Adani Power’s Q1 net loss narrows to Rs303 crore1 min read . Updated: 06 Aug 2014, 03:20 PM IST
Revenue more than doubled to Rs5,248 crore from Rs2,572 crore in the year earlier
Ahmedabad: Adani Power Ltd, India’s largest private power producer, said fiscal first-quarter loss narrowed because it sold more power and was allowed to increase prices because of rising fuel costs.
Loss narrowed to ₹ 303 crore in the three months ended 30 June from ₹ 1,198 crore in the year earlier, the company said in a statement on Wednesday. Revenue more than doubled to ₹ 5,248 crore from ₹ 2,572 crore.
Adani Power sold 13.43 billion units or kilowatt hours (kWh) of power in the June quarter, compared with 8.1 billion units in the year earlier. The company has received favourable interim orders from the Rajasthan Electricity Regulatory Commission (RERC) for compensatory tariff over and above the power purchase agreement tariff during the quarter, it said.
Gautam Adani, chairman of Adani Power, said the outlook for the power sector is likely to improve as the new government at the Centre has combined the ministry of coal and ministry of power for speedy policy decisions.
“The recent announcements by the government to increase fuel availability, commitment for transmission and distribution developments and financial restructuring of SEBs (state electricity boards) will give a renewed boost to the power sector of the country in the near future. With this we see clear indication of the importance attached to this vital sector and shall boost investment in the sector," Adani said in the statement.
In February, Adani Power got some relief after India’s apex power sector regulator, the Central Electricity Regulatory Commission, allowed it to raise prices due to rising fuel costs.