Adani Power Q3: Analysts expect loss at Rs 120 cr

Adani Power is set to declare its results for the third quarter of FY13 on Tuesday. Analysts on an average expect the power company to report consolidated loss at Rs 120 crore in December quarter as against profit after tax of Rs 177 crore in a year ago quarter and Rs 261 crore in September quarter.

Total income is seen going up by 77.6 percent year-on-year and 26.8 percent quarter-on-quarter to Rs 1,905 crore in the October-December quarter, according to CNBC-TV18 poll.
Earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to fall by 12 percent YoY to Rs 457 crore, but that is likely to jump 38.8 percent quarter-on-quarter.
Analysts expect EBITDA margin to fall drastically at 24 percent in December quarter as against 48.4 percent in a year ago quarter but on QoQ basis margin is seen improving 210 basis points.
Revenues & Generation
Analysts say Increase in revenues would be driven by increase in sales on YoY basis on the back of full commissioning of the Mundra project.
Overall generation is expected to improve by 84 percent YoY on two times operational capacity (3.96GW as against 1.98GW).
Plant load factors are expected to improve in the third quarter of FY13.
Tiroda unit 1 is shutdown since November 9th due to some technical problems.
According to analysts, fuel cost would likely decline due to fall in imported coal prices.
As the tariff increase and PPA re-negotiation gets postponed to another quarter, company would continue to report bottomline losses, say analysts.
Analysts also expect some forex losses due to rupee depreciation in December quarter.
Investors should watch out for coal supplies from Bunyu and Coal India for Mundra and Tiroda plants; and merchant sale units from Mundra IV plant.