Adani Power's net loss widens by 82% to Rs 825 crore in Q1; total income declines to Rs 3,959.40 crore
Adani Power's consolidated net loss stood at Rs 452.84 crore in the quarter ended June of the previous fiscal, a BSE filing said
New Delhi: Adani Power on Monday said its consolidated net loss widened by 82 percent to Rs 825.15 crore in the quarter ended 30 June, 2018.
The company's consolidated net loss stood at Rs 452.84 crore in the quarter ended June of the previous fiscal, a BSE filing said.
According to the statement, the company's total income in the quarter under review declined to Rs 3,959.40 crore from Rs 5,601.25 crore a year ago.
The company said that this reduction in income was due to lower PLFs and billed availability.
The Average Plant Load Factor (PLF) or capacity utilisation achieved during the first quarter of 2018-19 fiscal was 38 percent, compared to 63 percent achieved in Q1 of 2017-18 financial year. The drop was on account of lower domestic coal availability at Tirada and Kawai, as well as commercial shutdowns due to high imported coal prices, it added.
Gautam Adani, Chairman, Adani Group in the statement said, "The government's commendable efforts in providing power connectivity to each household under the SAUBHAGYA Scheme and 100 percent village electrification will help the power sector by expanding the addressable market and growing base demand. Meeting this demand will require timely assurance of key enablers such as domestic fuel availability, power offtake by DISCOMs and distribution reforms through focused action."
"We are enthused by rapid progress in regulatory outcomes that will help us get compensated for the increase in the cost of generation. With the constitution of the High Powered Committee by the Government of Gujarat. we are hopeful of finding a lasting and sustainable solution to the cost under-recovery issue of the Mundra power plant soon," he further said.
Vneet S. Jaain, CEO, Adani Power, said, "Sustained economic growth continues to drive electricity demand in India as well as significant changes in the power sector. We are confident of improving PLFs owing to improved availability of domestic coal. With the constitution of the high powered committee. We are confident of determining a sustainable roadmap to profitability for the Mundra power plant."
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Adani's total power capacity is slated to reach 11,040 MW and the company has made it clear it is focused on achieving its stated target of reaching 20,000 MW by 2020.
The company company had reported Rs 171.81-crore consolidated net loss after tax and minority interest during the same quarter a year ago
The order which allows Adani to increase power tariffs to consumers for its project in Gujarat would set a legal precedent for other companies facing issues of fuel shortage and increased costs.