Adani Power net loss zooms to Rs 1,952 cr on high coal prices

Virendra Pandit | | Updated on: Mar 12, 2018

Higher prices of imported coal and transmission constraints continued to take a toll on the power sector’s financial performance as Adani Power Ltd (APL), on Monday, reported a net loss of Rs 1,952 crore in financial year 2012-13 ended March 31, as compared to the last fiscal’s Rs 294 crore on a standalone basis.

But the company expected better results ahead as Gautam Adani, Chairman, welcomed the recent order of the Central Electricity Regulatory Commission (CERC) as a “step forward to resolve the tariff issue as it will be in the best interests of all stakeholders and consumers.”

The developmental mindset of the Government is set to benefit the power sector as a whole and, in particular, the players who would have a large power generating capacity in future, he said in a statement here.

APL, a subsidiary of Adani Enterprises Ltd (AEL), on a standalone basis reported that the total income for the year rose by 60 per cent to Rs 6,333 crore (Rs 3,951 crore). The EBIDTA decreased by 10 per cent to Rs 1,332 crore (Rs 1,482 crore).

The consolidated total income in FY13 increased by 66 per cent to Rs 6,779 crore (Rs 4,092 crore), while net loss stood at Rs 2,295 crore (Rs 294 crore). The EBIDTA decreased by 22 per cent to Rs 1,150 crore (Rs 1,475 crore).

In FY 13, the company sold 20.69 billion units (12.4 billion units). Adani Power Maharashtra (APM) signed an additional fuel supply agreement (FSA) with South Eastern Coal Fields (SECL) for the Tiroda plant, enabling it to procure 4.2 million tonnes of coal. The company currently has 10.6 mt of FSA for the Mundra and Tiroda power projects, he said.

Recently, APM operationalised another unit of 660 megawatt and Adani Power Rajasthan synchronised a unit of 660 MW in the first quarter of FY14. The total operational capacity of APL has now been augmented to 5,280 MW.

Prabal Banerji, CFO of Adani Power, said, “The challenges of limited resources and evacuation bottlenecks have affected our profitability in the past year. However, with the signing of the FSA, timely delivery of domestic coal and with fully operationalised capacity, the company is confident of posing a strong operational and financial performance to bring value to its stakeholders.”

Published on May 06, 2013
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