Adani Group's power arm, Adani Power Ltd, has posted a net profit of Rs 792 crore for the third quarter ended December 2017 against a net loss of RS 823 crore in the corresponding quarter a year ago.
On a standalone basis, the company's revenue from operations stood at Rs 2,183 crore compared with Rs 2,512 crore reported in the comparable period last year.
For the nine-month period, the company's net profit stood at Rs 532 crore against a net loss of Rs 1,364 crore in the same period last year on revenues of Rs 8,190 crore against Rs 7,743 crore last year.
Average plant load factor (PLF) achieved during the first nine months of fiscal 2018 was 61 per cent compared with 68 per cent achieved in the same period last year, Adani Power said in a statement.
On a consolidated basis, Adani Power's net loss nearly doubled to Rs 1,280 crore for the quarter ended December 2017 against a loss of Rs 668 crore in the corresponding quarter last year. Revenue from operations for the period stood at Rs 4,844 crore against Rs 5,431 crore last year.
Average PLF for the third quarter of fiscal 2018 was 58 per cent against 69 per cent achieved in the same quarter last year. "Lower PLF during third quarter was as a result of lower domestic coal availability at Tiroda and Kawai and forced outage at Udupi, as well as scheduled maintenance," the company informed.
For the nine-month period, Adani Power's net loss widened to Rs 1,452 crore on revenues of Rs 16,547 crore against Rs 1,214 crore on revenues of Rs 16,,316 crore reported in the same period last year.
New investment at Jharkhand
The board of directors of the company on Wednesday approved the setting up of a 1,600 Megawatt (2 units x 800 MW) uItra-supercritical thermal power project at Godda in Jharkhand by the company’s subsidiary Adani Power (Jharkhand) Ltd, at the estimated project cost of approximately Rs 13,450 crore.
The project is expected to achieve commercial operation date by May 2022, and will start supplying electricity to the Bangladesh Power Development Board under a PPA for a net capacity of 1,496 MW for 25 years. All major statutory clearances have been obtained for the project.
The company has also received all the requisite approvals as required under the Scheme of Arrangement approved by NCLT. As a result, the Scheme of Arrangement for the transfer of 4,620-MW Mundra Power Generation Undertaking to Adani Power (Mundra) Ltd, a subsidiary of the company, has been made effective during the quarter, an Adani Group statement said here.