Buoyed by higher revenues and improved realisations, Adani Power has reported net profit of Rs 634.64 crore in the quarter ended on March 31 against a net loss of Rs 653.25 crore in the year-ago period.

In a filing, the company said that total income almost went up by 100 per cent. In the March-quarter of FY19, Adani Power clocked revenues of Rs 8,077.89 crore, a 94 per cent increase when compared to Rs 4,161 crore it posted in the same period last year.

For the whole year, Adani Power’s net loss reduced to Rs 984.40 crore. This figure was Rs 2,102 crore in the 2018 fiscal. Also, the net income had increased to Rs 26,361 crore, an almost 25 per cent jump when compared to Rs 21,093 crore it posted in 2018 fiscal. "The Adani Group, with its established Pit-to-Plug presence, is confident of leveraging its strengths to achieve its long term goals, and contributing significantly to nation building," Chairman Gautam Adani said in a statement.

Further, the Board has approved the appointment of Suresh Jain as the Chief Financial Officer (CFO) of the company from May 30 this year. He takes over from Rajat Kumar Singh. Jain was formerly the CFO of Essar Steel India.

Additionally, the Board has recommended resolutions for seeking shareholder approval at the annual general meeting to raise funds. They want to raise funds by issuing of equity shares or convertible bonds or other convertible securities through qualified institutional placement (QIP) or GDR or ADR or FCCBs or FCEBs for Rs 7,000 crore.

In FY19, the power sold was 15 per cent higher at 55.2 BUs (billion units) as compared to 48.0 BUs in FY18. The power sold during March quarter last fiscal was up 110 per cent at 16.6 BUs in comparison to 7.9 BUs a year ago.

The average plant load factor (PLF) achieved during FY19 was 64 per cent, against 55 per cent achieved in the previous fiscal. Average PLF or capacity utilisation achieved during March-quarter was 79 per cent, as compared to 37 per cent in the year-ago period. The recent months have seen a transformation in India's electricity sector regulation, which will go a long way in restoring the financial robustness of private sector power plants, and supporting economic growth through reliable and affordable power supply to the end consumers, the company said.

In the case of Adani Power Maharashtra limited (APML), a wholly-owned subsidiary, the Maharashtra Electricity Regulatory Commission ("MERC") in its March order had given a favourable order against APML's petition for change in law claims on account of shortage of coal supply under the New Coal Distribution Policy (NCDP) upto 31st March, 2017.

This was for the capacity tied up under Power Purchase Agreements (PPAs) for the generation capacity of 1180 MW having Fuel Supply Agreements and for capacity tied up under PPAs for 1320 MW having memorandums of understanding (MoUs). APML had accounted an estimated income of Rs 1685.12 crore against such claims including revision made based on the said order in earlier financial years. During the year, APML has recognised an additional income of Rs 624.87 crore till March 31, 2017 in the matter of compensation in lieu of non-availability of coal linkages / coal under FSAs.

Also, regarding the award of carrying cost benefit on compensation towards shortfall in domestic coal, APML has recognized other income of Rs 843.26 crores during the quarter (including Rs 719.06 crores pertaining to earlier years), based on the submission of carrying cost claim as per the order, made with Maharashtra Discom. During the quarter, APML has already received Rs 152.94 crores .

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