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Adani Group’s power arm Adani Power Ltd has posted standalone net loss of ₹478.39 crore for the quarter ended December 2016 against the net loss of ₹30.24 crore for the corresponding quarter last year.
The company's total income from operations for the quarter under review, stood at ₹2891.41 crore, down from ₹3,070.25 crore in the same quarter last year.
Consolidated net loss for the quarter stood at ₹323.61 crore, against the net profit of ₹109.49 crore in the same quarter last year, on the total income from operations of ₹5,813.33 crore for the quarter under review against ₹6,191.09 crore in the same quarter last year.
The company attributed lower plant load factor (PLF) during the quarter for lower income for the quarter. The loss for the quarter was attributed to lower EBIDTA and higher finance costs.
EBIDTA during the quarter has reduced by 15.9 per cent from ₹2,030 crore in third quarter last fiscal to ₹1,708 crore in third quarter of fiscal 2017, mainly due to lower merchant tariff and prior quarter income recognised in the corresponding quarter last fiscal.
Finance costs have increased from ₹1,318 crore in third quarter last fiscal to ₹1,430 crore in the quarter under review on account of higher working capital utilisation and impact of mark to market on foreign currency derivatives.
Gautam Adani, Chairman, Adani Power, said: “As the Indian economy continues to outpace the global economy steadily, overcoming numerous challenges, Adani Power is firmly positioned to achieve its future growth plans and contribute significantly to nation building by providing electricity at competitive rates."
According to Vineet Jaain, Chief Executive Officer, Adani Power, the company continued to face challenges in terms of non-availability of domestic fuel linkages, regulatory complexities as well as lower demand for power.
APL shares tanked by over 11 per cent on Friday to close at ₹34.30 on the National Stock Exchange (NSE) with heavy volumes of over 3.8 million shares changing hands.
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