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The power regulator’s compensatory tariff for its 4,000 megawatt (MW) Mundra power project has helped Adani Power return to black in the fourth quarter ended March 2014, first time since September 2011.
APL posted consolidated net profit of ₹2,529 crore for the quarter ended March 2014 on the total consolidated income of ₹5,996 crore. The company had posted net loss of ₹426 crore on the total consolidated income of ₹1,892 crore in the corresponding quarter last year.
The company attributed the improvement in the profitability to the >power regulator’s move to allow compensatory tariff for its power plant in Mundra . “The profit is largely due to recognition of compensatory tariff of the past periods, reassessment of deferred tax liability and improved operational performance,” the company stated in a statement after the announcement of financial results.
The company’s consolidated EBIDTA for the quarter increased by 504 per cent to ₹2,747 crore compared to ₹455 crore in the same period last year.
However, on an annual basis APL remained in the red with net loss of ₹291 crore for fiscal 2013-14, which is significantly reduced from ₹1,952 crore in the previous year. The company’s annual net loss reduced to lowest in three years. In 2011-12, company posted net loss of ₹294 crore.
APL’s consolidated total income for the year increased 133 per cent to ₹15,768 crore compared to ₹6,779 crore in the same period last year. “Revenue increased because of improved PLF of 74 per cent at Mundra and addition of new capacities at Tiroda and Kawai power plants. Revenue was also augmented on account of recognition of compensatory tariff as per CERC order,” the company statement said.
The consolidated EBIDTA for the year increased by 323 per cent to ₹4,859 crore compared to ₹1,150 crore in the same period last year. “EBIDTA for the quarter and the year improved due to higher volume of power sold and recognition of compensatory tariff as per CERC order. As a result of above, the consolidated net profit is ₹2,529 crore,” the company stated.
Standalone total income for the quarter increased by 151 per cent to ₹4,382 crore compared to ₹1,747 crore in the same period last year. The standalone EBIDTA increased to ₹2,519 crore as compared to ₹522 crore in the same period last year. The standalone net profit is ₹2,850 crore.
On standalone basis, APL’s total income for the year increased by 74 per cent to ₹11,010 crore compared to ₹6,333 crore in the same period last year. The standalone EBIDTA increased to ₹4,129 crore as compared to ₹1,332 crore in the same period last year. The standalone net profit is ₹595 crore.
“The past year has been a momentous one for everyone at Adani Power as our efforts have made us the largest private power producer in India with an installed capacity of 8,580 MW. Further, positive developments like compensatory tariff order, financial restructuring plan for SEBs and other initiatives by Government will revive the investment cycle in the sector,” said Gautam Adani, Chairman, Adani Power Ltd.
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