Adani Power's net loss down Rs.303 crore

Adani Power Wednesday reported that it has been able to reduce its net loss to Rs.303 crore from Rs.1,198 crore for the first quarter of the current fiscal.

"The outlook of power sector is likely to improve as the new government has combined the ministry of Coal and Power for speedy policy decision resolution," said Gautam Adani, chairman, Adani Power.

"The recent announcements by the government to increase fuel availability, commitment for transmission and distribution developments and financial restructuring of SEB (state electricity board) will give a renewed boost to power sector of the country in the near future."

For the period under review the consolidated total income for the quarter increased by 104 percent to Rs.5,248 crore compared to Rs.2,572 crore in the same period last year.

The consolidated EBIDTA increased by 227 percent to Rs.1,645 crore compared to Rs.504 crore in the same period last year.

The company said that EBIDTA for the quarter improved due to higher volume of power sold and recognition of compensatory tariff.

The company expects to achieve thermal power generation capacity of 9,240 mega watt (MW).