Gautam Adani-promoted Adani Power reported a 54% decline in consolidated net loss for the quarter ended September on account of higher sale of electricity aided by the acquisition of Udupi Power Corporation (UPCL) in the previous quarter.
For the July-September quarter, the Ahmedabad-based company reported a consolidated net loss of Rs 369.08 crore compared to Rs 798.71 crore in the corresponding period a year ago. The company reported a 47% jump in consolidated EBITDA, which came in at Rs 1,824 crore for the second quarter.
The company said that its newly acquired asset, UPCL, contributed Rs 248 crores to EBIDTA during the quarter.
Adani Power managed to sell 15.1 billion unit of electricity, which is 44% higher compared to the corresponding period in the previous year. Its consolidated total income for the quarter rose 39% to Rs 5,784 crore as against Rs 4,175 crore in the year-ago period.
The company said the due to stake sale of Adani Transmission Limited, merger of solar power undertaking and the acquisition of UPCL meant that its quarterly numbers were not fully comparable to the corresponding period a year ago.