Battling fuel scarcity and rising imported coal prices, Adani Power reported net loss of Rs 793 crore for the quarter ended 30 June, 2012.
It had posted net profit of Rs 177 crore in the same period of the 2011-12 financial year, Adani Power said in a statement. However, the total income for the period rose 79 percent to Rs 1,464 crore, compared to Rs 819 crore in the same period last year due to increase in the capacity to 3,960 MW in the quarter from 1,980 MW in the same last fiscal.
“Our power business has been impacted by reasons beyond our control such as the national issue of unavailability of domestic coal, high prices of imported coal etc,” Adani Power Chairman Gautam Adani said.
“We are working with the concerned authorities to arrive at a solution, we are confident of our power generation business and are moving as per schedule to commission two power projects—one at Tiroda and the other at Kawai this fiscal,” he said.
“Our Profitability was already impacted mainly by high coal cost due to high cost incidence of imported coal and it was further aggravated on account of provision of Rupee Depreciation,” Prabal Banerji, CFO of Adani Power Business said.
The company expects to achieve the expansion of capacity from current 4,620 MW to nearly 10,000 MW by March 2013. It further plans to become a 20,000 MW company by 2020, which includes six power projects for generating 16,500 MW power across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.