Adani Power reports net loss of Rs 4,961 crore for March quarter
Adani Power, a part of Adani Group, on Saturday posted a consolidated net loss of Rs 4,960.5 crore for the quarter ended on March 31, 2017.
The company had posted a consolidated net profit after tax of Rs 1,012 crore in the year-ago period, Adani Power said in a filing to BSE.
Adani Power's consolidated income during the quarter declined to Rs 6,586.4 crore as against Rs 7,756.9 crore in the corresponding quarter of 2015-16.
Consolidated EBITDA for the quarter was Rs 1,556 crore, as compared to Rs 3,524 crore in the corresponding three-month period of the previous year.
Consolidated total income for the year 2016-17 reduced by 10% to Rs 23,203 crore as compared to Rs 25,734 crore in the previous fiscal due to non-recognition of compensatory tariff (CT) for Mundra plant, following the judgement by the Honurable Supreme Court regarding the matter.
Adani Power Chairman Gautam Adani said, "Consequent to outcome of the Supreme Court judgement, we have engaged with the stakeholders for possible remedial measures for long term sustainability of the Mundra Plant."
With the government's continuous efforts to remove the hurdles faced by the power sector and encouraging reforms like the new coal linkage policy, Adani said he sees an improvement in the business environment.
"Allocation of linkage under the new policy will allow us to access domestic coal and do away with the need for compensatory tariffs for our power plants going forward," he added.
During the year, the company wrote off receivables pertaining to compensatory tariff for Mundra plant, totalling to Rs 3,620 crore that were recognised up to March 2016, as well as other receivables and advances totalling to Rs 457 crore, as exceptional items.