Adani Power Q1 net loss widens 95% to Rs453 crore
New Delhi: Adani Power on Thursday said its consolidated net loss expanded 95% to Rs453.85 crore for the first quarter ended June, due to higher fuel costs. The company had posted a consolidated net loss of Rs232.63 crore in the quarter ended on 30 June, 2016, Adani Power said in a BSE filing.
The company said the consolidated EBITA (earnings before interest, taxes, and amortization) for the quarter under review fell by 7.86% to Rs1,618 crore from Rs1,756 crore in April-June quarter of 2016-17, mainly due to higher fuel costs on account of increase in coal prices. It said that as a result of lower EBITA, the loss after other comprehensive income for first quarter was Rs453 crore as compared to loss of Rs235 crore in same period last year.
According to statement, its consolidated total income increased to Rs5,648.08 crore in the first quarter of this fiscal from Rs5,417.82 crore in same period a year ago due to operationalisation of 440 MW power purchase agreement in Tiroda plant as well as higher tariff due application of change in law clause in some power purchase agreements.
The company said that its plant load factor (PLF) or capacity utilisation of power plants in the April-June quarter this year was 63% down from 66% in the same period year ago. It said that the drop in PLF was on account of customer back down as well as maintenance related shutdowns.
Adani Group Chairman Gautam Adani said in the statement that under SHAKTI policy, he hopes to receive linkage for power purchase agreement of Tiroda and Kawai plants that do not have (coal) linkages presently, which would do away the need for importing coal.
He said, “We are continuing to engage various stakeholders for Mundra plant, and remain fully committed for identifying possible remedial measures for the long term sustainability.