Adani Power Q1 net loss doubles to ₹825 crore

Mumbai: Net loss at Adani Power doubled to ₹ 825.15 crore during April-June against ₹ 45.84 crore a year ago, the company informed the stock exchanges on Monday. Revenues came in lower at ₹ 3,959 crore against ₹ 5,601 crore, mainly due to lower generation. Lower availability of domestic coal at Tiroda and Kawai plans as well as commercial shutdowns due to high import prices brought down the average plant load factor by 38% during the period.

Overall plant availability during the first quarter of 2018-19 was 96%, against 94% during the same period last financial year, while overall billed availability was 42%, compared with 70%.

Consolidated total income stood at ₹ 3,959 crore during the quarter, lower from ₹ 5,601 crore in the corresponding period of the previous financial year.

Consolidated EBIDTA (Earnings before interest, taxes, depreciation and amortisation) fell 20% year on year to ₹ 1,288 crore during the quarter due to lower plant load factor. Finance costs stood at ₹ 1,362 crore versus ₹ 1,407 crore.

”Sustained economic growth continues to drive electricity demand in India. We are confident of improving plant load factors owing to improved availability of domestic coal. With the constitution of the high-powered committee, we are confident of determining a sustainable roadmap to profitability for the Mundra power plant,”

Adani Power is the largest private thermal power producer in India with an installed capacity of 10,480 megawatt (MW) across four power plants in Gujarat, Maharashtra, Karnataka and Rajasthan, Chief Executive Officer Vneet S Jaain said.

The stock closed up 3.13% on the BSE on Monday.