Adani Power's net loss reduces to Rs.369 crore in Q2

Adani Group-owned Adani Power on Tuesday said its net loss for the quarter ended September 30 has narrowed down to Rs.369 crore as against the net loss of Rs.799 crore suffered in the corresponding quarter in the last fiscal.

The company's total income in the July-September period, however, increased by 39 percent at Rs.5,784 crore as against Rs.4,175 crore in similar months in last fiscal (2014-15).

EBITDA also jumped by 47 percent in the months under review at Rs.1,824 crore as compared to Rs.1,243 crore in the corresponding period of last quarter.

"Adani Power remains committed to continue expanding towards the goal of achieving a power generation capacity of 20,000 MW by 2020 to bridge the power deficit in the country," Gautam Adani, chairman of Adani Power, said in a statement.

Interest expenses of the power firm during the quarter increased to Rs.1,605 crore due to one-time impact of Rs.98 crore towards prepayment penalty charges paid for refinancing of loans.

As per the company, refinancing of rupee loans would reduce the interest costs going forward.

"Our results show increased power generation from the total installed capacity of 10,480 MW. Improvement in operational performance and focused efforts has contributed significantly to the financial performance of the quarter," chief executive officer of the company Vneet Jaain said.

Shares of the company were trading at Rs.31.10 on the Bombay Stock Exchange in the afternoon trade - down by 1.58 percent.