Adani Power on Wednesday said its consolidated loss doubled to ₹1,290.7 crore in the October-December quarter of this fiscal against that of ₹ 667.8 crore in the year-ago quarter.

Total consolidated revenue dropped to ₹4,916 crore during the October-December quarter from ₹5,491 crore in the same quarter of last year, the Adani group company said in a regulatory filing.

During the third quarter of the ongoing fiscal, the units sold were lower at 12,633 million units (MUs) as compared to 14,897 MUs during the corresponding quarter of previous fiscal, a company statement said.

Average Plant Load Factor (PLF) achieved during the third quarter of FY2017-18 was 58 per cent, lower as compared to 69 per cent achieved in the corresponding quarter of FY2016-17.

“Lower PLF during Q3 FY18 was as a result of lower domestic coal availability at Tiroda and Kawai and forced outage at Udupi, as well as scheduled maintenance,” the statement said.

The company said that its EBIDTA during the third quarter was at ₹800 crore, against ₹1,364 crore in the year-ago period.

“EBITDA during the quarter was lower due to arrears of transmission charges of ₹287 crore not pertaining to the quarter, and lower fixed capacity charge revenue due to lower billed availability,” the statement said.

“We expect to receive coal linkages under the SHAKTI scheme for the Tiroda and Kawai plants in the near future, which will help reduce fuel costs and improve profitability of these projects,” Adani Power Chairman Gautam Adani said.

Under-recovery of fuel costs for Mundra project has impacted its financial viability, Adani said, and the company is in dialogue with key stakeholders for an early solution.

“Adani Power continues to progress steadily in pursuit of its future growth plans, while emphasising on efforts to improve efficiencies to build a robust and agile organisation,” he said.

Supercritical power project

The company said that its board has approved setting up of a 1600 mw ultra-supercritical thermal power project at Godda, Jharkhand, by the its arm Adani Power (Jharkhand) Ltd, at the estimated project cost of ₹13,450 crore approximately.

The project is likely to achieve commercial operation date by May 2022, and supply power to the Bangladesh Power Development Board under a power purchase agreement (PPA) for net capacity of 1,496 mw for 25 years, the company said adding that all major statutory clearances have been obtained for the project.

The company has 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 the 4,620 MW Mundra Power Generation Undertaking to Adani Power (Mundra) Ltd, a subsidiary of the Company, has been made effective during the quarter,” the statement said.

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