Adani Power Ltd (APL), subsidiary of Adani Enterprises Ltd (AEL), on Monday reported a loss of Rs 358 crore in the quarter ending December 31, 2011, against profit of Rs 109 crore in the corresponding period a year ago.
The loss in the qurater was on account of increase in coal prices and forex losses, the company said.
The net sales of the company were up 111 per cent at Rs 1,059 crore in the quarter ending December, against Rs 503 crore in the corresponding period last year.
“We imported coal from Bunyu mines in Indonesia at a higher price as a result of which the overall per unit coal cost has jumped to Rs 2.44 per unit, impacting profitability,” CFO, APL Mr Prabal Banerjee told reporters.
The company’s overall coal cost was over Rs 1.22 per unit last year in the corresponding period.
The company imports coal from Indonesia at around $36 per tonne for its power plant in Mundra, besides sourcing it domestically.
“The losses on foreign exchange side are Rs 337 crore in the books, of which Rs 132 crore was provided for in the third quarter, and Rs 205 crore (forex losses) are marked to market losses,” he said.
The company’s average realisation per unit kilowatt hour stood at Rs 3.51 in the quarter ending December versus Rs 2.93 in the corresponding period a year ago.
Mr Banerjee claimed that of the Rs 337 crore losses, Rs 295 crore is reversible as of today in wake of an appreciating rupee, reducing the foreign exchange impact to Rs 40 crore.
A provision for deferred tax of Rs 24 crore had to be done in the quarter, he added.