Adani Power Q1 loss narrows to Rs33.51 crore due to lower expenses
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Mumbai: Adani Power Ltd, the largest private power producer in the country, on Tuesday reported a lower-than-expected net loss for the quarter ended 30 June, helped in part by lower expenses.
The company, a part of the Gautam Adani-controlled Adani Group, said consolidated net loss narrowed to Rs.33.51 crore from Rs.171.87 crore a year earlier. Consolidated net sales fell 6% to Rs.55,77.31 crore from Rs.5,935.61 crore in the year earlier quarter, hurt by lower power generation.
Seven analysts polled by Bloomberg had expected Adani Power to report consolidated net loss of Rs.188.50 crore on net sales of Rs.5,394.50 crore.
Adani Power said net sales in the quarter includes compensatory tariff Rs.160.72 crore based on an order of the Central Electricity Regulatory Commission (CERC) dated 21 February 2014.
The company sold 13.96 billion units of power in the first quarter—down about 12% from 15.86 billion units sold same quarter last year, due to shutdown at its Tiroda plant on account of non-availability of water.
Total expenses during the quarter, however, fell 13.5% to Rs.4,260.68 crore from Rs.4,923.49 crore a year earlier. Adani Group has restated the results for the quarter to comply with the Indian Accounting Standards, the company said in the filing.
“In the current quarter, the average availability at all the plants has remained near to 90% however; the revenue was affected due to non-availability of water at Tiroda plant despite improved performance from other plants ... Improved domestic coal availability, recently announced special forward e-auction scheme for power sector will further improve the financial performance of the company,” chief executive Vneet Jaain said in a statement.
Another group company Adani Ports and Special Economic Zone Ltd also reported results for first quarter ended 30 June on Tuesday. India’s largest port developer said its net profit rose 30.8% to Rs.835.71 crore from Rs.638.93 crore a year earlier.
Net sales rose 6.3% to Rs.1817.23 crore from Rs.1708.88 crore a year earlier.
Ten analysts polled by Bloomberg had expected Adani Ports to report consolidated net profit of Rs.640.90 crore on net sales Rs.1,807.10 crore.
Adani Power shares closed down 1.43% to Rs.27.65 on BSE on Tuesday. Adani Ports shares were down marginally at Rs.239.55.