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Adani Group's power arm, Adani Power Limited on Saturday posted standalone net profit of Rs 256.50 crore for the second quarter ended September 2017 as against the net loss of Rs 335.14 crore reported in the corresponding quarter a year ago. APL posted first standalone quarterly profit in five quarters since April 2016.
Company's revenues from operations for the quarter in review stood at Rs 3460 crore as against Rs 2828 crore reported in the same quarter last year, showing an increase of 22 per cent on year-on-year basis.
On consolidated basis, company posted net profit of Rs 292.71 crore for the quarter as against net loss of Rs 313.05 crore in the corresponding quarter last year.
Consolidated total income for second quarter fiscal 2018 grew by 14 per cent to Rs 6,462 crores as compared to Rs 5,670 crores in the same quarter last year.
"The increase in revenues was mainly due to receipt of interim relief from Haryana DISCOMS as change in law for shortfall in domestic coal, pursuant to the CERC’s interim order dated 28th September 2017, following the Hon’ble Supreme Court’s judgement of 11th April 2017, Adani Power said in a statement.
Average Plant Load Factor (PLF) achieved during the second quarter of fiscal 2017-18 was 63 per cent, lower as compared to 70 per cent achieved in second quarter of fiscal 2016-17. This drop was on account of customer back downs, planned maintenance shutdowns, and domestic coal shortages, the statement said.
For the first half period of April-September, company registered consolidated net loss of Rs 161.14 crore, which was Rs 545.68 crore in the same period last year.
Consolidated total income for first half period under review grew by 9 per cent to Rs 12,111 crore as compared to Rs 11,088 crore in same period last year.
Adani Power further stated that finance cost for second quarter was Rs 1,389 crore as compared to Rs 1,434 crore in the corresponding quarter, while for the first half period, finance cost stood at Rs 2,796 crore as compared to Rs 2,885 crore last year.
"The reduction in finance cost was primarily due to favorable currency movement during the quarter, as well as reduction in short term loans," the company said.
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