Coal news and updates

Adani Power’s Q1 net loss narrows y-o-y

August 6: Adani Power Limited reported a net loss of Rs 303.29 crore for the April-June quarter of 2014-15 on the back of higher fuel cost, against a net loss of Rs 1,198.29 crore in the same period of 2013-14, the company said in a filing to the BSE on August 6.

On a standalone basis too, the company reported a net loss of Rs 179.72 crore during the quarter under review against a net loss of Rs 918.71 crore reported in the same quarter of the previous financial year.

During the quarter under review, total income of the company, however, rose sharply to 5,225.40 crore against Rs 2,536.73 crore in the same period of last year.

The company, during the current quarter, sold 13.43 billion units, up from 8.1 billion units in the same period of last year and 11.81 billion units in the previous quarter (January–March, 2013-14).

Commenting on the financial performance of the company Vineet Jain, CEO, Adani Power, said, “ Our overall result reflects improved power generation from our installed capacity of 8,580 MW with improved PLF and lower auxiliary consumption. With increased generation and operational efficiencies coupled with improved domestic coal availability, rail infrastructure and implementation of tariff revision petitions we are confident of better performance in the ensuing quarters.”

Gautam Adani, Chairman, Adani Power, said, “The outlook of the power sector is likely to improve as the new government has combined the ministries of coal and power for speedy policy decision resolutions. The recent announcements by the government to increase fuel availability, commitment for transmission and distribution developments and financial restructuring of SEBs will give a renewed boost to the power sector...”

“The company expects to achieve thermal power generation capacity of 9,240 MW very soon,” said a company statement.