Adani Power today reported a consolidated net loss of Rs 429 crore in the three months ended December 2014...
Adani Power today reported a consolidated net loss of Rs 429 crore in the three months ended December 2014, as lower tariff and limited domestic coal availability took a toll on the bottom line.
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However, the power producer’s consolidated net loss narrowed to Rs 545 crore in the year-ago period.
Total income climbed to Rs 5,504 crore in the third quarter of current fiscal (October-December 2014) from Rs 4,190 crore in the same period a year ago, it said in a statement.
“Our result reflects higher volume of power generation, improved PLF at all plant, relatively lower coal cost and improved operational efficiencies which were partially offset by the PPA prices being non-remunerative coupled with limited availability of coal,” Adani Power CEO Vneet Jaain said.
PLF is Plant Load Factor while PPA stands for Power Purchase Agreement.
In the December quarter, the company sold 14.73 billion units of electricity, higher than 11.18 billion units sold in the year-ago period.
Adani Power Chairman Gautam Adani said the outlook for the power sector is likely to improve significantly with the policy initiatives of the government and positive macro economic environment.
“The revival of the power sector gives Adani Power an opportunity to participate in the consolidation of the power industry and also with thrust being given by the government towards the renewable energy power generation, immense opportunities and potential for growth to the company,” he said.
Shares of the company closed almost flat at Rs 49.80 on the BSE.