Adani Power Consolidated EBIDTA Rs1618 crore in Q1 FY18

Ahmedabad, August 10, 2017: Adani Power Ltd, a part of Adani Group, today announced the financial results for the quarter ended June 30, 2017.
Average Plant Load Factor (PLF) achieved during the first quarter of FY 2017-18 was 63%, lower as compared to 66% achieved in Q1 FY 2016-17. This drop was on account of customer back down as well as maintenance-related shutdowns.

Consolidated total income for Q1 FY18 grew by 4.25% to Rs. 5,648 crores as compared to Rs. 5,418 crores in Q1 FY17 due to operationalization of 440 MW PPA in the Tiroda plant, as well as higher tariffs due to application of Change in Law clauses in some PPAs.

Consolidated EBITDA for the quarter fell by 7.86% to Rs. 1,618 crore from Rs. 1,756 crore in Q1 FY17 mainly due to higher fuel costs on account of increase in coal costs over the corresponding quarter of the previous year.

Finance cost for Q1 FY18 was Rs. 1,407 crore as compared to Rs. 1,452 crore in Q1 FY17. The drop in finance cost was primarily due to favorable currency movement during the quarter.

As a result of the lower EBITDA, the loss after Other Comprehensive Income for Q1 FY18 was Rs. 453 crore, as compared to a loss of Rs. 235 crore in Q1 FY17.

Commenting on the quarterly results of the Company Mr. Gautam Adani, Chairman, 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 for improvement in financial health of DISCOMs through the UDAY policy. 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. 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.”