Adani Power Q3 net at Rs 102 crore

Adani Power today reported a consolidated net profit of Rs 101.75 crore for the quarter ended December 31, 2015 due to operational excellence achieved from the existing plants as well as additional sale from Udupi plant.
However, the company had posted a net loss of Rs 428.68 crore in the year-ago period, the Adani Group firm said in a filing to BSE.
Net sales of the company during the quarter under review was at Rs 6,184.08 crore as against Rs 5,496.38 crore in the year-ago period.
"Consolidated total income for third quarter increased by 12 per cent to Rs 6,211 crore compared to Rs 5,538 crore in the year-ago period mainly due to additional sale from Udupi plant," it said in statement.

Consolidated EBIDTA for the quarter increased by 13 per cent to Rs 2,027 crore compared to Rs 1,793 crore for the third quarter of the previous fiscal, the statement said.
"EBIDTA impact due to demerger of transmission business for December quarter of previous fiscal of Rs 155 crore was more than compensated by EBIDTA from UPCL, improved operational efficiencies and lower costs in third quarter of 2015-16," it said.

"Our financial results for the quarter have improved through operational excellence achieved from the existing plants as well as contribution from the acquired Udupi plant.
"We remain optimistic about the sector in light of the announcements made in the revised Power Tariff Policy coupled with enhanced supply of domestic coal," Adani Power Chief Executive Officer Vneet Jaain said.

With the announcement of the revised Tariff Policy, the
company would partner with the government in its vision to achieve 24X7 power for all by 2019, Adani Power Chairman Gautam Adani said.
The company is very much poised to achieve a power generation capacity of 20,000 MW by 2020 to bridge the power deficit in the country, he said.
Depreciation charge during the quarter is Rs 607 crore and is not comparable with third quarter of 2014-15 as the company "had given the impact of Schedule-II of the Companies Act, 2013".
"Interest expenses during December quarter this fiscal decreased to Rs 1,318 crore from Rs 1,481 crore year ago, mainly due to refinancing of rupee loans resulting in reduction of interest on rupee term loans and lower foreign exchange fluctuation impact on working capital facilities," it added.

In a separate filing, the company said its Board "has approved the allotment of 14,81,00,000 equity Shares on preferential basis to Adani Properties Pvt Ltd at a price of Rs 28 per share (including premium of Rs 18 per share), totalling to Rs 414.68 crore.