Adani Group’s power arm Adani Power Limited on Monday posted standalone net loss of ₹79 crore for the fourth quarter ended March 31, 2020. The company’s losses widened further from ₹63 crore reported in the same quarter last year.
APL reported standalone revenues from operations at ₹531 crore as against ₹30 crore in the corresponding quarter last year.
For the financial year 2019-20, APL reported standalone net loss at ₹1,340 crore (₹225 crore). Total standalone revenues from operations stood at ₹1,005 crore (₹2,404 crore).
On consolidated basis, the company’s net loss for the fourth quarter stood at ₹1,313 crore, as against the net profit of ₹635 crore in the same quarter last year. Consolidated revenues from operations for the quarter stood at ₹6,172 crore as against ₹6,722 crore, the company informed in a regulatory filing Monday.
For the financial year 2019-20, consolidated net loss was reported at ₹2,275 crore, as against the net loss of ₹984 crore reported in the previous year.
“The loss for the year includes exceptional item of ₹1,003 crore, pertaining to the write off of certain receivables and advances, owing to the acceptance of resolution plan submitted by the company for acquisition of Korba West Power Co Ltd., which is now renamed to REGL. The Total Comprehensive Loss after Tax for the year ended 31st March 2020 was ₹(-) 2,264 crore for FY20, as compared to a Total Comprehensive Loss of ₹(-) 992 crore for the previous year,” APL said in a statement.
Commenting on the annual results, Gautam Adani, Chairman, Adani Group, said, “The Adani Group has stood by its commitment to the nation, to ensure uninterrupted availability of power in the tumultuous times of the Covid-19 lockdown. We are confident of India’s ability to revive its economic growth engine and power up through hard work for the next phase of prosperity for its vast and energetic population. As India’s leading infrastructure conglomerate, the Adani Group is ready to partner the country on its path to sustainable growth.”