Adani Power Registers Loss of Rs 1,290.74 Crore in Third Quarter

Adani Power reported that its consolidated net loss for the quarter ended December 31, 2017 has widened to Rs 1,290.74 crore from Rs 667.89 crore loss in the year-ago period.

Revenue from operations during the quarter declined 10.8 percent to Rs 4,844.46 crore, compared to Rs 5,431.5 crore in same quarter of 2016-17.

EBIDTA (earnings before interest, tax, depreciation and amortisation) during third quarter (Q3) of 2017-18 (FY18) was Rs. 800 crore, as compared to Rs 1,364 crore in the same quarter of 2016-17 (FY17).

EBITDA during the quarter was lower due to arrears of transmission charges of Rs 287 crore not pertaining to the quarter, and lower fixed capacity charge revenue due to lower billed availability, the company said.

According to power producer, average Plant Load Factor (PLF) achieved during the Q3 of FY18 was 58 per cent, lower as compared to 69 per cent achieved in Q3 FY17.

Lower PLF during Q3 FY18 was as a result of lower domestic coal availability at Tiroda and Kawai and forced outage at Udupi, as well as scheduled maintenance.

Commenting on the quarterly results, Adani Group Chairman Gautam Adani said: "We expect to receive coal linkages under the Shakti scheme for the Tiroda and Kawai plants in the near future, which will help reduce fuel costs and improve profitability of these projects. Under-recovery of fuel costs for Mundra project have been impacted its financial viability, and we are in dialogue with key stakeholders for an early solution."

He also said the power producer continues to progress steadily in pursuit of its future growth plans, while emphasising on efforts to improve efficiencies.