Adani Power Ltd on Monday posted a 38 percent increase in its net loss for the first quarter of the current fiscal at Rs.418 crore even though its total income increased,
The net loss in the corresponding timeframe in last fiscal stood at Rs. 303 crore.
The company's consolidated total income for the quarter ending June 30 this year increased by 13 percent to Rs.5,914 crore compared to Rs.5,225 crore in the corresponding period in previous year.
Consolidated EBITDA decreased marginally at Rs.1,633 crore in the period under review as compared to Rs.1,691 crore in first quarter last fiscal year due to higher compensatory tariff and impact of demerger of its transmission business in the previous fiscal quarter.
In a filing with the Bombay Stock Exchange, the company said pursuant to the stake sale in Adani Transmission (India) Ltd by the company in the previous year, the merger of solar power undertaking of AEL with the company and acquisition of 100 percent stake of Udupi Power Corporation Ltd. (UPCL) during the quarter, the figures for the current quarter are not comparable with the figures of corresponding quarter of previous year.
"With the completion of acquisition of UPCL, the group establishes its strategic presence in southern India and continues to maintain its leadership position as India's largest private sector power producer, Adani Group chairman Gautam Adani said in a statement.
"UPCL acquisition has been EBITDA accretive from day one and we expect better contribution from UPCL in the ensuing quarters. The recent impetus given by the government for increased domestic coal production will improve the financial performance in the ensuing quarters," said the company's CEO Vineet Jain.