Adani Power posts Q4 net loss at Rs 586cr

Adani Power reported consolidated net loss at Rs 586 crore in fourth quarter (January-March) as against net loss of Rs 285 crore in a year ago period.

Consolidated net sales increased 79 percent year-on-year to Rs 1,888 crore during the quarter. Fuel cost on consolidated basis jumped 53.50 percent to Rs 1,314 crore from Rs 856 crore Y-o-Y. Also Read - SC approves commissioning of Kudankulam Nuclear Power Plant The company sold six billion units in fourth quarter FY13 as against 3.5 billion units in corresponding quarter of last fiscal. On standalone basis, Gujarat-based power producer's loss stood at Rs 426 crore in March quarter as against Rs 507 crore in previous quarter. Meanwhile, standalone sales went up 3.5 percent quarter-on-quarter to Rs 1,746 crore during the quarter. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 60.3 percent Q-o-Q to Rs 376 crore. Standalone foreign exchange gain was Rs 41 crore in fourth quarter. Adani Power Maharashtra signed additional fuel supply agreement (FSA) with SECL for Tiroda and thus FSA for Tiroda Plant is for 4.2 MMT. The company currently has 10.6 MMT of FSA for Mundra and Tiroda power projects. Prabal Banerji, CFO said the challenges of limited resources and evacuation bottleneck had affected profitability in the past year. "However, with FSA signing, timely delivery of the domestic coal and with fully operationalised capacity, the compay is confident of posing a strong operational and financial performance," Banerji added. At 14:27 hours IST, the stock was quoting at Rs 48.70, up 0.10 percent amid high volumes on Bombay Stock Exchange.