Adani Power quarterly loss narrows to Rs 303 crore

Adani Power's consolidated net loss narrowed to Rs 303 crore in the three months to June, 2014, as the leading private electricity producer raked in higher income during the period.

The company had a net loss of Rs 1,198 crore in the year-ago period, it said in a statement today.

In the first quarter of current fiscal, Adani Power's consolidated total income jumped to Rs 5,248 crore compared to Rs 2,572 crore in the same period a year ago.

During the April-June quarter, Adani Power sold 13.43 billion units of electricity.

Adani Power Chairman Gautam Adani said recent announcements by the government to increase fuel availability, commitment for transmission and distribution developments and financial restructuring of state electricity boards would give a renewed boost to power sector in the near future.

"With this we see clear indication of the importance attached to this vital sector and shall boost investment in the sector," he said

According to Adani Power CEO Vneet Jaain, the latest quarterly results reflect improved power generation from an installed capacity of 8,580 MW with improved PLF (Plant Load Factor) and lower auxiliary consumption.

"With increased generation and operational efficiencies coupled with improved domestic coal availability, rail infrastructure and implementation of tariff revision petitions, we are confident of better performance in the ensuing quarters," Jaain noted.