Adani Power Q1 net loss at Rs 454 crore; shares drop 10%
Adani's consolidated net loss widened to Rs 453.85 crore in Q1, compared to net loss of Rs 232.63 crore in the corresponding period of the previous year.
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- Adani's consolidated net loss at Rs 453.85 crore in Q1
- Adani's total income rose by over 4% in Q1
- EBITDA of Adani dropped by 8% in Q1
Share price of Adani Power slumped nearly 10% after the company's net loss widened in its first quarter ended June 30, 2017 (Q1FY18).
Adani's consolidated net loss widened to Rs 453.85 crore in Q1, compared to net loss of Rs 232.63 crore in the corresponding period of the previous year.
However, Q1 net loss narrowed from Rs 4,960.53 crore of the preceding quarter.
Consolidated total income stood at Rs 5,648.08 crore, which was up by 4.25% year-on-year (YoY) but down by 14.24% quarter-on-quarter (QoQ) basis.
Gautam Adani, Chairman of Adani Power said, "We are satisfied by the progress in key reforms initiated by the government for coal allocation through the SHAKTI policy, as well as the potential improvement in the financial health of DISCOMs through UDAY policy."
Consolidated EBITDA (operating profit) for the quarter fell by 7.8% to Rs 1,618 crore from Rs 1,756 crore a year ago same period mainly due to higher fuel costs on account of increase in coal costs.
Finance costs in Q1 was at Rs 1,407 crore lower from Rs 1,452 crore in the similar period of the previous year. The drop in the cost was primarily due to favourable currency movement during the quarter.
On standalone-front, net loss also widened to Rs 515.85 crore from loss of Rs 206.70 crore in June 2016. Total income was at Rs 2,818.70 crore, up gradually by 0.31% yoy but down 16.98% qoq.
At 1402 hours, Adani Power's share price was trading at Rs 29.35 per piece on BSE, down 6.97%.
Adani said, "Under the aegis of SHAKTI policy, we hope to receive linkages for our PPAs of Tiroda and Kawai plants that do not have linkages presently, which will do away the need for importing coal."
Lastly he added, "We are continuing to engage various stakeholders for the Mundra Plant, and remain fully committed to identifying possible remedial measures for its long term sustainability."
