Adani Power's shares crack as Q3 net loss widens at Rs 324 crore
Adani Power reported consolidated net loss of Rs 323.61 crore for the third quarter ended December 31,2016 as against net profit of Rs 109.49 crore for the corresponding period of the previous year.
Net loss has widened from Rs 113.40 crore in the preceding quarter.
Bloomberg poll estimated Adani Power to report net loss of Rs 130 crore this Q3.
In this Q3, total income from operations stood at Rs 5813.33 crore, which was down by 6.10% year-on-year (yoy) but sequentially up by 0.64% quarter-on-quarter (qoq), accounting to lower PLF.
While operating profit (EBITDA) during the quarter was at Rs 1708 crore down by 15.9% from Rs 2030 crore a year ago same period. Company said, “This was mainly due to lower merchant tariff and prior quarter income recognised in Q3FY16.”
Finance cost increased to Rs 1430 crore compared to Rs 1318 crore of Q3FY16, on account of higher working capital utilisation and impact of mark to market on foreign currency derivatives.
Vneet Jaain, Chief Executive Officer (CFO) of Adani Power said, “During Q3, we have been able to maintain high levels of plant availability factor, with all around improvement in operational efficiencies. We are navigating a challenging environment which is marked by non-availability of domestic fuel linkages, regulatory complexity and lower power demand.”
He added, “These challenges are temporary deterrents which shall be resolved with the intervention of key stake holders and the company is hopeful of achieving its long term vision.”
Talking on the performance, Gautam Adani Chairman of Adani Power said, “The company is firmly positioned to achieve its future growth plans and contribute significantly to nation building by providing electricity at competitive rates.”
Shares of Adani Power sank 9.94% on BSE Sensex, trading at Rs 34.90 per share.