Editor’s Synopsis
- Consolidated EBIDTA for Q3FY17 at Rs 1,708 crore Vs Rs 2,030 crore in Q3FY16
- The Company sold 14.9 billion units in Q3FY17 Vs 16.6 billion units in Q3FY16.
- Net Loss for Q3FY17 of Rs. 325 Cr. Vs. Net Profit of Rs. 104 Cr. in Q3FY16.
- The overall plant availability during Q3FY17 was 94% as against 93% during Q3FY16
Ahmedabad, January 20, 2017: Adani Power Ltd, a part of Adani Group, today announced the financial results for the quarter and nine months ended December 31st, 2016.
Consolidated total income for the quarter reduced marginally to Rs 5,873 crore compared to Rs. 6,211 crore in the corresponding quarter in previous year largely on account of Lower PLF.
EBIDTA during the quarter has reduced by 15.9% from Rs. 2,030 crore in Q3FY16 to Rs. 1,708 crore in Q3FY17, mainly due to lower merchant tariff and prior quarter income recognized in Q3FY16.
Finance costs have increased from Rs. 1,318 crore in Q3FY16 to Rs. 1,430 crore in Q3FY17 on account of higher working capital utilization and impact of mark to market on foreign currency derivatives.
Due to lower EBIDTA and higher finance costs, the consolidated net result of Q3FY17 was a loss of Rs. 325 crore as compared to net profit of Rs. 104 crore in Q3 FY16.
Commenting on the quarterly results of the Company Mr. Gautam Adani, Chairman, Adani Power said, “A growing nation’s economic engine is dependent on power generation and to achieve that objective, the Government of India has outlined its vision to provide 24x7 Power for all, through various initiatives in generation, transmission, and distribution. As the Indian economy continues to outpace the global economy steadily, overcoming numerous challenges, Adani Power is firmly positioned to achieve its future growth plans and contribute significantly to nation building by providing electricity at competitive rates”
Mr. Vneet Jaain, Chief Executive Officer, Adani Power, said, “During Q3 of FY 2016-17, we have been able to maintain high levels of plant availability factor, with all round improvements 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. These challenges are temporary deterrents which shall be resolved with intervention of key stake holders and the company is hopeful of achieving its long term vision. Our constant endeavours of cost optimization and operational efficiency improvements are aimed to keep the organization nimble. The company is well positioned to capitalize on opportunities arising from better fuel availability, reduction in financial distress of DISCOMs and lower interest rate regime.”