Adani Power net loss narrows to Rs 34 cr in April-June quarter

In a statement, the firm said that the consolidated total income for the quarter decreased by 6 percent to Rs 5,587 crore compared to Rs 5,945 crore in the corresponding period in financial year 2015-16.

"Billed availability during Q1 FY17 for Mundra was 93 percent , Tiroda 71 percent , Kawai 97 percent and Udupi was 94 percent. The shortfall in income from Tiroda was due to non-availability of water which was partially compensated by higher revenue at Kawai where PLF was 86 percent and at Udupi where PLF was 79 percent," the statement added.

"EBIDTA during the quarter increased by 21 percent from Rs 1,623 crore in Q1 FY16 to Rs 1,957 crore in Q1 FY17, due to lower coal cost and improved performance from Kawai and Udupi plant," it said adding that "the consolidated net loss reduced from Rs 172 crore in Q1 FY16 to Rs 34 crore in Q1 FY17." The company sold 13.96 billion units in the first quarter of the ongoing fiscal against 15.86 billion units in April-June quarter last fiscal due to shutdown at Tiroda Plant on account of non-availability of water, it said.

Commenting on the quarterly results, Adani Power Chairman Gautam Adani said that as the government continues with power sector reforms, the company continues its growth plan. With strong GDP growth forecast, power sector is poised to grow.

"In the current quarter, the average availability at all the plants has remained near to 90 percent however, the revenue was affected due to non-availability of water at Tiroda plant despite improved performance from other plants," Adani Power Chief Executive Officer Vneet Jaain said.

"Adani Power has achieved improved EBIDTA and reduced net losses as compared to corresponding quarter. Improved domestic coal availability, recently announced special forward e-auction scheme for power sector will further improve the financial performance of the company," Jaain added.

Adani Group is a leading business house with a turnover of over USD 10 billion.