Don’t miss the latest developments in business and finance.

Adani Power dips over 10% on disappointing Q3 results

The stock dipped 12% to Rs 34 after the company posted loss of Rs 325 crore in Q3FY17

Power-for-all dream faces up to reality
SI Reporter Mumbai
Last Updated : Jan 20 2017 | 2:25 PM IST
Adani Power dipped 12% to Rs 33.95 on the BSE in intra-day after reporting a consolidated net loss of Rs 325 crore for the quarter ended December 31, 2016 (Q3FY17). The company had net profit of Rs 104 crore in the same quarter last fiscal and a net loss of Rs 114 crore in September quarter.

Total income from operations during the quarter under review declined 6% at Rs 5,813 crore against Rs 6,191 crore in the corresponding quarter of previous fiscal. The company sold 14.9 billion units in Q3FY17 against 16.6 billion units in Q3FY16.

“EBITDA (earnings before interest, tax, depreciation and amortization) reduced by 15.9% to Rs 1,708 crore, mainly due to lower merchant tariff and prior quarter income recognized in Q3FY16,” Adani Power said in media release.

EBITDA margin declined to 29.08% from 32.68%.

“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,” Vineet Jaain, chief executive officer, Adani Power said.

At 02:05 pm; the stock was trading at Rs 34.15 on the BSE. A combined 4.87 million shares changed hands on the counter on the BSE and NSE so far.

The stock hit a 52-week high of Rs 38.95 during intra-day trade today. During the month of January, it had outperformed the market by gaining 29% as compared to 2.6% rise in the S&P BSE Sensex till Thursday.
Next Story