Adani Power Limited on Saturday said it posted a consolidated net profit of Rs 256.50 crore in the quarter ending September 30, which is 14% higher year on year.
This was the company’s first standalone quarterly profit in five quarters since April 2016, on the back of higher revenues and lower borrowing cost, The Hindu reported.
In a Bombay Stock Exchange filing on Saturday, Adani Power said it suffered a consolidated net loss of Rs 313.05 crore in the same quarter in 2016. It said its total income has risen to Rs 6,462.47 crore in the second quarter of 2017 from Rs 5,670.25 crore a year ago.
The company’s consolidated net loss was Rs 161.14 crore in the April-September quarter this financial year, compared to Rs 545.68 crore in the corresponding period last year. It suffered losses of Rs 6,174.10 crore in the financial year ending March 31, 2017.
Adani Power said the average plant load factor – the output of a power plant compared to the maximum output it could produce – achieved during the second quarter of 2017-’18 was 63%, lower than the 70% in the second quarter of 2016-’17. The company said this was because of planned maintenance shutdowns, domestic coal shortages and customer back downs.
“The bidding for coal linkages under the Shakti programme for plants with power purchase agreements, which was held recently, will allow power plants such as our Tiroda and Kawai projects to get an assured supply of domestic coal,” Adani Power Chairperson Gautam Adani said, according to PTI. He said the Saubhagya scheme will help take power connections to several under-served sections of the nation, and that this will increase demand and aid growth.