Adani Power reports Rs 230 crore loss for September quarter

Adani Power on Friday reported a consolidated net loss of Rs 230.60 crore for the September 2021 quarter, mainly due to lower revenues.

Its consolidated net profit had stood at Rs 2,228.05 crore in the quarter ended September 30, 2020, according to a BSE filing.

The company in a statement said, "Total comprehensive loss after tax was (-) Rs 239 crore for Q2 FY2021-22, as compared to an income of Rs 2,216 crore for Q2 FY 2020-21, due to higher contribution of one-time items to post-tax profit in Q2 of the previous year."

The firm's total income stood at Rs 5,571,76 crore in the quarter, compared with Rs 8,792,28 crore a year ago.

The income for the second quarter of the previous year included higher one-time revenue recognition by Rs 3,233 crore on account of various regulatory orders, it said.

Capacity utilisation at the Tiroda plant improved due to higher grid demand in the leading industrialised state of Maharashtra, it stated.

Similarly, it said Raipur and Raigarh plants were able to achieve higher volumes in the merchant and short-term markets.

However, lower Adani Power's capacity utilisation at Mundra on account of high import coal prices and low grid demand at Udupi due to higher renewable energy penetration resulted in offsetting higher PLF (plant load factor) in other plants.

As a result of this, during the second quarter of 2021-22, APL achieved a consolidated average PLF or capacity utilisation of 48.7 per cent, and sales volume of 12.3 billion units (BU) as compared with a PLF of 49.9 per cent and sales volume of 12.6 BU recorded in the second quarter of FY 2020-21, it stated.

During the six months ended September 30, APL and its subsidiaries achieved an average PLF of 56.7 per cent and sales volume of 28.5 BU (billion units), compared with a PLF of 50.4 per cent and sales volume of 25.3 BU in the year-ago period, it stated.

Adani Power MD Anil Sardana said, "Adani Power, as India's leading private thermal power producer, stands ready to serve the growing demand for electricity, while ensuring the betterment of communities around it."

He added that with its complementarity with the Adani Group's energy mix portfolio and partnerships in natural gas and solar energy, the company will continue to seize value-accretive opportunities and pursue its long-term growth strategies.

"We stand committed to helping achieve the vision of Atmanirbhar Bharat by supporting growth in the manufacturing sector through the competitive and reliable power supply," Sardana said.

Adani Power Ltd (APL), part of the diversified Adani Group, is the largest private thermal power producer in India.

The company has an installed thermal power capacity of 12,410 megawatts (MW) spread across six power plants in Gujarat, Maharashtra, Karnataka, Rajasthan and Chhattisgarh, apart from a 40-MW solar power plant in Gujarat.

With the help of a world-class team of experts in every field of power, Adani Power is on course to achieve its growth potential.

The company is harnessing technology and innovation to transform India into a power-surplus nation and provide quality and affordable electricity for all.