Adani Power Q2 net profit rises 22% to Rs 3.86 bn, net income at Rs 76.5 bn

Adani's total income rose to Rs 76.57 billion in the quarter under review from Rs 64.14 billion in July-September of 2017-18 fiscal

Adani Power Ltd (ADL) said Wednesday its consolidated net profit rose by 22 per cent to Rs 3.86 billion in the quarter ended September 30, 2018.

The company had clocked net profit of Rs 3.16 billion during the same period a year ago, country's largest private thermal power producer said in a regulatory filing.

Its total income rose to Rs 76.57 billion in the quarter under review from Rs 64.14 billion in July-September of 2017-18 fiscal.

ADL's total expenses during the said quarter were at Rs 69.55 billion higher from Rs 61.01 billion in the year-ago quarter.

In a separate statement, ADL said the finance cost for second quarter of 2018-19 fiscal was Rs 14.07 billion as compared to Rs 13.89 billion in the year-ago quarter.

"The increase in finance cost was primarily due to higher borrowing during the quarter, which was partially offset by gains on forex hedges", it said.

It further said that the average Plant Load Factor (PLF) achieved during the second quarter of FY 2018-19 was 65 per cent higher as compared to 63 per cent achieved in the second quarter of FY 2017-18.

This growth was on account of better coal availability and strong demand from DISCOMs, the company said.

Commenting on the results, Gautam Adani, Chairman, Adani Power said, "We are pleased to note the progress in ensuring sustainable operations of the Mundra power plant, with the Hon'ble Supreme Court permitting the Gujarat Government to approach the CERC for implementation of recommendations made by the High Power Committee.

"We have also received other important Regulatory and judicial approvals for compensation claims of our projects at Tiroda and Kawai. With the quick ramp up of coal supplies under SHAKTI, we firmly believe that these developments will help the plants achieve cash flow certainty and improvement in long-term profitability. We remain committed to our goal of catering to India's growing power demand and contributing significantly to its economic growth."

Adani Power (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India.

The company has an installed capacity of 10,480 MW spread across four power plants in Gujarat, Maharashtra, Karnataka and Rajasthan.