Adani Power Q1 loss nearly doubles to Rs 824 crore

Ahmedabad : Gautam Adani-led Adani Power Ltd (APL) on Monday announced near-doubling of its losses at (-) Rs 824 crore in the first quarter ending June caused by poor operating performance.

The Adani Group subsidiary said in a statement here that it had incurred a loss of (-) Rs 452 crore in the corresponding quarter of last year.

The company's consolidated total income for the quarter was Rs 3,959 crore, which was lower as compared to Rs 5,601 crore in the corresponding quarter last year.

"This reduction was due to lower PLF (plant load factor) and billed availability," it said.

Average PLF achieved during the first quarter was 38 per cent, as compared to 63 per cent achieved in the same quarter last year.

"The drop was on account of lower domestic coal availability at Tiroda and Kawai, as well as commercial shutdowns due to high imported coal prices," the statement said.

Earning before interest, tax, depreciation and amortisation (EBIDTA), or operating profit, during the quarter in consideration at Rs 1,288 crore reduced by 20 per cent from Rs 1,619 crore in the same quarter of last year as a result of lower PLF, the company said.

"Finance costs stood at Rs 1,362 crore in Q1 FY19 as compared to Rs 1,407 crore in Q1 FY18," it added.

The Adani Power stock closed on Monday at Rs 33.00 a share, up Re 1.00, or by 3.13 per cent, over its previous close on the BSE.