Companies

Adani Power reports Rs 290-cr loss in Q4

Priya sundarajan | | Updated on: May 15, 2012

Adani Power Ltd, a subsidiary of Adani Enterprises Ltd and part of the Adani Group, has reported a loss, although its income jumped 87 per cent in the financial year 2011-12, ended March 31, 2012, compared to the corresponding period in the last fiscal.

For FY12, the company has posted a loss of Rs 293.92 crore against a net profit of Rs 523.75 crore in the previous year due to high fuel prices and currency depreciation.

The company’s total income, however, increased to Rs 3,948.90 crore (Rs 2,106.43 crore) as it added 1,320 MW in its power generating capacity, according to a company statement here.

For the fourth quarter ended March 31, 2012, the company reported a loss of Rs 290.16 crore against a net profit of Rs 174.32 crore in the previous year period.

Total income for the same period stood at Rs 998.34 crore, a growth of 17 per cent, against Rs 855.57 crore during the quarter ended March 31, 2011.

Commenting on the financial performance, Mr Gautam Adani, Chairman, Adani Power Ltd, said the company’s power business was impacted by the issue of non-availability of domestic coal, high prices of imported coal and limited availability of transmission lines.

“However, after noticing the active involvement of the Government, we are confident that an early resolution will be found of the issue of fuel supply agreement (FSA) as well as tariff rationalisation on account of high prices of imported coal. The Adani Group is moving as per schedule to commission two power projects in Tiroda and Kawai this year.”

Mr Prabal Banerji, Chief Financial Officer, said while last year, the company witnessed pressure on margins due to various issues, APL is confident that this year the merchant rates will be better and there will be adequate transmission capacity to evacuate full power. “With the commissioning of our two new projects, Adani Power will generate close to 10,000 MW by end of this fiscal.”

Published on May 15, 2012

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