Adani Power likely to post loss of Rs 248 cr in Q2

Adani Power is likely to report a consolidated loss of Rs 248 crore in the second quarter of financial year 2012-13 as against profit after tax of Rs 177 crore in a year ago period.

Analysts also expect a foreign exchange gain of around Rs 210 crore on outstanding import creditors, but that has not factored in the estimates. Earnings before interest, tax, depreciation and amortisation (EBITDA) is expected to fall by 51.7% YoY to Rs 251 crore in the quarter. EBITDA margin is likely to declined quite significantly to 18% from 48.4% during the same period. But total income is seen going up by 30% to Rs 1,395 crore in the three months period ended September 2012 from Rs 1,072 crore in the corresponding quarter of last fiscal. Analysts expect strong generation (around 39% YoY growth in gross generation) owing to commissioning of new capacities of approximately 1,320 MW. The company is also expected to benefit on fuel costs due to moderating prices of imported coal and rupee appreciation. Analysts feel the lower plant load factors will continue to affect the results negatively this quarter as well. Investors should watch out for coal supplies from Coal India & Bunyu, linkage coal supply for Mundra – IV, status of Tiroda project/PPA/FSA.