Adani Power’s third quarter sales beat analyst expectations, driven by higher volumes compared with the corresponding period last fiscal.
The Ahmedabad-based company posted a loss of Rs 428.68 crore compared with a loss of Rs 544.82 crore in Q3 FY14.
Net sales stood at Rs 5,496.38 crore, an increase of 31% year-on-year (y-o-y).
“Our result reflects higher volume of power generation, improved PLF at all plants, relatively lower coal cost and improved operational efficiencies which were partially offset by the PPA prices being non-remunerative coupled with limited availability of domestic coal,” Vneet Jaain, chief executive officer of Adani Power, said in a statement.
Analysts estimated Adani Power to post a loss of 430 crore on net sales of Rs 5,350 crore, according to analysts polled by Bloomberg.
The company sold 14.73 billion units during Q3 FY15, an increase of 32% y-o-y. Fuel costs rose 26% y-o-y to Rs 3,188.22 crore. Finance costs, for the same period, jumped 36% to Rs 1,458.65 crore.
“With the policy initiatives of the government and positive macro-economic environment, the outlook of the power sector is likely to improve significantly,” Gautam Adani, chairman, Adani Power, said in a statement. “The revival of the power sector gives Adani Power an opportunity to participate in the consolidation of the power industry…”
Adani Ports net up 14% at R512 crore
Mumbai, Jan 28: Adani Ports and Special Economic Zone (APSEZ), part of the Adani Group, has posted a 14% year-on-year increase in consolidated net profit to Rs 512 crore for the quarter ended December 31, 2014. Consolidated total income increased 38% y-o-y to Rs 1,701 crore and consolidated Ebidta rose 34% to Rs 1,090 crore during the the three months of October-December 2014. The company said the the results included the result of The Dhamra Port Company, which APSEZ acquired in June 2014. fe Bureau