Adani Power Q3 net loss at 545 crore

Adani Power Ltd, a subsidiary of Adani Enterprises Ltd, today reported net loss of Rs 545 crore for the quarter ended December 31, mainly due to import of costlier coal.

It had posted net loss of Rs 619 core for the October- December quarter of 2012-13 fiscal.

"The net loss for the third quarter is due to higher imported coal cost due to limited availability of domestic coal," the company said in a statement.

Its consolidated total income for the October-December quarter increased by 120 per cent to Rs 4,240 crore compared to Rs 1,928 crore in the same period last year, it said.

The consolidated total income for the nine month (April- December) period of 2013-14 fiscal increased by 97 per cent to Rs 9,920 crore compared to Rs 5,035 crore in the same period of last fiscal.

"It is a matter of pride that Mundra Power Plant has surpassed its installed capacity. The effective utilisation of increased capacity coupled with implementation of various government initiatives, we are confident and committed to meet the demand supply gap in electricity in India," said Gautam Adani, chairman of Adani Power.

"The challenges of limited domestic coal availability and non-remunerative PPA prices continued to impact our financial performance," he added.

Adani Power chief financial officer Vinod Bhandawat said however that with "increased operational capacity, improving operating efficiencies, implementation of policy initiatives like CERC guidelines on tariff revision and reforms on SEBs and rail infrastructure for coal transportation, we are confident of better performance in the next quarters".

Shares of the company were trading at Rs 33.15, down 3.35 per cent, on the BSE in the afternoon trade.