The stock price of Adani Power fell by over 11% on Friday, after the company reported a consolidated net loss of R325.3 crore in the quarter ended December 2016 compared with net profit of R103.8 crore in the corresponding quarter of the previous fiscal year.
The stock opened in green on the Bombay Stock Exchange (BSE) and hit a 52 week-high to R38.95. However, post the announcement of the quarterly results, it fell by 11.48%, the biggest single day fall in last 17 months. Volumes rose after the drop in prices. Compared with three months average volume of 1.3 crore shares, it increased over three times to 4.3 crore shares.
Adani Power’s total income for the quarter fell marginally by 6.1% to R5,873 crore compared to R6,211 crore in the corresponding quarter in the previous year on account of lower Plant Load Factor .
The company’s EBITDA during the quarter reduced 15.9% from R2,030 crore in Q3FY16 to R1,708 crore in Q3FY17, mainly due to lower merchant tariff and prior quarter income recognised in Q3FY16.