Adani Power Q3 net loss narrows to Rs 1,180.78 cr on healthy income growth

We are witnessing rapid progress in the resolution of regulatory issues that have affected cash flows of our projects in the past, Gautam Adani said

Adani Power's consolidated net loss narrowed to Rs 1,180.78 crore for the quarter ended on December 31, 2018, from Rs 1,313.74 crore in the year-ago quarter, helped by a healthy growth in income, according to a company statement.   

Total income of the company rose to Rs 6,667.11 crore in the quarter ending December from Rs 4,916.34 crore in the year-ago quarter, the statement said.

The average Plant Load Factor (PLF) or capacity utilisation of power generating plants was 73 per cent in the third quarter of 2018-19 compared to 58 per cent in the same quarter of last fiscal.

Commenting on results, Gautam Adani, chairman, Adani Group, said, "We are witnessing rapid progress in the resolution of regulatory issues that have affected cash flows of our projects in the past. We hope to see timely approval of supplementary PPAs (power purchase agreement) by the (power regulator) CERC, which will help the Mundra power plant to operate sustainably."

He further said, "We have also received a substantial amount of compensatory payments under Change in Law for Domestic Coal Shortfall, for the Tiroda and Kawai plants. We continue to see a long term growth potential in the thermal power sector, which is bolstered by robust economic growth and the Government's fruitful efforts in addressing the challenges faced by the sector."

"The Adani Group has established its end-to-end presence in the Indian power sector, and is firmly committed to playing a significant part in India's growth story".

Adani Power, a part of diversified Adani Group, has an installed thermal power capacity of 10,440 Mw spread across four power plants in Gujarat, Maharashtra, Karnataka and Rajasthan.