The company's loss during the corresponding quarter of financial year 2012-13 was `809.81 crore
Adani Power, a part of the Adani group, was founded in 1996 and is one of the leading private thermal power producing company of the country. The company announced its first quarter result and on consolidated basis, Adani Power registered a net loss of Rs 1,198.29 crore as compared to a loss of Rs 809.81 crore during the same quarter in the last financial year.
Total income of operations though registered a jump of nearly 68 per cent to Rs 2,536.73 crore on quarter to quarter basis, company’s net loss doubled itself from Rs 585.52 crore on quarter on quarter basis. The interesting fact is that the company’s net loss for FY13 was Rs 2,295 crore while in Q1 FY14 it already has reported almost half of it. The biggest reason that dented the Q1 results was the quantum jump seen in the company’s finance costs. The net finance cost rose nearly 125 per cent to Rs 1,035.05 crore as compared to Rs 460.29 crore in Q1 FY13. Company’s net finance costs included a derivative loss of Rs 359.89 crore as compared to a loss of Rs 180.42 crore in the same quarter of the last fiscal. As of Q4 FY13, the total debt on the company stood at Rs 38,251 crore.
Apart from that, the management also stated that the losses rose in the first quarter due to higher import of coal due to limited availability of domestic coal and mark to market (MTM) provisions for rupee depreciations. Gautam Adani, Chairman of Adani Power said the company appreciated various government initiatives including CCEA (Cabinet Committee on Economic Affairs) directive for allowing imported coal price as a pass through, presidential directive to Coal India for signing fuel supply pacts for 78,000 MW capacity. Commenting on the results, he said, “”We expect favorable response from these measures and also impact of more stable rupee on the financial performance of the ensuing quarters. With these, we are confident of reviving vibrancy of the power sector and ensuring sustainable development.”
As of now, the company’s operational capacity is of 7,260 Mega Watts and on operations front, the company managed to sell 8.1 billion units of power in Q1 FY14 as compared to 4.5 billion units it sold in Q1 FY13. Company also reported a change in the share holding of the company this quarter. Adani Power has raised a total sum of Rs 2,562 crore through preferential allotment of shares to its promoters raising their stake to 75 per cent of the total equity. Currently, Adani Enterprises has 68.99 per cent stake out of the total promoter holding.
Adani Power, a part of the Adani group, was founded in 1996 and is one of the leading private thermal power producing company of the country. The company announced its first quarter result and on consolidated basis, Adani Power registered a net loss of Rs 1,198.29 crore as compared to a loss of Rs 809.81 crore during the same quarter in the last financial year.
Total income of operations though registered a jump of nearly 68 per cent to Rs 2,536.73 crore on quarter to quarter basis, company’s net loss doubled itself from Rs 585.52 crore on quarter on quarter basis. The interesting fact is that the company’s net loss for FY13 was Rs 2,295 crore while in Q1 FY14 it already has reported almost half of it. The biggest reason that dented the Q1 results was the quantum jump seen in the company’s finance costs. The net finance cost rose nearly 125 per cent to Rs 1,035.05 crore as compared to Rs 460.29 crore in Q1 FY13. Company’s net finance costs included a derivative loss of Rs 359.89 crore as compared to a loss of Rs 180.42 crore in the same quarter of the last fiscal. As of Q4 FY13, the total debt on the company stood at Rs 38,251 crore.
Apart from that, the management also stated that the losses rose in the first quarter due to higher import of coal due to limited availability of domestic coal and mark to market (MTM) provisions for rupee depreciations. Gautam Adani, Chairman of Adani Power said the company appreciated various government initiatives including CCEA (Cabinet Committee on Economic Affairs) directive for allowing imported coal price as a pass through, presidential directive to Coal India for signing fuel supply pacts for 78,000 MW capacity. Commenting on the results, he said, “”We expect favorable response from these measures and also impact of more stable rupee on the financial performance of the ensuing quarters. With these, we are confident of reviving vibrancy of the power sector and ensuring sustainable development.”
As of now, the company’s operational capacity is of 7,260 Mega Watts and on operations front, the company managed to sell 8.1 billion units of power in Q1 FY14 as compared to 4.5 billion units it sold in Q1 FY13. Company also reported a change in the share holding of the company this quarter. Adani Power has raised a total sum of Rs 2,562 crore through preferential allotment of shares to its promoters raising their stake to 75 per cent of the total equity. Currently, Adani Enterprises has 68.99 per cent stake out of the total promoter holding.
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