Coal news and updates

Adani Power’s Q2 net loss narrows

November 10: Adani Power Limited, a subsidiary of Adani Enterprises Ltd, on November 10 reported a net loss of Rs 798.71 crore for the July-September quarter of 2014-15, which narrowed from a net loss of Rs 1,071.9 crore reported in the same quarter of the previous fiscal, the company said in a filing to the BSE.

On a standalone basis, the company’s net loss for the second quarter stood at Rs 431.49 crore, narrowed from a net loss of Rs 909.75 crore reported in the same quarter of the previous fiscal.

Veneet Jaain, Chief Executive Officer, Adani Power, said, “Our results reflect higher volumes of power generation and improved operational efficiencies which were off-set by the challenges in business  that have led to PPAs becoming non-remunerative coupled with limited availability of domestic coal.”

During the second quarter of 2014-15, the company’s total income increased 36% to Rs 4,148 crore compared to Rs 3,045 crore reported in the same period of the last financial year.

During the quarter under review, the company sold 10.49 billion units of power against 9.07 billion units in the same quarter of last fiscal.

“…With implementation of policy measures, tariff orders and improving operational efficiencies, we are confident of a revival in our power business performance...” Jaain added.

Gautam Adani, Chairman, Adani Power, said, “Power sector revival is the top priority of the new government and this has been demonstrated through various announcements made to implement radical measures which are heartening for the power sector at large.
The Ordinance for the coal block auction, measures for easing funding to the power sector and infrastructure projects and other policy initiatives will revive the power sector.”