Coal news and updates

Adani Power cuts consolidated net loss to Rs 429 crore in Q3 FY’15

January 28: Adani Power Limited managed to reduce its consolidated net loss to Rs 429 crore during the quarter ended December 31, 2014 compared to Rs 545 crore during the corresponding quarter of the previous fiscal, the company said in a release.

Consolidated total income of the company for the quarter increased by 31% to Rs 5,504 crore compared to Rs 4,190 crore in the same period previous year.

On the other hand, the consolidated EBIDTA increased by 58% to Rs 1,793 crore compared to Rs 1,133 crore in the same period previous year. EBIDTA for the quarter improved due to higher volume of power sold and improved operational efficiencies. 

Commenting on the result, Gautam Adani, Chairman, Adani Power said, “With the policy initiatives of the government and positive macro-economic environment, the outlook of the power sector is likely to improve significantly.”

“The revival of the power sector gives Adani Power an opportunity to participate in the consolidation of the power industry and also with thrust being given by the government towards the renewable energy power generation, provides immense opportunities and potential for growth to the company,” he added.

Chief Executive Officer Vneet Jaain said the result reflects higher volume of power generation, improved PLF at all plants, relatively lower coal cost and improve operational efficiencies which were partially offset by the PPA prices being non-remunerative coupled with limited availability of domestic coal.

“However, with implementation of policy measures, implementation of tariff orders and likelihood of improved domestic coal availability, we are confident of better performance in ensuing quarters,” Jaain said.