Adani Power Posts Q1 Net Loss of Rs 417.58 Crore

Adani Power Ltd today reported a consolidated net loss of Rs 417.58 crore for the quarter ended
June 30, 2015.

The company had reported a consolidated net loss of Rs 303.29 crore for the quarter ended June 30, 2014, Adani Power said in a BSE filing.

Total income for the quarter under review stood at Rs 5,950.99 crore whereas the same was Rs 5,250.59 crore for the quarter ended June 30, 2014, it added.

Pursuant to the demerger of transmission business of the company effective in the previous year and also due to merger of solar power undertaking of AEL with it in the quarter, the figures for the current quarter are not comparable.

Besides, the company said that following the stake sale in Adani Transmission (India) Limited by the company in previous year and acquisition of 100 per cent stake of UPCL by it during the quarter, the figures can't be compared.

Commenting on the results, Adani Power chairman Gautam Adani said, "The power sector continues to remain focal point of the government for overall economic growth of the country."

"With the completion of acquisition of Udupi Power Corporation Limited, the group establishes its strategic presence in southern India and continues to maintain its leadership position as India's largest private sector power producer," he added.

Adani Power Chief Executive Officer Vneet Jaain said, "Our overall result reflects improved power generation from the total installed capacity of 10,480 MW and includes contribution from Udupi Power Corporation Limited acquired during the quarter."

"UPCL acquisition has been EBITDA accretive from Day 1 and we expect better contribution from UPCL in ensuing quarters.

The recent impetus given by the government for increased domestic coal production will improve the financial performance in ensuing quarters," Jaain added. Adani Power shares closed 2.29 per cent down at Rs 27.75 apiece on the BSE today.