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Adani Group’s power arm, Adani Power Ltd (APL), has registered a net loss of Rs 431 crore on a standalone basis for the second quarter ended September 30, 2014. The losses have been reduced from Rs 910 crore in the corresponding quarter in the previous year.
Total income stood at Rs 2,508 crore for the quarter against Rs 2,210 crore in the same period previous year, the company informed in a statement on Monday.
However, the company’s net loss has increased from what was seen in the first quarter ended June 30, 2014 at Rs 180 crore.
Vneet Jaain, Chief Executive Officer of Adani Power, said: “Our results reflect higher volume of power generation and improved operational efficiencies which were offset by the challenges in business that have led to PPAs becoming non-remunerative coupled with limited availability of domestic coal.”
“However, with implementation of policy measures, implementation of tariff orders and improving operational efficiencies, we are confident of revival in our power business performance. The company has achieved thermal power generation capacity of 9,240 MW,” he added.
Adani Power shares were trading down by 2 per cent at Rs 46.75 on the BSE after the results were announced.
On a consolidated basis, the company registered a net loss of Rs 799 crore during the second quarter compared to a net loss of Rs 1,072 in the same period previous year.
Consolidated total income for the quarter stood at Rs 4,148 crore (Rs 3,045 crore).
Consolidated EBIDTA increased 64 per cent to Rs 1,246 crore from Rs 759 crore in the same period last year.
“EBIDTA for the quarter improved due to higher volume of power sold and improved operational efficiencies. Increased EBIDTA resulted in lower consolidated net loss,” the company informed in a statement.
For the half-year period, the company posted a consolidated net loss of Rs 1,102 crore on total income of Rs 9,373 crore. On a standalone basis, the half-yearly net loss was reduced to Rs 611 crore from Rs 1,828 crore in the same period last year.
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