Adani Power posts 54% rise in Q1 profit

Adani Power posts 54% rise in Q1 profit

Ahmedabad: Adani Power Ltd, the power generating arm of Ahmedabad-based Adani Enterprises Ltd, on Thursday posted 54% rise in its net profit for the quarter ended 30 June , 2011.

Company’s net profit in the quarter stood at 177 crore as compared to 114 crore in the previous year.

The firm’s net revenue for the first quarter of financial year 2011-12 stood at 819 crore up by 132% from 353 crore registered in the same period last year, the firm said in a statement. The rise in revenues was mainly due to capacity addition during the first quarter, the company said.

The EBIDTA margin for the quarter stood at 50% as against 63% in the same period last year.

The firm synchronized its second super-critical power generation units of 660MW at its power plant at Mundra in Gujarat.

During the quarter, the company sold 2,898 million units, up from 1,030 million units in the same period last year.

“Mundra project is well on track and we hope to achieve full target of 4,620 MW by end of this fiscal," Gautam Adani, chairman of Adani Group said.

Prabal Banerji, chief financial officer of Adani Power said that the firm plans to synchronise two more units each of 660 MW at Tiroda in Maharashtra in this financial year.

“The company is confident of achieving about 6,000 MW operational capacity in the FY2011-12 out of the total planned 16,500 MW capacity that is under development," Banerji said.