Gautam Adani-led Adani Power reported a 72% year-on-year (y-o-y) drop in net profit to Rs 715.05 crore for
the fourth quarter of fy15 despite an exceptional gain on account of sale of the transmission business to a group company.
The company had reported an exceptional gain of Rs 657.56 crore from the demerger of the transmission business and its subsequent stake sale to Adani Transmission. Consolidated net loss for full year fy15 widened to Rs 815.63 crore compared to a net loss of Rs 290.55 crore reported in the previous year as higher finance costs took a toll.
Operational income for the year was up 17% to Rs 6,083 crore.
Adani Power also emerged as the country’s largest private thermal power company with a generation capacity of 10,440 MW, say the Q4 results. Note that Adani has the maximum installed capacity with four power projects spread across of Gujarat, Maharashtra, Karnataka and Rajasthan.
Adani Power saw a sharp rise in finance costs during the year as they rose 31% to Rs 5,202.99 crore. FE had reported that a consortium of bankers led by State Bank of India (SBI), who are lenders to Adani Power’s two subsidiaries, Adani Power Maharashtra (APML) and Adani Power Rajasthan (APRL), are in the process of finalising a Rs 15,000-crore term-loan refinance proposal. According to sources, bankers have agreed to extend the loan repayment period of 10 years to 19 years under the 5/25 scheme of the RBI. According to Bloomberg data the company’s debt stood at Rs 40,171 crore at the end of FY 15.
Revenues of the Adani Enterprises subsidiary were also down for the quarter at Rs4661.34 crore, compared to Rs Rs 5,990.71 crore in the same quarter of the previous fiscal. For full year fy15, revenues were up 24% at Rs 19,544.94 crore compared to Rs 15,678.08 in the previous year.
Income from operations includes a compensatory tariff of Rs 857.35 crore with respect to the 1,000 MW power purchase agreement (PPA) with Gujarat Urja Vikas Nigam and 1,424 MW PPA with Haryana discoms.
The company noted that revenues were up because of a higher operational capacity of 8,891 MW compared to 7,182 MW in the corresponding previous year. During the year, the company completed the acquisition of Udupi Power Corporation, taking its commissioned capacity to 10,440 MW.
Gautam Adani, chairman of Adani Power, in a statement said, “We remain committed to continue expanding towards the goal of achieving a generation capacity of 20,000 MW by 2020 to bridge the power deficit in the country.”
Adani Power sold 12 billion units of power during the Q4FY15 compared to 11.8 billion units in Q4FY14. For the full year FY15, the company sold 50.7 billion units versus 40.1 billion units in FY14.