power's total income surged 66% to Rs 6779 crore in the year ended March 2013 over the year ended March 2012. The company reported a net loss of Rs 2295 crore in the year ended March 2013 compared with a net loss of Rs 294 crore in the year ended March 2012. The consolidated EBITDA decreased by 22% to Rs 1150 crore in the year ended March 2013 over the year ended March 2012.

Commenting on the financial performance of the company Mr Gautam Adani, chairman, Adani Power said, "We welcome CERC order as a step forward to resolve the tariff issue as it will be in the best interests of all stakeholders and consumers. The developmental mindset of the government is set to benefit the power sector as a whole and in particular the players which will have large power generating capacity in future."

Mr. Prabal Banerji, CFO of Adani Power, said, "The challenges of limited resources and evacuation bottleneck have affected our profitability in the past year. However, with FSA signing, timely delivery of the domestic coal and with fully operationalized capacity, the company is confident of posing a strong operational and financial performance to bring value to its stakeholders."

Adani is the largest private thermal power producer in India. The company expects its power generation capacity to increase from 5,320 megawatts (MW) at the start of 2012 to 10,000 MW by the end of 2013. It is currently developing six power projects for generating 16,500 MW of power across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. It aims to generate 20,000 MW by 2020.

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