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Jan 28, 2013, 07.10 PM IST
Adani Power reported higher-than-expected consolidated net loss of Rs 619 crore in the third quarter of financial year 2012-13 as against net loss of Rs 356.3 crore in a year ago period and analysts' forecast of Rs 120 crore.
Adani Power reported higher-than-expected consolidated net loss of Rs 619 crore in the third quarter of financial year 2012-13 as against net loss of Rs 356.3 crore in a year ago period and analysts' forecast of Rs 120 crore. In September quarter, the company had reported profit after tax of Rs 261 crore.
Consolidated total income grew by 74.55 percent YoY and 25 percent QoQ to Rs 1,884 crore during the same quarter, helped by increased generation and sales. Number of units sold increased from 3 billion units in September quarter to approximately 6 billion units in December quarter. Plant load factors also improved substantially to 69 percent in Q3 as against 54 percent in Q2FY13. Finance costs increased 41.6 percent YoY to Rs 531 crore in the October-December quarter. Adani Power reported a foreign exchange loss at Rs 59 crore as against loss Rs 132 crore YoY. The company earned an exceptional gain of Rs 33.8 crore during the quarter. Year-on-year numbers were not comparable due to full commissioning of the Mundra Project. Quarter-on-quarter numbers were below street estimates. The company has reappointed Rajesh Adani as Managing Director with effect from April 1. At 14:15 hours IST, shares dropped nearly 4 percent to Rs 61.25 on Bombay Stock Exchange.
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