Adani Power net loss narrows to Rs 114.40 crore; shares down
"Adani Power expects to benefit from improved domestic coal availability through recently announced special forward coal e-auction scheme for the power sector," said Jaain.
Thermal power producer Adani Power saw it's net loss narrowing in the second quarter ended September 30, 2016 (Q2FY17). It reported consolidated net loss of Rs 114.40 crore, compared to Rs 410.92 crore in the corresponding period of the previous year.
However, this net loss has widened from Rs 33.51 crore of the preceding quarter.
Meanwhile, consolidated total income from operations stood at Rs 5776.14 crore, rising sequentially by 0.44% year-on-year (YOY). It was also up by 3.37% quarter-on-quarter (QOQ).
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Gautam Adani, Chairman of Adani Power said, "Improving power availability is a key factor driving India's economic growth, which is outpacing the global economy steadily. Adani Power is firmly positioned to achieve its future growth plans and is excited to help turn the Government's 2020 vission of 24x7 power for all into reality."
Consolidated operating profit (EBITDA) was at Rs 1915 crore, a rise of 5% from Rs 1826 crore a year ago same period.
Explaining the performance of this quarter, Vineet S Jaain, Chief Executive Officer, Adani Power said, "During Q2 of FY17, we have been able to improve the availability at all plants, with an improvement in operational efficiency. Our efforts to optimise finance cost, aided by efficient operations, have supported Adani Power to reduce its net loss significantly during the quarter, as compared to corresponding quarters of FY16."
Finance cost saw a 13.09% decline to Rs 1434 crore this period, from Rs 1650 crore in Q2FY16.
"Adani Power expects to benefit from improved domestic coal availability through recently announced special forward coal e-auction scheme for the power sector," said Jaain.
Shares of Adani Power were trading at Rs 27.25 per share on BSE Sensex, down 1.62% at 2.17 pm.
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