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Adani Power Limited on Wednesday posted standalone net loss of Rs 121 crore for the quarter ended December 31, 2018 as against profit of Rs 792 crore reported in the corresponding quarter a year ago. Company's standalone income from operations stood at Rs 116 crore as against Rs 2183 crore in the same quarter a year ago.
On consolidated basis company's net losses narrowed at Rs 1,180 crore for the quarter under review as against Rs 1,311 crore in the same quarter last year. The 9-month revenues from the operations stood at Rs 6,380 crore as against Rs 4,844 crore in the same quarter last year. Company further mentioned that the Average Plant Load Factor (PLF) achieved during the third quarter of was 73 per cent as compared to 58 per cent achieved in the corresponding period last year.
However, company further clarified that the Group has changed its accounting policy for valuation of coal from weighted average cost method to First-In First-Out (FIFO) method effective from April 1, 2018. For the nine-month period, APL posted net loss of Rs 1,617 crore for the quarter under review as against Rs 1,448 crore in the same quarter last year. While revenues from operations for the 9-month period stood at Rs 17,391 crore as against Rs 16,547 crore.
Consolidated EBITDA during the quarter grew by 77 per cent from Rs 777 crore for the quarter as against Rs 1,372 crore in the corresponding quarter a year ago, "as a result of higher revenues and lower administrative costs," the company said.
Adani Group Chairman, Gautam Adani, commented on the results, saying, "We are witnessing rapid progress in the resolution of regulatory issues that have affected cash flows of our projects in the past. We hope to see timely approval of supplementary PPAs by the Hon'ble CERC, which will help the Mundra power plant to operate sustainably. We have also received a substantial amount of compensatory payments under Change in Law for Domestic Coal Shortfall, for the Tiroda and Kawai plants. We continue to see a long term growth potential in the thermal power sector, which is bolstered by robust economic growth and the Government's fruitful efforts in addressing the challenges faced by the sector."
APL shares gained during the trade on Wednesday at Rs 38.10 up about 1 per cent on the NSE.
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