Adani Power slumps after dismal Q3 results

Adani Power fell 11.48% to Rs 34.30 at 14:08 IST on BSE after the company reported consolidated net loss of Rs 325 crore in Q3 December 2016 compared with net profit of Rs 104 crore in Q3 December 2015.

The result was announced during trading hours today, 20 January 2017.

Meanwhile, the BSE Sensex was down 248.06 points, or 0.91%, to 27,060.54.

On the BSE, so far 31.27 lakh shares were traded in the counter, compared with average daily volumes of 12.49 lakh shares in the past one quarter. The stock had hit a high of Rs 38.95 and a low of Rs 33.95 so far during the day.

The stock hit a 52-week high of Rs 38.95 on 20 January 2017. The stock hit a 52-week low of Rs 22.45 on 12 February 2016.

Adani Power reported net loss due to lower earnings before interest, tax, depreciation and amortization (EBITDA) and higher finance cost during the quarter. Consolidated total income fell 5.44% to Rs 5873 crore in Q3 December 2016 over Q3 December 2015, largely on account of lower plant load factor (PLF).

EBITDA fell 15.9% to Rs 1708 crore in Q3 December 2016 over Q3 December 2015, mainly due to lower merchant tariff and prior quarter income recognised in Q3 December 2015.

Finance cost increased 8.50% to Rs 1430 crore in Q3 December 2016 over Q3 December 2015, on account of higher working capital utilisation and impact of mark to market on foreign currency derivatives.

Adani Power is the largest private thermal power producer in India with an installed capacity of 10,480 megawatts.

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