Q2 results: Adani Power reports bigger-than-expected net loss
Mumbai: Adani Power Ltd, the largest private power producer in the country, on Monday reported a bigger-than-expected net loss for the quarter ended 30 September on weak sales.
The company, a part of the Gautam Adani-controlled Adani Group, said consolidated net loss for the second quarter narrowed to Rs.114.40 crore from Rs.410.92 crore a year earlier, helped in part by lower finance costs.
Consolidated net sales rose just 0.4% to Rs.5764.29 crore, little changed from 5743.26 crore in the year-earlier quarter.
Four analysts polled by Bloomberg had expected Adani Power to report consolidated net loss of Rs.76.93 crore on net sales of Rs.5,893.80 crore.
The company said it sold 15.04 billion units of power in the quarter compared with 15.10 billion units a year earlier.
Finance costs fell about 13% to Rs.1,434 crore in the second quarter from Rs.1,650 crore a year earlier due to refinancing of loans, Adani Power said in a statement. Total expenses in the quarter remained flat at Rs.4,551.52 crore.
At 2:40pm, Adani Power’s shares were down 1.81% to Rs.27.20 on BSE.