Adani Powers posts lower Q3 loss at Rs.426 crore

Adani Power Ltd (APL) Monday posted a 15.9 percent recovery on its standalone net losses, at Rs.426 crore for the third quarter ended December. It had registered a net loss of Rs.507 crore in the corresponding quarter of the previous year.

APL's losses have recovered to one of the lowest so far in the current fiscal on the back of an improved plant load factor (PLF) of 75 percent, it said in a filing to the Bombay Stock Exchange (BSE).

For the nine month period of the current fiscal, Adani Power has posted a standalone net loss of Rs.2,255 crore against Rs.1,525 crore in the same period of last fiscal

The company's standalone total income for the quarter rose 46 percent to Rs.2,664 crore compared with Rs.1,829 crore in the same quarter of the last fiscal.

"The challenges of limited domestic coal availability and non-remunerative prices continued to impact our financial performance," said Vinod Bhandawat, chief financial officer, Adani Power.

Adani Power said that in the quarter, it achieved its highest power generation, generating 4,644 MW at its 4,620-MW Mundra plant. It expects to achieve a thermal power capacity of 9,240 MW by 2014.

APL stocks closed Monday at Rs.33.00 per share, 1.30 points, or 3.79 percent, lower than its previous close on the BSE.