 "Adani Power net loss at Rs 426 cr for ninth straight quarter")
The company improved the net loss during the quarter mainly on the back of higher income, which grew by 46% on a year-on-year basis to Rs 2,664 crore compared to Rs 1,829 crore in the same quarter in the previous fiscal.
The Earnings before interest, taxes, depreciation and amortization (EBITDA) improved by 84% during the quarter under review to Rs 695 crore, up from Rs 377 crore in the corresponding period last fiscal. 'The quarter’s result reflected improved plant load factor (PLF) of 75% as compare to PLF of 63% achieved in Q2FY14 and operational efficiencies,' the company claimed in a statement.
Despite a reduction in dependence on imported coal and improved PLFs, this is the ninth consecutive quarter when the company posted a net loss.
For the nine-month period ending December 31, 2013, the company posted a 42% rise in total income to Rs 7,062 crore (up from Rs 4,976 crore in the year before period), and its EBITDA increased by 99% to Rs 1,610 crore. Net loss for the nine-month period stood at Rs 2,255 crore.
On a consolidated basis, Adani Power posted a 120% rise in total income during the quarter to Rs 4,240 crore, while its net loss improved from Rs 619 crore in the year before period to Rs 545 crore.
For the nine-month period, on a consolidated basis the company posted a 97% rise in total income to Rs 9,920 crore, and its ebitda improved by 204% to Rs 2,112 crore. Consolidates net loss for the nine-month period stood at Rs 2,815 crore.
Vinod Bhandawat, chief financial officer of Adani Power, said, "The challenges of limited domestic coal availability and non-remunerative PPA prices continued to impact our financial performance. However, with increased operational capacity, improving operating efficiencies, implementation of policy initiatives like CERC guidelines on tariff revision, reforms on SEBs and rail infrastructure for coal transportation, we are confident of better performance in the ensuing quarters."