Adani Power gets sales spark, net loss shrinks

New Delhi: Adani Power has reported that its consolidated net loss for the September quarter narrowed to Rs 369.08 crore helped by higher sale of electricity.

The net loss after taxes and minority interest stood at Rs 369.08 crore for the said quarter compared with Rs 798.71 crore a year earlier, Adani Power said in a BSE filing today.

According to the statement, the consolidated total income for the quarter rose 39 percent to Rs 5,784 crore as against Rs 4,175 crore in the year-ago period due to a higher number of power units sold.

Chairman Gautam Adani said, "Adani Power remains committed to continuing expanding towards the goal of achieving a power generation capacity of 20,000 mw by 2020 to bridge the power deficit in the country."

CEO of Adani Power Vneet Jaain was equally upbeat. "Our results show increased power generation from the total installed capacity of 10,480 mw. Improvement in operational performance and focused efforts have contributed significantly to the financial performance of the quarter," Jaain said in the statement.

"The recent impetus given by the government for increased domestic coal production is likely to improve the financial performance in coming quarters."

The interest expenses during the quarter rose to Rs 1,605 crore due to one-time impact of Rs 98 crore towards pre-payment penalty charges paid for refinancing of loans. Refinancing of rupee loans is expected to reduce interest costs, going forward.

Adani Power has also told BSE that its board in its meeting held today approved issue of shares on a preferential basis to the promoter group of up to 39.81 crores, subject to approval of members by postal ballot and any other approval, if required.

The board has also re-designated Executive Director of the company, Vneet S Jaain, as whole-time director subject to approval of members, if needed.