Adani Power today said its consolidated net loss narrowed to Rs 114 crore for the quarter ended September 30, helped by lower financing costs and better operational efficiencies.
The firm led by Gautam Adani had reported a net loss of Rs 411 crore in the year-ago period, it said in a BSE filing.
Total consolidated income of the company, however, rose marginally to Rs 5,776 crore in July-September quarter this fiscal from Rs 5,751 crore during the same period last fiscal.
Its total expenses were almost flat at Rs 4,553 crore.
“Consolidated net loss significantly reduced from Rs 411 crore in Q2 2015-16 to Rs 114 crore in Q2 2016-17 due to lower finance cost,” the firm said.
“Improving power availability is a key factor driving India’s economic growth, which is outpacing the global economy steadily,” Adani Power Chairman Gautam Adani said.
“During Q2 2016-17, we have been able to improve availability at all plants, with an improvement in operational efficiency. Our efforts to optimise finance costs, aided by efficient operations have helped the company to reduce net loss significantly during the quarter,” Adani Power CEO Vneet Jain said.
Going forward, he said the firm expects to be benefited from improved domestic coal availability through the recently announced special forward coal e-auction scheme for the power sector.
Despite a better performance in September quarter, the company’s shares were down 1.62 per cent at Rs 27.25 apiece at the BSE in the afternoon trade.