Adani Power Q4 net jumps 64% at Rs 1,173 cr

Adani Power today posted 64 per cent jump in consolidated net profit at Rs 1,173.39 crore for the quarter ended March 31.
The company reported a net profit of Rs 715.05 crore for the January-March quarter of 2014-15.
The total income increased from Rs 7456.36 crore to Rs 4829.96 crore for March quarter of 2015-16.
For the entire 2015-16 fiscal, the company posted a consolidated net profit after taxes & minority interest of Rs 488.48 crore. It suffered a net loss of Rs 815.63 million for the year ended March 31, 2015.
The total income increased from Rs 25433.35 crore to Rs 19791.44 crore for the latest fiscal.

The figures are not fully comparable pursuant to the stake sale in Adani Transmission (India) by the company in the previous year, the merger of Solar Power Undertaking of Adani Enterprises from April 1, 2015 and the acquisition of 100 per cent stake of UPCL from April 20, 2015.

The Udupi Power Corporation (UPCL) profit after tax during the quarter and year ended March 31, 2016 was Rs 107.82 crore and Rs 119.13 crore respectively.
The company said in a press statement that the interest cost during the quarter increased to Rs 1,547 crore compared to Rs 1,325 crore during March quarter of 2014-15, mainly due to fair valuation of derivatives taken for interest rate swaps.

It also expects that implementation of the APTEL order will improve the cashflow and gearing of the company.
The APTEL, in its order on April 7, 2016, decided that the promulgation of Indonesian regulations as also the non-availability/short supply of domestic coal constitute a force majeure event under the PPAs, and directed the CERC to assess the extent of impact of such events on the project, and give relief as may be available under the respective PPAs.
"Adani Power remains committed to expanding towards the goal of achieving a thermal power generation capacity of 20,000 MW by 2020 to bridge the power deficit in the country," Adani Group Chairman Gautam Adani said in the statement.

"Mundra plant's generation of 33.1 billion units during the year, is the highest by any thermal power plant in the country which is the testimony of our achievement," Adani Power Chief Executive Officer Vneet Jaain said in statement.