Editor’s Synopsis
- Consolidated EBIDTA for Q1FY17 at Rs 1,957 crore Vs Rs 1,623 crore in Q1FY16 up by 21%
- The Company sold 13.96 billion units in Q1FY17 Vs 15.86 billion units in Q1FY16 due to shutdown at Tiroda Plant on account of non-availability of water.
- Net Loss for Q1FY17 stood at Rs. 34 Cr. Vs. Rs. 172 Cr. in Q1FY16.
Ahmedabad, August 09, 2016: Adani Power Ltd, a part of Adani Group, today announced the financial results for the first quarter ended June 30, 2016.
Consolidated total income for the quarter decreased by 6% to Rs 5,587 crore compared to Rs 5,945 crore in the corresponding period in previous year. Billed availability during Q1FY17 for Mundra was 93%, Tiroda 71%, Kawai 97% and Udupi was 94%. The shortfall in income from Tiroda was due to non-availability of water which was partially compensated by higher revenue at Kawai where PLF was 86% and at Udupi where PLF was 79%.
EBIDTA during the quarter increased by 21% from Rs. 1,623 crore in Q1FY16 to Rs. 1,957 crore in Q1FY17, due to lower coal cost and improved performance from Kawai and Udupi plant. The consolidated net loss reduced from Rs. 172 crore in Q1FY16 to Rs. 34 crore in Q1FY17.
Commenting on the quarterly results of the Company Mr. Gautam Adani, Chairman, Adani Power said, “As the government continues with power sector reforms, Adani Power continues its growth plan. With strong GDP growth forecast, power sector is poised to grow.”
Mr. Vneet Jaain, Chief Executive Officer, Adani Power, said, “In the current quarter, the average availability at all the plants has remained near to 90% however, the revenue was affected due to non-availability of water at Tiroda plant despite improved performance from other plants. Adani Power has achieved improved EBIDTA and reduced Net losses as compared to corresponding quarter. Improved domestic coal availability, recently announced special forward e-auction scheme for power sector will further improve the financial performance of the Company.”