Helped by lower finance cost due to refinanced loans, Gautam Adani-promoted Adani Power on Monday reported a 72% decline in its consolidated net loss to Rs 114 crore for the quarter ended September 30.
The company had reported net loss of Rs 411 crore in the same period last year.
For the July-September quarter, the company brought down its finance cost by 13% to Rs 1,434 crore. The power generator narrowed its loss despite a marginal decline in energy sold for the quarter which stood at 15.04 billion units (BU) compared to 15.10 BU in the corresponding period a year ago. “Our efforts to optimise finance costs, aided by efficient operations, have helped the company reduce net loss significantly during the quarter, as compared to the corresponding quarter of FY 2015-16,” Vneet Jaain, CEO, Adani Power, said. He added that the company expects to benefit from improved domestic coal availability through special forward coal e-auction scheme for the power sector.
The company’s consolidated total income for the quarter marginally increased to Rs 5,870 crore compared to Rs 5,784 crore in the corresponding period a year ago. Due to improved operating performance, Adani Power’s earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 5% to Rs 1,915 crore in the second quarter of the current fiscal. The company’s total operating expense were almost flat at Rs 4,553 crore.