Adani Power registers Rs 635 cr profit in Q4 on back of higher revenues; plans to raise Rs 7,000 cr

Adani Power's consolidated net loss for 2018-19 narrowed to Rs 984.40 crore from Rs 2,102.95 crore in the previous fiscal.

Press Trust of India May 29, 2019 17:11:12 IST
Adani Power registers Rs 635 cr profit in Q4 on back of higher revenues; plans to raise Rs 7,000 cr
  • It had posted a consolidated net loss of Rs 653.25 crore in the same period previous fiscal

  • Power sold in FY19 was 15% higher at 55.2 billion units as compared to 48 billion units in FY18

  • The average PLF achieved during FY19 was 64%, against 55% achieved in the previous fiscal

New Delhi: Adani Power on Wednesday reported a consolidated net profit of Rs 634.64 crore for the fourth quarter ended 31 March, mainly on the back of higher revenues.

It had posted a consolidated net loss of Rs 653.25 crore in the same period previous fiscal, the company said in a BSE filing.

According to the filing, the total income of the firm rose to Rs 8,077.89 crore in the March quarter, from Rs 4,161.19 crore a year ago.

Adani Power registers Rs 635 cr profit in Q4 on back of higher revenues plans to raise Rs 7000 cr

A file image Gautam Adani. Reuters

The company's consolidated net loss for 2018-19 narrowed to Rs 984.40 crore from Rs 2,102.95 crore in the previous fiscal. Total income rose to Rs 26,361.63 crore as compared to Rs 21,093.43 crore in 2017-18.

The board has also recommended enabling resolutions for seeking approval of the shareholders at the ensuing annual general meeting to raise funds by issue of equity shares or convertible bonds or other convertible securities etc through qualified institutional placement (QIP) or GDR or ADR or FCCBs or FCEBs etc for an aggregate amount up to Rs 7,000 crore.

It has also approved the appointment of Suresh Jain as the Chief Financial Officer of the company from 30 May, 2019.

Adani Power also said Rajat Kumar Singh, the existing Chief Financial Officer of the company has resigned from the post.

Power sold in FY19 was 15 percent higher at 55.2 BUs (billion units) as compared to 48.0 BUs in FY18. The power sold during March quarter last fiscal was up 110 percent at 16.6 BUs as against 7.9 BUs a year ago.

The average plant load factor (PLF) achieved during FY19 was 64 percent, against 55 percent achieved in the previous fiscal. Average PLF or capacity utilisation achieved during March quarter was 79 percent, as compared to 37 percent in the year-ago period.

"Recent months have seen a veritable transformation in India's electricity sector regulation, which will go a long way in restoring the financial robustness of private sector power plants, and supporting economic growth through reliable and affordable power supply to the end consumers.

"The Adani Group, with its established Pit-to-Plug presence, is confident of leveraging its strengths to achieve its long term goals, and contributing significantly to nation building," its Chairman Gautam Adani said in a statement.

Adani Power (APL), a part of the diversified Adani Group, is a private thermal power producer. It has a thermal power generation installed capacity of 10,440 MW spread across four power plants in Gujarat, Maharashtra, Karnataka and Rajasthan, apart from a 40 MW solar power plant in Gujarat.

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