Adani Power net loss narrows to Rs 34 cr in Apr-Jun qtr

Adani Power's consolidated net loss narrowed to Rs 33.51 crore for the quarter ended June 30, 2016.

The company company had reported Rs 171.81-crore consolidated net loss after tax and minority interest during the same quarter a year ago, Adani Power — a subsidiary of Adani Enterprises Ltd — said in a regulatory filing.

"Pursuant to the acquisition of 100 per cent stake of UPCL (Udupi Power Corporation Ltd) by the company with effect from April 20, 2015, the figures for the current quarter are not fully comparable with the figures of corresponding quarter," the company said in a filing to BSE.

The net sales of the company during the April-June quarter stood at Rs 5,577.31 crore as against Rs 5,935.61 crore in the year-ago period, it added.

In a statement, the firm said that the consolidated total income for the quarter decreased by 6 per cent to Rs 5,587 crore compared to Rs 5,945 crore in the corresponding period in financial year 2015-16.

"Billed availability during Q1 FY17 for Mundra was 93 per cent , Tiroda 71 per cent , Kawai 97 per cent and Udupi was 94 per cent. The shortfall in income from Tiroda was due to non-availability of water which was partially compensated by higher revenue at Kawai where PLF was 86 per cent and at Udupi where PLF was 79 per cent," the statement added.

"EBIDTA during the quarter increased by 21 per cent from Rs 1,623 crore in Q1 FY16 to Rs 1,957 crore in Q1 FY17, due to lower coal cost and improved performance from Kawai and Udupi plant," it said adding that "the consolidated net loss reduced from Rs 172 crore in Q1 FY16 to Rs 34 crore in Q1 FY17."

The company sold 13.96 billion units in the first quarter of the ongoing fiscal against 15.86 billion units in April-June quarter last fiscal due to shutdown at Tiroda Plant on account of non-availability of water, it said.

Commenting on the quarterly results, Adani Power Chairman Gautam Adani said that as the government continues with power sector reforms, the company continues its growth plan. With strong GDP growth forecast, power sector is poised to grow.

"In the current quarter, the average availability at all the plants has remained near to 90 per cent however, the revenue was affected due to non-availability of water at Tiroda plant despite improved performance from other plants," Adani Power Chief Executive Officer Vneet Jaain said.

"Adani Power has achieved improved EBIDTA and reduced net losses as compared to corresponding quarter. Improved domestic coal availability, recently announced special forward e-auction scheme for power sector will further improve the financial performance of the company," Jaain added.

Adani Group is a leading business house with a turnover of over USD 10 billion.