Adani Power lost 2.43% to Rs 34.20 at 15:17 IST on BSE after the compared reported consolidated net loss of Rs 1198.29 crore in Q1 June 2013, higher than net loss of Rs 809.81 crore in Q1 June 2012.
The Q1 result was announced during trading hours today, 1 August 2013.
Meanwhile, the S&P BSE Sensex was down 18.74 points or 0.1% at 19,326.96.
On BSE, 16.04 lakh shares were traded in the counter as against average daily volume of 9.34 lakh shares in the past one quarter.
The stock hit a low of Rs 31.75 so far during the day, which is a record low for the counter. The stock hit a high of Rs 35.95 so far during the day. The stock had hit a 52-week high of Rs 70 on 20 December 2012.
The stock had underperformed the market over the past one month till 31 July 2013, sliding 15.44% compared with the Sensex's 0.26% fall. The scrip had also underperformed the market in past one quarter, declining 28.25% as against Sensex's 0.81% fall.
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The large-cap company has equity capital of Rs 2871.92 crore. Face value per share is Rs 10.
Adani Power's consolidated total income rose 65.29% to Rs 2571.66 crore in Q1 June 2013 over Q1 June 2012. Earnings before interest, taxation, depreciation and amortization (EBITDA) stood at Rs 424 crore as against loss of Rs 45 crore in Q1 June 2012.
Adani Power's net loss during the quarter is due to MTM provision for rupee depreciation, non-cash items like depreciation, provision for deferred tax and higher import of coal due to limited availability of domestic coal.
During the quarter, the company has raised Rs 2542 crore by way of preferential allotment of shares to promoters at Rs 53.11 per share, increasing promoter holding to 75%.
Adani Power said that the recent Presidential directive to Coal India to sign Fuel Supply Agreements (FSA) will further enhance fuel security of the company.
Commenting on the company's Q1 performance, Mr. Gautam Adani, Chairam, Adani Power said, "We appreciate the initiatives taken by the Government to resolve various issues faced by the power sector such as the CCEA directive for allowing imported coal price as a pass through, presidential directive to CIL for signing FSAs for 78 GW capacity, progress in Financial Restructuring Plan (FRP) for State Electricity Boards (SEB) and CERC directive for compensatory tariff. We expect favorable response from these measures and also impact of more stable rupee on the financial performance of the ensuing quarters. With these, we are confident of reviving vibrancy of the power sector and ensuring sustainable development".
Adani Power is the largest private thermal power producer in India. It is currently developing six power projects across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. The company currently has an operational capacity of 7,260 megawatts (MW). It intends to achieve thermal power generation capacity of 9,240 MW by FY 2014.
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