Adani Power share price tanks 12% as Q1 net loss nearly doubles to Rs 825 crore

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Updated: August 7, 2018 11:37:10 AM

On the National Stock Exchange, stocks of Adani Power plunged 12.12% to a low of Rs 29 during mid-morning deals on Tuesday, while on the BSE, the share price dipped by 11.67% to an intra-day low of Rs 29.15.

Adani Power share price: Shares of Adani Power plunged up to 12% on the domestic bourses on Tuesday.

Adani Power share price: Shares of Adani Power plunged up to 12% on the domestic bourses on Tuesday after the company announced that its consolidated net loss almost doubled during the first quarter ended June 2018, widening by 82% to Rs 825 crore. On the National Stock Exchange, stocks of Adani Power plunged 12.12% to a low of Rs 29 during mid-morning deals on Tuesday. Adani Power share price dipped by 11.97% to an intra-day low of Rs 29.15 on the BSE.

Also read: Sensex dips 210 pts from record high, Nifty trips well below 11,400; Adani Ports down 5%

On Monday, Adani Power said its consolidated net loss widened by 82% to Rs 825.15 crore during the quarter ended June 30, 2018 from a loss of Rs 452.84 crore in the quarter ended June of the previous fiscal. In a regulatory filing to the BSE, the company said consolidated total income in Q1 2018-19 declined to Rs 3,959.40 crore from Rs 5,601.25 crore a year ago. “This reduction in income was due to lower PLFs and billed availability,” Adani Power said in a statement.

According to the statement, average plant load factor (PLF) achieved during the first quarter of FY 2018-19 dropped by 38% — compared to 63% achieved in Q1 FY 2017-18 — on account of lower domestic coal availability at Tirada and Kawai, as well as commercial shutdowns due to high imported coal prices. Adani Power (APL), part of the diversified Adani Group, is the largest private thermal power producer in India. The company has an installed capacity of 10.480 MW spread across four power plants in Gujarat, Maharashtra, Karnataka, and Rajasthan.

“We are enthused by rapid progress in regulatory outcomes that will help us get compensated for increase in the cost of generation. With the constitution of the High Powered Committee by the Government of Gujarat. We are hopeful of finding a lasting and sustainable solution to the cost under-recovery issue of the Mundra power plant soon,” Gautam Adani, Chairman, Adani Group, was quoted as saying in the statement.

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